Comportement de l'entreprise réglementée: étude de l'hypothèse Averch-Johnson

Mirucki, Jean (1980): Comportement de l'entreprise réglementée: étude de l'hypothèse Averch-Johnson. Published in: University Microfilms International, University of Michigan , Vol. DA82, No. 1457 (1982): pp. 1-247.

Abstract

The Averch-Johnson hypothesis of over-capitalisation is tested, in this work, using Bell Canada data from the 1952-76 period. The cost minimization conditions are checked by using a Cobb-Douglas production function, with an optional index of technology, while the 1952-76 data sample has been segmented into 8 sub-periods, to check for the influence of the random nature of any given sample. The main results of this paper are, first of all, that the Cobb-Douglas production function provides, overall, a satisfactory description of the production decisions of the firm, showing constant returns to scale in 83 % of the case. Secondly, 11 out of the 13 Student-t tests reject the hypothesis that the firm was minimizing its costs. In all cases, the results indicate that the bias favored the production factor (K). Finally, the most dramatic variations in the results come from the use of segmented periods. The Averch-Johnson hypothesis of over-capitalisation is tested, in this paper, using Bell Canada data from the 1952-76 period. The cost minimization conditions are checked by using a Cobb-Douglas production function, with an optional index of technology, while the 1952-76 data sample has been segmented into 8 sub-periods, to check for the influence of the random nature of any given sample. The main results of this paper are, first of all, that the Cobb-Douglas production function provides, overall, a satisfactory description of the production decisions of the firm, showing constant returns to scale in 83 % of the case. Secondly, 11 out of the 13 Student-t tests reject the hypothesis that the firm was minimizing its costs. In all cases, the results indicate that the bias favored the production factor (K). Finally, the most dramatic variations in the results come from the use of segmented periods.

• Item Type: MPRA Paper
• English Title: Behavior of the Regulated Firm: A Study of the Averch-Johnson Hypothesis
• Language: French
• Keywords: A-J effect; overcapitalisation; Averch-Johnson; telecommunication
• Subjects: L - Industrial Organization > L9 - Industry Studies: Transportation and Utilities > L96 - Telecommunications; L - Industrial Organization > L5 - Regulation and Industrial Policy > L51 - Economics of Regulation

References

A.T.&T., The World's Telephones, Bedminster, N.J.,1978.

ADAMS Walter et Horace GRAY, Monopoly in America, MacMillan Co., New York, 1955.

ADAMS Walter, A Critical Evaluation of Public Regulation by Independent Com¬missions: The Role of Competition in the Regulated Industries, American Economic Review, mai 1958, pp. 527-43.

ANDERSON Dennis, Models for Determing Least-Cost Investments in Electricity Supply, Bell Journal of Economics, printemps 1972, pp. 267-99.

APPELBAUM Elie et Robert HALVORSEN, Rate of Return Regulation Without Input Distortion, University of Washington, document de travail N° 77-2, 1977.

ATKINSON Robert et L. WAVERMAN, Resource Allocation and the Regulated Firm: Comment, Bell Journal of Economics, printemps 1973, pp. 283-7 .

ATKINSON Scott E. et Robert HALVORSEN, A Test of Relative and Absolute Price Efficiency in Regulated Utilities, University of Washington, document de travail N° 77-7, 1977.

ATKINSON Scott E. et Robert HALVORSEN, Automatic Price Adjustment Clauses and Input Choice in Regulated Utilities, University of Washington, document de travail N° 77-9, 1977.

ATKINSON Scott E. et Robert HALVORSEN, Inter-Fuel Substitution in Steam Electric Power Generation, Journal of Political Economy, 1976, pp. 959-78.

AVERCH Harvey et LeLand L. JOHNSON, Behavior of the Firm Under Regulatory Constraint, American Economic Review, décembre 1962, pp. 1052-69.

BAILEY Elisabeth E. et Lawrence J. WHITE, Reversals in Peak and Off-Peak Prices, Bell Journal of Economics, printemps 1974, pp. 75-92.

BAILEY Elisabeth E. et Roger D. COLEMAN, The Effect of Lagged Regulation in an Averch-Johnson Model, Bell Journal of Economics, printemps 1971, pp. 278-92.

