A Dynamic Characterization of Efficiency
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The definition and measurement of dynamic economic performance has been addressed
obliquely in the literature with the notions of scope economies and capacity utilization
measures, but little work has focused on develop the static theory analogs of efficiency
measures into the dynamic context. This paper is an attempt to identify some of the conceptual
and methodological issues to be addressed. A model allowing for dynamic production
decisions in the face of inefficiency is presented to illustrate some of the issues
and the extensions necessary to identify truly dynamic performance measures.