{"id":222,"date":"2020-03-27T01:08:22","date_gmt":"2020-03-27T01:08:22","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/?post_type=chapter&#038;p=222"},"modified":"2020-03-27T01:28:13","modified_gmt":"2020-03-27T01:28:13","slug":"different-types-of-efficiencies","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-oldwestbury-publicfinanceandpublicpolicy\/chapter\/different-types-of-efficiencies\/","title":{"raw":"Different Types of Efficiencies","rendered":"Different Types of Efficiencies"},"content":{"raw":"In\u00a0<a title=\"Microeconomics\" href=\"https:\/\/en.wikipedia.org\/wiki\/Microeconomics\">microeconomics<\/a>,\u00a0<b>economic efficiency<\/b>\u00a0is, roughly speaking, a situation in which nothing can be improved without something else being hurt. Depending on the context, it is usually one of the following two related concepts:\r\n<ul>\r\n \t<li><a title=\"Allocative efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Allocative_efficiency\">Allocative<\/a>\u00a0or\u00a0<a title=\"Pareto efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Pareto_efficiency\">Pareto efficiency<\/a>: any changes made to assist one person would harm another.<\/li>\r\n \t<li><a title=\"Productive efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Productive_efficiency\">Productive efficiency<\/a>: no additional output of one good can be obtained without decreasing the output of another good, and\u00a0<a title=\"Production (economics)\" href=\"https:\/\/en.wikipedia.org\/wiki\/Production_(economics)\">production<\/a>\u00a0proceeds at the lowest possible\u00a0<a class=\"mw-redirect\" title=\"Average total cost\" href=\"https:\/\/en.wikipedia.org\/wiki\/Average_total_cost\">average total cost<\/a>.<\/li>\r\n<\/ul>\r\nThese definitions are not equivalent: a\u00a0<a title=\"Market (economics)\" href=\"https:\/\/en.wikipedia.org\/wiki\/Market_(economics)\">market<\/a>\u00a0or other economic system may be allocatively but not productively efficient, or productively but not allocatively efficient. There are also\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Economic_efficiency#Criteria\">other<\/a>\u00a0definitions and measures. All characterizations of economic efficiency are encompassed by the more general\u00a0<a title=\"Engineering\" href=\"https:\/\/en.wikipedia.org\/wiki\/Engineering\">engineering<\/a>\u00a0concept that a system is\u00a0<a title=\"Efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Efficiency\">efficient<\/a>\u00a0or\u00a0<a class=\"mw-redirect\" title=\"Optimal\" href=\"https:\/\/en.wikipedia.org\/wiki\/Optimal\">optimal<\/a>\u00a0when it maximizes desired outputs (such as\u00a0<a title=\"Utility\" href=\"https:\/\/en.wikipedia.org\/wiki\/Utility\">utility<\/a>) given available inputs.\r\n\r\n<b>Allocative efficiency<\/b>\u00a0is a state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing.\r\n\r\n<b>Pareto efficiency<\/b>\u00a0or\u00a0<b>Pareto optimality<\/b>\u00a0is a situation that cannot be modified so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off. The concept is named after\u00a0<a title=\"Vilfredo Pareto\" href=\"https:\/\/en.wikipedia.org\/wiki\/Vilfredo_Pareto\">Vilfredo Pareto<\/a>\u00a0(1848\u20131923), Italian engineer and economist, who used the concept in his studies of\u00a0<a title=\"Economic efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Economic_efficiency\">economic efficiency<\/a>\u00a0and\u00a0<a title=\"Income distribution\" href=\"https:\/\/en.wikipedia.org\/wiki\/Income_distribution\">income distribution<\/a>.\r\n\r\n<b>Productive efficiency<\/b>\u00a0(or production efficiency) is a situation in which the\u00a0<a title=\"Economy\" href=\"https:\/\/en.wikipedia.org\/wiki\/Economy\">economy<\/a>\u00a0or an economic system (e.g., a firm, a bank, a hospital, an industry, a country, etc.) could not produce any more of one good without sacrificing production of another good and without improving the production technology.\u00a0<sup id=\"cite_ref-1\" class=\"reference\"><\/sup>In other words, productive efficiency occurs when a good or a service is produced at the lowest possible cost. In simple terms, the concept is illustrated on a\u00a0<a class=\"mw-redirect\" title=\"Production possibility frontier\" href=\"https:\/\/en.wikipedia.org\/wiki\/Production_possibility_frontier\">production possibility frontier<\/a>\u00a0(PPF), where all points on the curve are points of productive efficiency.