BAILEY Elisabeth E., Economic Theory of Regulatory Constraint, Lexington Books, Massachusetts, 1973.

BAILEY Elisabeth E., Peak-Load Pricing Under Regulatory Constraint, Journal of Political Economy, 1972, pp. 662-79.

BAILEY Elisabeth E., Resource Allocation and the Regulated Firm: Comment on the Comments, Be11 Journal of Economics, printemps 1973, pp. 288-92.

BAILEY Elisabeth et J.C. MALONE, Resource Allocation and the Regulated Industry, Bell Journal of Economics, printemps 1970, pp. 129-42.

BARON David D. et Robert A. TAGGART Jr., Regulatory Pricing Policies and Input Choices Under Uncertainty, document de travail N° 315, Northwestern University, Evanston, Illinois, février 1978.

BAUMOL William J. et Alvin K. KLEVORICK, Input Choices and Rate of Return Regulation: An Overview of the Discussion, Bell Journal of Economics, automne 1970, pp. 162-90.

BAUMOL William J., Economic Theory and Operations Analysis, 4e édition, Prentice-Hall Inc., Englewood Cliff, N.J.,1977.

BAUMOL William J., Reasonable Rules for Rate Regulation: Plausible Policies for an Imperfect World, in Paul MacAvoy (coordinateur), The Crisis of the Regulatory Commissions: An Introduction to a Current Issue of. Public Policy, W.W. Norton and Company Inc., New York, 1970, pp. 187-212.

BAWA U.S. et David S. SIBLEY, Dynamic Behavior of a Firm Subject to Stochastic Regulatory Review, Bell Laboratories, document de travail N° 38, septembre 1975.

BEAUVAIS Brian, Sales Maximization Under Rate of Return Regulation, University of Newcastle, Royaume-Uni, document de travail N° 78, 1978.

BEAUVAIS Edward E., An Interventionist Model of Public Utility Regulation, Virginia Polytechnic Institute and State University, thèse PhD non publiée, 1977.

BELL CANADA, Annual Charts, Montréal, 1978.

BERKOWITZ M.K. et F.C. JEN, Production Inefficiency in the Peak-Load Pricing Model, University of Toronto, document de travail N° 7604, 1976.

BERNARD Jean-Thomas, The Theory of the Firm Under Rate of Return Regulation: A Re-examination from the Demand Side, University of Pennsylvania, Thèse PhD non publiée, 1977.

BERNER Richard 0lin, Constraints on the Regulatory Process, Ballinger Publishing Company, Cambridge, Massachusetts, 1976.

BOADWAY Robin W., Public Sector Economics, Winthrop Publishers, Inc., Cambridge, Mass., 1979.

BOITEUX Marcel, On the Management of the Public Monopolies Subject to Budgetary Constraints, Journal of Economic Theory, septembre 1971, pp. 219-40.

BONBRIGHT James, Principles of Public Utility Rates, Columbia University Press, New York, 1961.

BOYES William J., An Empirical Examination of the Averch-Johnson Effect, Economic Inquiry, mars 1976, pp. 25-35.

BRAEUTIGAM Ronald Ray, The Regulation of Multiproduct Firms, Decisions of Entry and Rate Structure, Stanford University, thèse PhD non publiée, 1976.

BUCHANAN James et Gordon TULLOCK, The Calculus of Consent, University of Michigan Press, Ann Arbor, 1962.

BUCHANAN James M., A Public Choice Approach to Public Utility Pricing, Public Choice, automne 1968, pp. 1-17.

BURNS Arthur E., Profit Limitation: Regulated Industries and the Defense-Space Industries, Bell Journal of Economics, printemps 1972, pp. 3-25.

CALLEN Jeffrey L., Production Efficiency and Welfare in the Natural Gas Transmission Industry, American Economic Review, juin 1978, pp. 311-23.

CALLEN Jeffrey, G.F. MATHEWSON et H. MOHRING, Benefits and Cost of Rate of Return Regulation, American Economic Review, 1976, pp. 290-7.

