Advances in New Institutional Analysis series
Edited by Claude Ménard and Michel Ghertman
Chapter 8: Deregulation, Efficiency and Environmental Performance: Evidence from the Electric Utility Industry
Magali A. Delmas, Michael V. Russo, Maria J. Montes-Sancho and Yesim Tokat INTRODUCTION Academics writing from the perspectives of economics, strategic management, and organization theory have devoted decades of research to how economic regulation and deregulation has impacted the behavior of firms. One stream of this literature focuses on how deregulation changes the scope of permissible activities and the economic incentives for incumbents and new entrants (for example, Bonardi, 2004; Fuentelsaz et al., 2002; Haveman, 1993; Haveman et al., 2001; Miller and Chen, 1994; Smith and Grimm, 1987). The second set of studies focuses on the impact of deregulation on economic performance (Berger and Mester, 2003; Corsi et al., 1991; Grabosky et al., 1994; Hao et al., 2001, 2003; Isik and Hassan, 2003; Kankana et al., 2001; Sturm and Williams, 2004; Tortosa-Ausina, 2002). The third set of studies analyzes the impact of deregulation on other attributes such as the quality of service or safety (Alexander, 1992; Auriol, 1998; Barnett and Higgins, 1989; Rhoades et al., 2005; Rose, 1992; Tsuchiya, 2005). The focus of many of these studies on a single indicator of performance fails to achieve comparative evaluation along several dimensions. But because deregulation involves economic, social and environmental dimensions, and because it is possible that there are trade-offs between these different dimensions of deregulation, studies need to use multiple indicators. Furthermore, work to date has not expanded our knowledge about the ability of deregulation to affect the provision of public goods. Previous work has shown how private benefits accrue...
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