<sup id=\"cite_ref-standish_2-0\" class=\"reference\"><\/sup>\u00a0An equilibrium may be productively efficient without being\u00a0<a title=\"Allocative efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Allocative_efficiency\">allocatively efficient<\/a>\u2014 i.e. it may result in a distribution of goods where\u00a0<a class=\"mw-redirect\" title=\"Social welfare\" href=\"https:\/\/en.wikipedia.org\/wiki\/Social_welfare\">social welfare<\/a>\u00a0is not maximized. It is one type of\u00a0<a title=\"Economic efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Economic_efficiency\">economic efficiency<\/a>.\r\n\r\n<a class=\"image\" href=\"https:\/\/en.wikipedia.org\/wiki\/File:Production_Possibilities_Frontier_Curve.svg\"><img class=\"thumbimage\" src=\"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/6\/67\/Production_Possibilities_Frontier_Curve.svg\/250px-Production_Possibilities_Frontier_Curve.svg.png\" alt=\"\" width=\"250\" height=\"253\" \/><\/a>\r\n<div class=\"thumbcaption\">\r\n<div class=\"magnify\"><\/div>\r\nAn example PPF: points B, C and D are all productively efficient, but an economy at A would not be, because D involves more production of both goods. Point X cannot be achieved.\r\n\r\n<\/div>\r\n<div>\r\n\r\n<a class=\"image\" href=\"https:\/\/en.wikipedia.org\/wiki\/File:Productive_efficiency.svg\"><img class=\"thumbimage\" src=\"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/9\/9c\/Productive_efficiency.svg\/250px-Productive_efficiency.svg.png\" alt=\"\" width=\"250\" height=\"179\" \/><\/a>\r\n<div class=\"thumbcaption\">\r\n\r\nProductive efficiency occurs under competitive equilibrium at the minimum of average total cost for each good, such as the one shown here.\r\n\r\nProductive efficiency of an industry requires that all firms operate using best-practice technological and managerial processes and that there is no further reallocation that bring more output with the same inputs and the same production technology. By improving these processes, an\u00a0<a title=\"Economy\" href=\"https:\/\/en.wikipedia.org\/wiki\/Economy\">economy<\/a>\u00a0or business can extend its\u00a0<a class=\"mw-redirect\" title=\"Production possibility frontier\" href=\"https:\/\/en.wikipedia.org\/wiki\/Production_possibility_frontier\">production possibility frontier<\/a>\u00a0outward, so that efficient production yields more output than previously.\r\n\r\nProductive inefficiency, with the economy operating below its production possibilities frontier, can occur because the productive inputs\u00a0<a title=\"Physical capital\" href=\"https:\/\/en.wikipedia.org\/wiki\/Physical_capital\">physical capital<\/a>\u00a0and labor are underutilized\u2014that is, some capital or labor is left sitting idle\u2014or because these inputs are allocated in inappropriate combinations to the different industries that use them.\r\n\r\nIn\u00a0<a class=\"mw-redirect\" title=\"Long-run equilibrium\" href=\"https:\/\/en.wikipedia.org\/wiki\/Long-run_equilibrium\">long-run equilibrium<\/a>\u00a0for perfectly competitive markets, productive efficiency occurs at\u00a0<a title=\"Perfect competition\" href=\"https:\/\/en.wikipedia.org\/wiki\/Perfect_competition#Results\">the base<\/a>\u00a0of the\u00a0<a title=\"Average cost\" href=\"https:\/\/en.wikipedia.org\/wiki\/Average_cost\">average total cost curve<\/a>\u2014i.e. where marginal cost equals average total cost\u2014for each good.\r\n\r\nDue to the nature and culture of monopolistic companies, they may not be productively efficient because of\u00a0<a title=\"X-inefficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/X-inefficiency\">X-inefficiency<\/a>, whereby companies operating in a monopoly have less of an incentive to maximize output due to lack of competition. However, due to economies of scale it can be possible for the profit-maximizing level of output of monopolistic companies to occur with a lower price to the consumer than perfectly competitive companies.\r\n\r\n<\/div>\r\n<\/div>","rendered":"<p>In\u00a0<a title=\"Microeconomics\" href=\"https:\/\/en.wikipedia.org\/wiki\/Microeconomics\">microeconomics<\/a>,\u00a0<b>economic efficiency<\/b>\u00a0is, roughly speaking, a situation in which nothing can be improved without something else being hurt. Depending on the context, it is usually one of the following two related concepts:<\/p>\n<ul>\n<li><a title=\"Allocative efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Allocative_efficiency\">Allocative<\/a>\u00a0or\u00a0<a title=\"Pareto efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Pareto_efficiency\">Pareto efficiency<\/a>: any changes made to assist one person would harm another.