CHERRY Russel, Production, Demand and Investment in Regulated Trucking: An Econometric Study, Brown University, thèse PhD non publiée, 1972.

CHESSLER David S., Price Discrimination by Electric Utilities and the Effect of State Regulation on the Rate Structure, Columbia University, thèse PhD non publiée, 1974.

CLEMENS E.W., Controlling the Rate of Return on Investment: A Suggested Plan, in Paul MacAvoy (coordinateur), The Crisis of the Regulatory Commissions: An Introduction to a Current Issue of Public Policy, W.W. Norton and Company, Inc., New York, 1970, pp. 207-12.

COASE R.H., The Theory of Public Utility Pricing and its Application, Bell Journal of Economics, printemps 1970, pp. 113-28.

COHEN Kalman J. et Richard M. CYERT, Theory of the Firm: Resource Allocation in a Market Economy, Prentice-Hall Inc., Englewood Cliffs, N.J., 1965.

CONSEIL ÉCONOMIQUE DU CANADA, Regulation Reference: Update, deuxième série, Ottawa, 1979.

CORBO Vittorio et Jean-Marie DUFOUR, Fonctions de production dans l’économie du Québec, L’Actualité Économique, avril-juin 1978, pp. 176-206.

COREY Gordon R., The Averch and Johnson Proposition: A Critical Analysis, Be11 Journal of Economics, printemps 1971, pp. 358-73.

COURVILLE Léon et Marcel G. DAGENAIS, On New Approaches to the Regulation of Bell Canada, Canadian Public Policy, hiver 1977, pp. 76-81.

COURVILLE Léon, Regulation and Efficiency in the Electric Utility Industry, Bell Journal of Economics, printemps 1974, pp. 53-74.

COWING Thomas G. et V. Kerry SMITH, Models of the Production Technology for Electricity Supply: A Survey, document de travail N° D-8, Quality of the Environment Division, Resources for the Future, avril 1977.

COWING Thomas G., The Effectiveness of Rate of Return Regulation: An Empirical Test Using Profit Functions, in M. Fuss et D. McFadden (coordinateurs), Production Economics: A Dual Approach to Theory and Applications, North-Holland, Amsterdam, 1979, pp. 215-46.

CREW, Michael A., Theory of the Firm, Longman, London, 1976.

CROSS J.G., Incentive Pricing and Utility Regulation, Quarterly Journal of Economics, mai 1970, pp. 236-53.

CUDAHY Richard D., Regulation’s Future – Progress or Oblivion? Public Utilities Fortnightly, 9 novembre 1978, pp. 13-6.

CUDAHY Richard D., The Role of the Regulator in Utility Financing, Public Utilities Fortnightly, 18 novembre 1976, pp. 29-31.

CYERT Richard et James MARCH, A Behavioral Theory of the Firm, Prentice-Hall, Englewood Cliffs, N.J., 1963.

DANSBY R.E., Effects of Depreciation on Behavior of Regulated Firms, American Economic Review, 1974, pp. 4-12.

DAVIS B.E. et E.T. SPARROW, Valuation Models in Regulation, Bell Journal of Economics, automne 1972, pp. 544-67.

DAVIS B.E., G.J. CACCAPPOLO et M.A. CHAUDRY, An Econometric Planning Model for American Telephone and Telegraph Company, Bell Journal of Economics, printemps 1973, pp. 29-56.

DAVIS E.G., A Dynamic Model of the Regulated Firm with a Price Adjustment Mechanism, Bell Journal of Economics, printemps 1973, pp. 270-82.

DAVIS G.M. et L.J. ROSENBERG, Physical Distribution and Regulatory Constraint Analysis, Transport Journal, printemps 1976, pp. 87-92.

DE VAN Arthur S. et T.R. SAVING, Product Quality, Uncertainty and Regulation: The Trucking Industry, American Economic Review, septembre 1977, pp. 583-94.

DE VAN Arthur S., Effect of Price and Entry Regulation on the Airline Output, Capacity and Efficiency, Bell Journal of Economics, printemps 1975, pp. 327-45.

DEMSETZ Harold, The Private Production of Public Goods, Journal of Law and Economics, octobre 1970, pp. 293-306.

