Dual Measures of Monopoly and Monopsony Power: An Application to Regulated Electric Utilities
提出同时估计垄断定价、买方垄断定价及其他制度因素导致的效率损失的方法，并应用于使用西部煤炭的电力企业，发现企业在产出市场是价格接受者，但在西部煤炭及其运输市场存在显著的买方垄断行为。
The inefficiency from monopoly pricing, monopsony pricing, and other institutional factors should be simultaneously estimated to avoid misspecification. Estimation of a behavioral profit function, where input and output shadow prices may diverge from their market values, allows unbiased simultaneous estimation of inefficiencies if its normalized form is employed. In an application to electric utilities consuming western coal, the authors cannot reject the hypothesis that utilities act as price-takers in output markets and find weak and statistically insignificant evidence of fuel-adjustment-clause bias. Strong evidence is found of monopsony behavior in the market for western coal and its transportation. Copyright 1989 by MIT Press.