Farrel in 1957 had begun his pioneer work on efficiency which is the origin of the present estimation method. Over time production frontier estimation has tended to group into two paths: The full frontier where all observations are assumed to be along the frontier and the deviation from the frontier is, due to inefficiency. The other path is stochastic frontier estimation where the deviation from frontier is, due to technical inefficiency and a symmetric random error which account for nose. The estimation
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CHAPTER ONE GENERAL INTRODUCTION 1.1 BACKGROUND OF STUDY Nigeria, the most populous black nation in western Africa is popularly known for her dominant source of revenue, crude oil with oil revenue as the main stay of the Nigerian economy, volatility in the price of oil are to a large extent of prime interest to economist. According to Adeniyi et al (2004), exchange rate appreciate in response to rising oil prices and depreciates in response to falling oil prices in oil producing exporting
CHAPTER ONE GENERAL INTRODUCTION 1.1 BACKGROUND OF STUDY Nigeria, the most populous black nation in western Africa is popularly known for her dominant source of revenue, crude oil with oil revenue as the main stay of the Nigerian economy, volatility in the price of oil are to a large extent of prime interest to economist. According to Adeniyi et al (2004), exchange rate appreciate in response to rising oil prices and depreciates in response to falling oil prices in oil producing exporting