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.