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Does yardstick regulation really work? Empirical evidence from Japan’s rail industry

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  • Fumitoshi Mizutani

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  • Hideo Kozumi
  • Noriaki Matsushima

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Suggested Citation

  • Fumitoshi Mizutani & Hideo Kozumi & Noriaki Matsushima, 2009. "Does yardstick regulation really work? Empirical evidence from Japan’s rail industry," Journal of Regulatory Economics, Springer, vol. 36(3), pages 308-323, December.
  • Handle: RePEc:kap:regeco:v:36:y:2009:i:3:p:308-323
    DOI: 10.1007/s11149-009-9097-0
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    References listed on IDEAS

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    1. Dag Dalen & Andres Gómez-Lobo, 2003. "Yardsticks on the road: Regulatory contracts and cost efficiency in the Norwegian bus industry," Transportation, Springer, vol. 30(4), pages 371-386, November.
    2. Savage, Ian, 1997. "Scale economies in United States rail transit systems," Transportation Research Part A: Policy and Practice, Elsevier, vol. 31(6), pages 459-473, November.
    3. Hendrik Jürges & Wolfram F. Richter & Kerstin Schneider, 2005. "Teacher Quality and Incentives: Theoretical and Empirical Effects of Standards on Teacher Quality," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 61(3), pages 298-298, November.
    4. Estache, Antonio & Gonzalez, Marianela & Trujillo, Lourdes, 2002. "Efficiency Gains from Port Reform and the Potential for Yardstick Competition: Lessons from Mexico," World Development, Elsevier, vol. 30(4), pages 545-560, April.
    5. Kridel, Donald J & Sappington, David E M & Weisman, Dennis L, 1996. "The Effects of Incentive Regulation in the Telecommunications Industry: A Survey," Journal of Regulatory Economics, Springer, vol. 9(3), pages 269-306, May.
    6. Antonioli, B. & Filippini, M., 2001. "The use of a variable cost function in the regulation of the Italian water industry," Utilities Policy, Elsevier, vol. 10(3-4), pages 181-187.
    7. Sawkins, John W., 1995. "Yardstick competition in the English and Welsh water industry Fiction or reality?," Utilities Policy, Elsevier, vol. 5(1), pages 27-36, January.
    8. Potters, Jan & Rockenbach, Bettina & Sadrieh, Abdolkarim & van Damme, Eric, 2004. "Collusion under yardstick competition: an experimental study," International Journal of Industrial Organization, Elsevier, vol. 22(7), pages 1017-1038, September.
    9. Joel Sobel, 1999. "A Reexamination of Yardstick Competition," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 8(1), pages 33-60, March.
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    11. Helm, Dieter, 1994. "British Utility Regulation: Theory, Practice, and Reform," Oxford Review of Economic Policy, Oxford University Press, vol. 10(3), pages 17-39, Autumn.
    12. Shuttleworth, Graham, 2005. "Benchmarking of electricity networks: Practical problems with its use for regulation," Utilities Policy, Elsevier, vol. 13(4), pages 310-317, December.
    13. Thomas Weyman-Jones, 2001. "Yardstick and incentive issues in UK electricity distribution price controls," Fiscal Studies, Institute for Fiscal Studies, vol. 22(2), pages 233-247, June.
    14. Powell, Kirsty & Szymanski, Stefan, 1997. "Regulation through comparative performance evaluation," Utilities Policy, Elsevier, vol. 6(4), pages 293-301, December.
    15. Kumbhakar, Subal C. & Hjalmarsson, Lennart, 1998. "Relative performance of public and private ownership under yardstick competition: electricity retail distribution," European Economic Review, Elsevier, vol. 42(1), pages 97-122, January.
    16. Marques, Rui Cunha, 2006. "A yardstick competition model for Portuguese water and sewerage services regulation," Utilities Policy, Elsevier, vol. 14(3), pages 175-184, September.
    17. Filippini, Massimo & Hrovatin, Nevenka & Zoric, Jelena, 2004. "Efficiency and regulation of the Slovenian electricity distribution companies," Energy Policy, Elsevier, vol. 32(3), pages 335-344, February.
    18. Fumitoshi Mizutani, 2004. "Privately Owned Railways' Cost Function, Organization Size and Ownership," Journal of Regulatory Economics, Springer, vol. 25(3), pages 297-322, May.
    19. Jamasb, T. & Pollitt, M., 2000. "Benchmarking and regulation: international electricity experience," Utilities Policy, Elsevier, vol. 9(3), pages 107-130, September.
    20. Battese, G E & Coelli, T J, 1995. "A Model for Technical Inefficiency Effects in a Stochastic Frontier Production Function for Panel Data," Empirical Economics, Springer, vol. 20(2), pages 325-332.
    21. Jamasb, Tooraj & Pollitt, Michael, 2003. "International benchmarking and regulation: an application to European electricity distribution utilities," Energy Policy, Elsevier, vol. 31(15), pages 1609-1622, December.
    22. Yatchew, Adonis, 2001. "Incentive Regulation of Distributing Utilities Using Yardstick Competition," The Electricity Journal, Elsevier, vol. 14(1), pages 56-60.
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    Citations

