New method boosts efficiency in electric power generation, cutting costs.
The article explores new ways to measure how well a company is using its resources to make products efficiently. The researchers looked at different models to estimate costs and production functions. They came up with new measures to see if a company is using its resources effectively, like technical and overall efficiency. They also discussed ways to measure efficiency with just one factor. The researchers used an example of electric power generation to show how these new measures can be applied.