| Article ID: | iaor20022842 |
| Country: | Netherlands |
| Volume: | 137 |
| Issue: | 1 |
| Start Page Number: | 218 |
| End Page Number: | 228 |
| Publication Date: | Feb 2002 |
| Journal: | European Journal of Operational Research |
| Authors: | Hougaard Jens Leth, Tvede Mich |
Within a production theoretic framework, this paper considers an axiomatic approach to benchmark selection. It is shown that two simple and weak axioms, efficiency and comprehensive monotonicity, characterize a natural family of benchmarks which typically becomes unique. Further axioms are added in order to obtain a unique selection.