input,output and a theory of production and cost at depository financial institutions.pdf
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input,output and a theory of production and cost at depository financial institutions
THE JOURNAL OF FINANCE VOL. XXXII, NO, 4 SEPTEMBER 1977
INPUTS, OUTPUTS, AND A THEORY OF PRODUCTION AND
COST AT DEPOSITORY FINANCIAL INSTITUTIONS
C. W. SEALEY, JR . AND JAMES T. LiNDLEY* ,
I. INTRODUCTION
THE TOOL OF ANALYSIS most often applied to the behavior of financial institutions
has been portfolio theory. The inadequacy of this approach stems from the total
omission of production and cost constraints under which financial firms operate,
and thus the role of these constraints in determining the equilibrium output mix
and the scale size of the financial firm. Although various studies have proposed to
describe the operations of the financial firm (mostly commercial banks) by utilizing
the concepts of the theory of the firm, thus correcting the deficiencies of portfolio
analysis, they have not been completely successful in developing an adequate
model of the banking or other financial firm [3: 16; 17: 19; 271.
The lack of success of previous studies in developing a positive theory of the
financial firm can be attributed to the incomplete application of the essential
elements of the theory of the firm to financial institutions. Specifically, previous
writers have failed to : (I) appropriately classify outputs and inputs of the financial
firm by failing to consider the criteria on which the financial firm makes economic
decisions, and (2) analyze the technical aspects of production and cost for the
financial firm. The purpose of th
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