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<p>A model of state-contingent multi-input-output technologies, with a netput representation, is introduced to analyze different types of efficiencies. Overall efficiency allocative efficiency and technical efficiency are studied according to coalitions of firms in a <i>firm game</i> (being a cooperative TU-game). Different risks are investigated, inherent to either inputs or outputs, in order to measure their impacts on the different efficiencies. The risks imposed on the random direction of the directional distance function is axiomatically characterized to provide an operational functional form to measure efficiency under risks. An empirical application in portfolio management is presented, focusing on the performance evaluation of portfolios with different risk parameterization of the random direction.</p>

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Risks and efficiencies in firm games with state-contingent input–output technologies

  • 期刊论文

  • 发表日期：

    2025年11月26日

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  • Walter Briec,
  • Stéphane Mussard

摘要

A model of state-contingent multi-input-output technologies, with a netput representation, is introduced to analyze different types of efficiencies. Overall efficiency allocative efficiency and technical efficiency are studied according to coalitions of firms in a firm game (being a cooperative TU-game). Different risks are investigated, inherent to either inputs or outputs, in order to measure their impacts on the different efficiencies. The risks imposed on the random direction of the directional distance function is axiomatically characterized to provide an operational functional form to measure efficiency under risks. An empirical application in portfolio management is presented, focusing on the performance evaluation of portfolios with different risk parameterization of the random direction.