Abstract

Competition usually increases firm productivity; but in network industries, effective competition requires vertical separation, which might reduce productivity and lead to a potential trade-off. We analyze the combined effect of competition and vertical separation on inefficient costs for US electricity industry restructuring. We estimate firm-level inefficiencies with the use of different nonparametric models of the technology and calculate net benefits with the use of difference-in-differences. The results depend on how we model the production technology and the length of the post-treatment horizon. The more flexible is the production frontier, the greater is the net benefit from divestiture and competition. Across our models the combined effect of divestiture and competition is positive.

中文翻译：

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垂直分离和竞争的影响：来自美国电力公司重组的证据

摘要

竞争通常会提高企业的生产力；但在网络行业，有效的竞争需要垂直分离，这可能会降低生产率并导致潜在的权衡。我们分析了竞争和垂直分离对美国电力行业重组低效成本的综合影响。我们使用不同的非参数技术模型来估计公司层面的低效率，并使用双重差分计算净收益。结果取决于我们如何对生产技术进行建模以及后处理范围的长度。生产边界越灵活，剥离和竞争的净收益就越大。在我们的模型中，剥离和竞争的综合效应是积极的。