Input-based dynamic efficiency measures are derived from an adjustment-cost directional distance function approach. A dynamic input directional distance function can be generated from an adjustment-cost technology where the dynamics are explicitly incorporated in the form of the properties of...

Welfare economics as the traditional, prescriptive theory framework used in agricultural economics has been criticised by institutional economists as being largely irrelevant to real-world policy issues. We therefore ask how normative statements are possible within an economic theory framework...