A Test of Relative and Absolute Price Efficiency in Regulated Utilities

Scott E. Atkinson · Robert Halvorsen

127 citations0/0 files storedThe Review of Economics and Statistics

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Abstract

A model for testing all types of relative price inefficiency expands the Averch-Johnson effect and makes it possible to test for absolute price efficiency, which exists if the value of the marginal product for each factor is equated to factor price and implies both cost minimization and production of the optimal quantity of output. Duality theory is used to derive the empirical model using 1973 data for electric utilities. The results indicate that relative and absolute price efficiency were generally not achieved by electric utilities in that year. 36 references, 1 table.

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References

1973Transcendental Logarithmic Production Frontiers 2016BEHAVIOR OF THE FIRM UNDER REGULATORY CONSTRAINT 1976Economies of Scale in U.S. Electric Power Generation 2016Behavior of the Firm Under Regulatory Constraint 1971A TEST FOR RELATIVE EFFICIENCY AND APPLICATION TO INDIAN AGRICULTURE 1969THE MEASUREMENT OF U.S. REAL CAPITAL INPUT, 1929–1967 1970Input Choices and Rate-of-Return Regulation: An Overview of the Discussion 1973A test for relative efficiency : some further results

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