<\/li>\n<li><a title=\"Productive efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Productive_efficiency\">Productive efficiency<\/a>: no additional output of one good can be obtained without decreasing the output of another good, and\u00a0<a title=\"Production (economics)\" href=\"https:\/\/en.wikipedia.org\/wiki\/Production_(economics)\">production<\/a>\u00a0proceeds at the lowest possible\u00a0<a class=\"mw-redirect\" title=\"Average total cost\" href=\"https:\/\/en.wikipedia.org\/wiki\/Average_total_cost\">average total cost<\/a>.<\/li>\n<\/ul>\n<p>These definitions are not equivalent: a\u00a0<a title=\"Market (economics)\" href=\"https:\/\/en.wikipedia.org\/wiki\/Market_(economics)\">market<\/a>\u00a0or other economic system may be allocatively but not productively efficient, or productively but not allocatively efficient. There are also\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Economic_efficiency#Criteria\">other<\/a>\u00a0definitions and measures. All characterizations of economic efficiency are encompassed by the more general\u00a0<a title=\"Engineering\" href=\"https:\/\/en.wikipedia.org\/wiki\/Engineering\">engineering<\/a>\u00a0concept that a system is\u00a0<a title=\"Efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Efficiency\">efficient<\/a>\u00a0or\u00a0<a class=\"mw-redirect\" title=\"Optimal\" href=\"https:\/\/en.wikipedia.org\/wiki\/Optimal\">optimal<\/a>\u00a0when it maximizes desired outputs (such as\u00a0<a title=\"Utility\" href=\"https:\/\/en.wikipedia.org\/wiki\/Utility\">utility<\/a>) given available inputs.<\/p>\n<p><b>Allocative efficiency<\/b>\u00a0is a state of the economy in which production represents consumer preferences; in particular, every good or service is produced up to the point where the last unit provides a marginal benefit to consumers equal to the marginal cost of producing.<\/p>\n<p><b>Pareto efficiency<\/b>\u00a0or\u00a0<b>Pareto optimality<\/b>\u00a0is a situation that cannot be modified so as to make any one individual or preference criterion better off without making at least one individual or preference criterion worse off. The concept is named after\u00a0<a title=\"Vilfredo Pareto\" href=\"https:\/\/en.wikipedia.org\/wiki\/Vilfredo_Pareto\">Vilfredo Pareto<\/a>\u00a0(1848\u20131923), Italian engineer and economist, who used the concept in his studies of\u00a0<a title=\"Economic efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Economic_efficiency\">economic efficiency<\/a>\u00a0and\u00a0<a title=\"Income distribution\" href=\"https:\/\/en.wikipedia.org\/wiki\/Income_distribution\">income distribution<\/a>.<\/p>\n<p><b>Productive efficiency<\/b>\u00a0(or production efficiency) is a situation in which the\u00a0<a title=\"Economy\" href=\"https:\/\/en.wikipedia.org\/wiki\/Economy\">economy<\/a>\u00a0or an economic system (e.g., a firm, a bank, a hospital, an industry, a country, etc.) could not produce any more of one good without sacrificing production of another good and without improving the production technology.\u00a0<sup id=\"cite_ref-1\" class=\"reference\"><\/sup>In other words, productive efficiency occurs when a good or a service is produced at the lowest possible cost. In simple terms, the concept is illustrated on a\u00a0<a class=\"mw-redirect\" title=\"Production possibility frontier\" href=\"https:\/\/en.wikipedia.org\/wiki\/Production_possibility_frontier\">production possibility frontier<\/a>\u00a0(PPF), where all points on the curve are points of productive efficiency.<sup id=\"cite_ref-standish_2-0\" class=\"reference\"><\/sup>\u00a0An equilibrium may be productively efficient without being\u00a0<a title=\"Allocative efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Allocative_efficiency\">allocatively efficient<\/a>\u2014 i.e. it may result in a distribution of goods where\u00a0<a class=\"mw-redirect\" title=\"Social welfare\" href=\"https:\/\/en.wikipedia.org\/wiki\/Social_welfare\">social welfare<\/a>\u00a0is not maximized. It is one type of\u00a0<a title=\"Economic efficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/Economic_efficiency\">economic efficiency<\/a>.