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SHADOW PRICE APPROACH TO PRODUCTIVITY MEASUREMENT

The Fisher ideal total factor productivity (TFP) index requires complete quantity and price information. If input-output quantities are allocatively efficient, the Fisher index can be approximated by the Malmquist TFP index, which does not require price information. This paper elaborates on the conditions under which the Malmquist and Fisher indexes are equivalent. Drawing from these insights, we develop a modification of the Malmquist approach to better approximate the ‘superlative’ Fisher index with quantity data only. We illustrate the new approach by an empirical application to aggregate data of 14 OECD countries.