How Do Electricity Shortages Affect Industry? Evidence from India
利用水电供应波动作为工具变量，研究发现印度电力短缺使工厂收入和生产者剩余下降5%-10%，但生产力损失较小，因为多数投入可储存；短缺还扭曲了工厂规模分布，而可中断零售合同能显著缓解影响。
We estimate the effects of electricity shortages on Indian manufacturers, instrumenting with supply shifts from hydroelectric power availability. We estimate that India's average reported level of shortages reduces the average plant's revenues and producer surplus by 5 to 10 percent, but average productivity losses are significantly smaller because most inputs can be stored during outages. Shortages distort the plant size distribution, as there are significant economies of scale in generator costs and shortages more severely affect plants without generators. Simulations show that offering interruptible retail electricity contracts could substantially reduce the impacts of shortages.