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Implications Of Ownership, Regulation, And Market Structure For Performance: Evidence From The U.S. Electric Utility Industry Before And After The New Deal

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  • William M. Emmons

Abstract

This study evaluates the impact of variations in regulation, ownership, and market structure in the U.S. electric utility industry during the period surrounding the New Deal, when considerable institutional variation provided a natural experiment for analysis. A simultaneous-equations model of electricity supply and demand is developed and estimated for the years 1930 and 1942 with firm- and market-level data collected on utilities serving cities of population 50,000 or more. The paper offers evidence that regulation, public ownership, and competition served to reduce electricity prices and enhance allocative efficiency during the period under examination. © 1997 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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  • William M. Emmons, 1997. "Implications Of Ownership, Regulation, And Market Structure For Performance: Evidence From The U.S. Electric Utility Industry Before And After The New Deal," The Review of Economics and Statistics, MIT Press, vol. 79(2), pages 279-289, May.
    • Handle: RePEc:tpr:restat:v:79:y:1997:i:2:p:279-289
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    Cited by:

    1. Fumitoshi Mizutani & Eri Nakamura, 2014. "Managerial incentive, organizational slack, and performance: empirical analysis of Japanese firms’ behavior," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 18(1), pages 245-284, February.
    2. Kitchens, Carl T. & Jaworski, Taylor, 2017. "Ownership and the price of residential electricity: Evidence from the United States, 1935–1940," Explorations in Economic History, Elsevier, vol. 64(C), pages 53-61.
    3. Pablo Serra & Ronald Fischer, 2000. "Regulating the Electricity Sector in Latin America," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Fall 2000), pages 155-218, August.
    4. Robert Michaels, 2008. "Electricity Market Monitoring and the Economics of Regulation," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 32(3), pages 197-216, May.
    5. Vincent Geloso & Germain Belzile, 2018. "Electricity in Quebec before Nationalization, 1919 to 1939," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 46(1), pages 101-119, March.
    6. Craig, J. Dean, 2016. "Motivations for market restructuring: Evidence from U.S. electricity deregulation," Energy Economics, Elsevier, vol. 60(C), pages 162-167.
    7. Landgraf, Steven W., 2020. "Entry threats from municipal broadband Internet and impacts on private provider quality," Information Economics and Policy, Elsevier, vol. 52(C).
    8. Brown, David P. & Eckert, Andrew & Shaffer, Blake, 2023. "Evaluating the impact of divestitures on competition: Evidence from Alberta’s wholesale electricity market," International Journal of Industrial Organization, Elsevier, vol. 89(C).
    9. Lehto, Eero, 2011. "Electricity prices in the Finnish retail market," Energy Policy, Elsevier, vol. 39(4), pages 2179-2192, April.
    10. Leroux, Anke & Söderberg, Magnus, 2023. "Network Regulation under electoral competition," Energy Economics, Elsevier, vol. 120(C).

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