Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/94280 
Erscheinungsjahr: 
2000
Schriftenreihe/Nr.: 
Working Paper No. 2000-05
Verlag: 
Rutgers University, Department of Economics, New Brunswick, NJ
Zusammenfassung: 
We argue for a shift in the focus of modeling production from the traditional assumptions of profit maximization and cost minimization to a more general assumption of managerial utility maximization that can incorporate risk incentives into the analysis of production and recover value-maximizing technologies. We show how this shift can be implemented using the Almost Ideal Demand System. In addition, we suggest a more general way of measuring efficiency that can incorporate a concern for the market value of firms' assets and equity and identify value-maximizing firms. This shift in focus bridges the gap between the risk-incentives literature in banking that ignores the microeconomics of production and the production literature that ignores the relationship between production decisions and risk.
Schlagwörter: 
agency problems
banking
efficiency
production
risk
JEL: 
D20
D21
G21
Dokumentart: 
Working Paper

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