Jose Miguel Abito, Jin Soo Han, Jean-François Houde, Arthur A. van Benthem
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Agency Frictions and Procurement: New Evidence from U.S. Electricity Restructuring*
This article presents new quantitative evidence of the sources of efficiency benefits from deregulation. We estimate the heterogeneous effects of plant divestitures on fuel procurement costs during the restructuring of the U.S. electricity industry. Guided by economic theory, we focus on three mechanisms and find that restructuring reduced fuel procurement costs for firms that (i) were not subject to earlier incentive-regulation programs, (ii) had relatively strong bargaining power as coal purchasers after restructuring, and (iii) were locked in with disadvantaged coal contracts prior to restructuring.
期刊介绍:
First published in 1952, the Journal of Industrial Economics has a wide international circulation and is recognised as a leading journal in the field. It was founded to promote the analysis of modern industry, particularly the behaviour of firms and the functioning of markets. Contributions are welcomed in all areas of industrial economics including: - organization of industry - applied oligopoly theory - product differentiation and technical change - theory of the firm and internal organization - regulation - monopoly - merger and technology policy Necessarily, these subjects will often draw on adjacent areas such as international economics, labour economics and law.