Weak axiom of cost minimization
From HandWiki
In economics, the weak axiom of cost minimization (WACM) provides a non-parametric test of cost minimization, which can be applied only when both input price and quantity data are available for individual firms.[1]
References
- ↑ Ray, S.C. (May 1997). "Weak Axiom of Cost Dominance: A Nonparametric Test of Cost Efficiency Without Input Quantity Data". Journal of Productivity Analysis (Springer) 8 (2, 15): 151–165. doi:10.1023/A:1007747407212.
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