Does divestiture crowd out new investment? The “make or buy” decision in the U.S. electricity generation industry
分析了1996-2000年美国独立发电商在重组电力市场中的投资决策，发现资产剥离计划对新投资的挤出效应很小，反而促进了短期进入，尤其是公用事业附属的独立发电商。
An empirical model of the “make or buy” decision faced by independent power producers (IPPs)in restructured U.S. wholesale electricity markets is derived to analyze power plant investment decisions by major IPPs from 1996 to 2000. The estimated investment cost and expected profit functions are used to evaluate the effectiveness of divestiture programs (which sold utility power plants to IPPs)in encouraging greater IPP participation. The estimates and counterfactual simulations indicate that a minimal amount of new plant investments were “crowded out” by divestiture and that divestiture encouraged greater (short‐run)entry, especially among utility‐affiliated IPPs.