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    Chance-Constrained Efficiency Analysis

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    ic2-wp-1990-01-02.pdf (678.3Kb)
    Date
    1990-01
    Author
    Land, Kenneth C.
    Lovell, C. A. Knox
    Thore, Sten
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    Abstract
    Data envelopment analysis (DEA) is extended to the case of stochastic inputs and outputs through the use of chance-constrained programming. The chance-constrained envelope envelops a given set of observations "most of the time." We show that the chance-constrained enveloping process leads to the definition of a conventional (certainty-equivalent) efficiency ratio (a ratio between weighted outputs and weighted inputs). Furthermore, extending the concept of Pareto and Koopmans efficiency to the case of chance-constrained dominance (to be defined), we establish the identity of the following two chance-constrained efficiency concepts: (i) the chance constrained DEA efficiency measure of a particular output-input point is unity, and all chance-constraints are binding; (ii) the point is efficient in the sense Pareto and Koopmans. Finally we discuss the implications of our approach for econometric frontier analysis.
    Department
    IC2 Institute
    Subject
    data envelopment analysis (DEA)
    chance-constrained programming
    URI
    http://hdl.handle.net/2152/46393
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