When Does Regulation Distort Costs? Lessons from Fuel Procurement in US Electricity Generation: Reply
回应了关于放松管制对燃煤电厂燃料价格影响的批评，指出高成本电厂在放松管制后燃料价格下降幅度最大，且这种效应在煤电厂和天然气厂中普遍存在。
The average effect of deregulatory policies on fuel prices at coal-fired power plants is strongly influenced by plants that were initially paying the highest prices for fuel. Primary sources document that these plants were locked into long-term, high-cost fuel contracts, and only secured market rates post-deregulation. While these plants' fuel costs were unusual, their response to deregulation was not: both coal- and gas-fired plants reduce fuel prices one-for-one with the amount they were initially paying above their neighbors' costs. Our understanding of deregulation is not improved by excluding those who stand to benefit most.