Abstract Multiple frame surveys involve the combination of samples selected from separate sampling frames. A topical example is a dual-frame survey that combines a sample of households interviewed by telephone with a sample drawn from a frame including nontelephone households. Various estimators of population totals and means have been proposed for multiple frame surveys. In particular Bankier proposed the application of raking ratio estimation and compared its performance to alternative estimators in a numerical study based on dual-frame Statistics Canada data. He concluded that the raking ratio estimator performed well but gave no theoretical results to support his empirical findings. This article provides a theoretical study of the efficiency of the raking ratio estimator for multiple-frame surveys. Attention is restricted mainly to the classical, unstratified two-frame case considered by Hartley. For the estimation of totals, we give a closed-form expression for the limiting form of the raking ratio e...