DEMSETZ Harold, Why Regulate Utilities? in William G. Shepherd et Thomas G. Gies (coordinateurs), Regulation in Further Perspective: The Little Engine that Might, Ballinger Publishing Company, Cambridge, Mass., 1974, pp. 125-36.

DHRYMES Phoebus et Mordecai KURZ, Technology and Scale in Electricity Generation, Econometrica, juin 1964, pp. 287-315.

DIAMOND Peter A., Consumption Externalities and Imperfect Corrective Pricing, Bell Journal of Economics, automne 1973, pp. 526-38.

DOBBELL A.R. et al., Telephone Communications in Canada: Demand, Production and Investment Decisions, Bell Journal of Economics, printemps 1972, pp. 172-219.

DONAHUE Charles Jr., Lawyers, Economists and Regulated Industries - Thought on Professional Roles Inspired by Some Recent Economic Literature, Michigan Law Review, novembre 1971, pp. 195-220.

DOUGLAS Paul H., Are There Laws of Production? American Economic Review, mars 1948, pp. 1-41.

DOWNS Anthony, An Economic Theory of Democracy, Harper and Row, New York, 1957.

ECKERT Ross, On the Incentives of Regulators: The Case of Taxicabs, Public Choice, printemps 1973, pp. 83-100.

EDELSON M.M., Resource Allocation and Regulated Firm: Reply to Bailey and Malone, Bell Journal of Economics, printemps 1971, pp. 374-8.

EL HODIRI Mohamed et Akira TAKAYAMA, Behavior of the FirmUnder Regulatory Constraint, American Economic Review, mars 1973, pp. 235-7.

EL HODIRI Mohamed et Akira TAKAYAMA, Dynamic Behavior of the Firm With Adjustment Costs, Under Regulatory Constraint, document de travail N°46, University of Kansas, 1972.

ELTON Edwin J. et Martin J. GRUBER, Optimal Investment and Financing Patterns for a Firm Subject to Regulation with a Lag, Journal of Finance, décembre 1977, pp. 1485-500.

FISHELSON G., Telecommunications, CES Production Functions, Applied Economics, 1977, pp. 9-18.

FOX John Anthony, An Empirical Test of the Averch-Johnson Hypothesis in the Electric Utility Industry, Brown University, thèse PhD non publiée, 1975.

FRANKFURTER Felix et Henry M. HART Jr., Rate Regulation, in Paul MacAvoy (coordinateur), The Crisis of the Regulatory Commissions: An Introduction to a Current Issue of Public Policy, W.W. Norton and Company Inc., New York, 1970, p. 1-17.

FRIEDLAENDER Ann F., The Social Costs of Regulating the Railroads, American Economic Review, mai 1971, pp. 226-41.

FURUBOTN E.G. et S. PESOVITCH, Property Rights and Economic Theory: Survey of Recent Literature, Journal of Economic Literature, décembre 1972, pp. 1137-62.

FUSS Melvyn et Leonard WAVERMAN, Multi-Product, Multi-Input Cost Functions for a Regulated Utility: The Case of Telecommunications in Canada, document de travail, N°7810, University of Toronto, Institute for Policy Analysis, juin 1978.

GODDARD F., On the Effectiveness of Regulation of Electric Utility Prices: Comment, Southern Economic Journal, juillet 1971, pp. 125-6.

GOLDBERG V.P., Toward an Expanded Economic Theory of Contract, Journal of Economic Issues, mars 1976, pp. 45-61.

GORDON Myron J., The Cost of Capital to a Public Utility, Michigan State University, MSU Public Utility Study, 1974.

GOULDEN Joseph C., Monopoly, G.P. Putnam's Sons, New York, 1968.

GRAHAM David Randall, A Test of the Averch-Johnson Model of Regulation Using Electric Utility Data, University of California at Los Angeles, thèse PhD non publiée, 1976.

GRANFIELD Michael E., Resource-Allocation Within Hospitals - Unambiguous Analytical Test of the A-J Hypothesis, Applied Economics, 1975, pp. 241-9.

GRAY Horace M., The Passing of the Public Utility Concept, in Readinqs in Social Control of Industry, American Economic Association, The Blakston Company, Philadelphia, 1949, pp. 280-303.

