Abstract
The objective of this paper is to compare the empirical results from two alternative representations of a stochastic multi-output technology using trip-level data of the inshore fleet in Greece. The comparisons involve technical efficiency scores, structure of the underlying technology, and technical efficiency determinants. The stochastic multi-output distance function and the stochastic ray production function indicate the same technology structure, which is non-separable in inputs and outputs, non-homothetic in inputs, and exhibits increasing returns to scale. The relative rankings of efficiency scores are very similar. The distributions of efficiency scores, however, are different, and the ray production frontier yields systematically lower technical inefficiency levels than the multi-output distance function.
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