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    Cited by:

    1. repec:spr:epolin:v:44:y:2017:i:3:d:10.1007_s40812-016-0066-1 is not listed on IDEAS
    2. Sakai, Hiroki & Takahashi, Yoshinori, 2013. "Ten years after bus deregulation in Japan: An analysis of institutional changes and cost efficiency," Research in Transportation Economics, Elsevier, vol. 39(1), pages 215-225.
    3. Fumitoshi Mizutani & Eri Nakamura, 2013. "Regulation, Competition, Diversification, Governance and Costs: An Empirical Analysis of Public Utility and Manufacturing Firms in Japan," Discussion Papers 2013-25, Kobe University, Graduate School of Business Administration.
    4. Song, Yeon-Jung & Shoji, Kenichi, 2016. "Effects of diversification strategies on investment in railway business: The case of private railway companies in Japan," Research in Transportation Economics, Elsevier, vol. 59(C), pages 388-396.
    5. repec:dgr:rugsom:14010-eef is not listed on IDEAS
    6. Harada, Shumpei & Yamauchi, Hirotaka, 2014. "Yardstick Competition And Franchise Bidding: A Comparative Analysis Based On Asymmetric Information," Hitotsubashi Journal of commerce and management, Hitotsubashi University, vol. 48(1), pages 31-42, January.
    7. Dijkstra, Peter & Haan, Marco A. & Mulder, Machiel, 2014. "Industry structure and collusion with uniform yardstick competition," Research Report 14010-EEF, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    8. Fumitoshi Mizutani & Eri Nakamura, 2014. "What Most Affects A Firm' s Costs: Internal or External Factors, or Both?," Discussion Papers 2014-22, Kobe University, Graduate School of Business Administration.
    9. Mountain, Bruce & Littlechild, Stephen, 2010. "Comparing electricity distribution network revenues and costs in New South Wales, Great Britain and Victoria," Energy Policy, Elsevier, vol. 38(10), pages 5770-5782, October.
    10. Mizutani, Jun & Usami, Munekatsu, 2016. "Yardstick regulation and the operators' productivity of railway industry in Japan," Research in Transportation Economics, Elsevier, vol. 59(C), pages 86-93.
    11. Fumitoshi Mizutani & Shuji Uranishi, 2013. "Does vertical separation reduce cost? An empirical analysis of the rail industry in European and East Asian OECD Countries," Journal of Regulatory Economics, Springer, vol. 43(1), pages 31-59, January.
    12. Dijkstra, Peter T. & Haan, Marco A. & Mulder, Machiel, 2017. "Industry structure and collusion with uniform yardstick competition: Theory and experiments," International Journal of Industrial Organization, Elsevier, vol. 50(C), pages 1-33.
    13. Matthias Finger & Pierre Messulam (ed.), 2015. "Rail Economics, Policy and Regulation in Europe," Books, Edward Elgar Publishing, number 15711.
    14. repec:eee:eneeco:v:66:y:2017:i:c:p:261-271 is not listed on IDEAS
    15. Dijkstra, Pieter & Haan, Marco & Mulder, Machiel, 2015. "Design of yardstick competition and consumer prices," Research Report 15004-EEF, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    16. Fumitoshi Mizutani & Eri Nakamura, 2016. "Factors Affecting Inefficiency Level: Stochastic Frontier Analysis of Public Utility Firms in Japan," Discussion Papers 2016-02, Kobe University, Graduate School of Business Administration.

    More about this item

    Keywords

    Yardstick regulation; Incentive regulation; Efficiency; Cost frontier function; L51; L53; L90; K23;

    JEL classification:

    • L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
    • L53 - Industrial Organization - - Regulation and Industrial Policy - - - Enterprise Policy
    • L90 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - General
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law

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