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Capacity and Capacity Utilization in Production Economics

In: Handbook of Production Economics

Author

Listed:
  • Dale Squires

    (Southwest Fisheries Science Center
    University of California San Diego)

  • Kathleen Segerson

    (University of Connecticut)

Abstract

The concepts of capacity and capacity utilization (CU) help explain many economic phenomena, including investment behavior, productivity measurement, inventory behavior, entry/exit into an industry, market power, pricing, and profitability. This chapter provides an overview of the literature on capacity utilization, focusing primarily on the work within production economics but also noting the literature from related fields, especially macroeconomics. We focus on the two broad approaches that have been taken to defining capacity and CU, an engineering or technological approach based on production possibilities and an economic approach based on optimizing firm behavior. We discuss both the theoretical/methodological underpinnings of these concepts and some of the relevant empirical literature aimed at measuring capacity and/or CU.

Suggested Citation

  • Dale Squires & Kathleen Segerson, 2022. "Capacity and Capacity Utilization in Production Economics," Springer Books, in: Subhash C. Ray & Robert G. Chambers & Subal C. Kumbhakar (ed.), Handbook of Production Economics, chapter 24, pages 1001-1037, Springer.
    • Handle: RePEc:spr:sprchp:978-981-10-3455-8_7
    DOI: 10.1007/978-981-10-3455-8_7
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