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Recent research on international productivity comparisons has focused on the discrepancies between benchmark … comparisons and time series extrapolations from other benchmarks. For a 1907 benchmark, Stephen Broadberry and Carsten Burhop … benchmark is consistent with their 1907 benchmark, provided that a traditional but disputed industrial production series of …
Persistent link: https://www.econbiz.de/10005870508
This paper uses a stochastic cost frontier model to investigate the efficiency of Britain’s private railways during the period 1893-1912. We find that there was substantial inefficiency in the industry with no sign of reduction over time. Our main conclusion is that principal agent problems...
Persistent link: https://www.econbiz.de/10005870948