<\/p>\n<p><a class=\"image\" href=\"https:\/\/en.wikipedia.org\/wiki\/File:Production_Possibilities_Frontier_Curve.svg\"><img loading=\"lazy\" decoding=\"async\" class=\"thumbimage\" src=\"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/6\/67\/Production_Possibilities_Frontier_Curve.svg\/250px-Production_Possibilities_Frontier_Curve.svg.png\" alt=\"\" width=\"250\" height=\"253\" \/><\/a><\/p>\n<div class=\"thumbcaption\">\n<div class=\"magnify\"><\/div>\n<p>An example PPF: points B, C and D are all productively efficient, but an economy at A would not be, because D involves more production of both goods. Point X cannot be achieved.<\/p>\n<\/div>\n<div>\n<p><a class=\"image\" href=\"https:\/\/en.wikipedia.org\/wiki\/File:Productive_efficiency.svg\"><img loading=\"lazy\" decoding=\"async\" class=\"thumbimage\" src=\"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/thumb\/9\/9c\/Productive_efficiency.svg\/250px-Productive_efficiency.svg.png\" alt=\"\" width=\"250\" height=\"179\" \/><\/a><\/p>\n<div class=\"thumbcaption\">\n<p>Productive efficiency occurs under competitive equilibrium at the minimum of average total cost for each good, such as the one shown here.<\/p>\n<p>Productive efficiency of an industry requires that all firms operate using best-practice technological and managerial processes and that there is no further reallocation that bring more output with the same inputs and the same production technology. By improving these processes, an\u00a0<a title=\"Economy\" href=\"https:\/\/en.wikipedia.org\/wiki\/Economy\">economy<\/a>\u00a0or business can extend its\u00a0<a class=\"mw-redirect\" title=\"Production possibility frontier\" href=\"https:\/\/en.wikipedia.org\/wiki\/Production_possibility_frontier\">production possibility frontier<\/a>\u00a0outward, so that efficient production yields more output than previously.<\/p>\n<p>Productive inefficiency, with the economy operating below its production possibilities frontier, can occur because the productive inputs\u00a0<a title=\"Physical capital\" href=\"https:\/\/en.wikipedia.org\/wiki\/Physical_capital\">physical capital<\/a>\u00a0and labor are underutilized\u2014that is, some capital or labor is left sitting idle\u2014or because these inputs are allocated in inappropriate combinations to the different industries that use them.<\/p>\n<p>In\u00a0<a class=\"mw-redirect\" title=\"Long-run equilibrium\" href=\"https:\/\/en.wikipedia.org\/wiki\/Long-run_equilibrium\">long-run equilibrium<\/a>\u00a0for perfectly competitive markets, productive efficiency occurs at\u00a0<a title=\"Perfect competition\" href=\"https:\/\/en.wikipedia.org\/wiki\/Perfect_competition#Results\">the base<\/a>\u00a0of the\u00a0<a title=\"Average cost\" href=\"https:\/\/en.wikipedia.org\/wiki\/Average_cost\">average total cost curve<\/a>\u2014i.e. where marginal cost equals average total cost\u2014for each good.<\/p>\n<p>Due to the nature and culture of monopolistic companies, they may not be productively efficient because of\u00a0<a title=\"X-inefficiency\" href=\"https:\/\/en.wikipedia.org\/wiki\/X-inefficiency\">X-inefficiency<\/a>, whereby companies operating in a monopoly have less of an incentive to maximize output due to lack of competition. However, due to economies of scale it can be possible for the profit-maximizing level of output of monopolistic companies to occur with a lower price to the consumer than perfectly competitive companies.<\/p>\n<\/div>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-222\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li><strong>Provided by<\/strong>: Wikipedia. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/en.wikipedia.org\/wiki\/Economic_efficiency\">https:\/\/en.wikipedia.org\/wiki\/Economic_efficiency<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li><strong>Provided by<\/strong>: Wikipedia. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/en.wikipedia.org\/wiki\/Productive_efficiency\">https:\/\/en.wikipedia.org\/wiki\/Productive_efficiency<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li><strong>Provided by<\/strong>: Wikipedia. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/en.wikipedia.org\/wiki\/Allocative_efficiency\">https:\/\/en.wikipedia.org\/wiki\/Allocative_efficiency<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li><strong>Provided by<\/strong>: Wikipedia. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/en.wikipedia.org\/wiki\/Pareto_efficiency\">https:\/\/en.wikipedia.org\/wiki\/Pareto_efficiency<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t 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