GREEN M. et R. NADER, Economic Regulation vs. Competition: Uncle Sam vs. Monopoly Man, Yale Law Journal, avril 1973, pp. 871-90.

GRILICHES Zvi, Cost Allocation in Railroad Regulation, Bell Journal of Economics, printemps 1972, pp. 26-41.

HARBERGER Arnold, Monopoly and Resource Allocation, American Economic Review, mai 1954, pp. 77-87.

HAWKINS C.A., Optimum Growth of Regulated Firm, Western Economic Journal, 1969, pp. 187-9.

HAYASHI P.M. et J.M. TRAPANI, Rate of Return Regulation and Regulated Firm Choice of Capital-Labour Ratio: Further Empirical Evidence on Averch-Johnson Model, Southern Economic Journal, janvier 1976, pp. 384-98.

HEAL G.M. et A. SILBERSTON, Alternative Managerial Objectives: An Explanatory Note, Christ College, Cambridge, Nuffield College, Oxford, non daté.

HEATHFIELD David F., Production Functions, MacMillan Studies in Economics Series, The MacMillan Press Ltd., London, 1971.

HELMAN Robert A., A Lawyer Looks at the Purpose of Regulation, Public Utilities Fortnightly, 4 mars 1965, pp. 24-30.

HENDERSON James M. et Richard E. QUANDT, Microeconomic Theory, A Mathematical Approach, 2e édition, McGraw-Hill Book Company, New York, 1971.

HERENDEEN James B., A Financial Model of Regulated Firm and Implications of Model for Determination of Fair Rate of Return, Southern Economic Journal, octobre 1975, pp. 279-84.

HILTOK George, The Basic Behavior of Regulatory Commissions, American Economic Review, mai 1972, pp. 47-54.

HOLTHAUSEN Duncan McClave Jr., The Firm Under Regulation: An Analysis of Uncertainty, Incentives, and Regulatory Lag, Northwestern University, thèse PhD non publiée, 1974.

HOLTHAUSEN D.M., Input Choices and Uncertain Demand, American Economic Review, mars 7976, pp. 94-103.

HONIG Solomon, The Demand for Regulation by Electric Utilities, Columbia University, thèse PhD non publiée, 1976.

HUNT Floraine E., Public Utilities Information Sources, Gale Research Company, Book Tower, Detroit, Michigan, 1965.

JACKSON R., Regulation and Electric Utility Rate Levels, Land Economics, 1969, pp. 372-6.

JAFFEE Bruce, Aspects of the Regulated Public Utility: Misallocation, Marginal Cost Pricing and Depreciation, John Hopkins University, thèse PhD non publiée, 1971.

JOHNSON Leland L., The Averch-Johnson Hypothesis after Ten Years, in William G. Shepherd et Thomas G. Gies (coordinateurs), Regulation in Further Perspective: The Little Engine That Might, Ballinger Publishing Company, Cambridge, Mass., 1974, pp. 67-78.

JOHNSTON J., Statistical Cost Analysis, McGraw-Hill, New York, 1960.

JORDAN W.A., Producer Protection, Prior Market Structure and the Effects of Government Regulation, Journal of Law and Economics, août 1972, pp. 151-76.

JORGENSON Dale W., Investment Behavior and the Production Function, Bell Journal of Economics, printemps 1972, pp. 220-51.

JOSKOW Paul L. et Roger G. NOLL, Regulation in Theory and in Practice, National Bureau of Economic Research, Conférence sur la règlementation publique, Washington, D.C. décembre 1977.

JOSKOW Paul L., Firm Decision-Making Process and Oligopoly Theory, American Economic Review, mai 1975, pp. 270-9.

JOSKOW Paul L., Inflation and Environmental Concern: Structural Change in the Process of Public Utility Price Regulation, Journal of Law and Economics, octobre 1974, pp. 291-327.

JOSKOW Paul L., Pricing Decisions of Regulated Firms - Behavioral Approach, Bell Journal of Economics, printemps 1973, pp. 118-40.

JOSKOW Paul L., Regulatory Activities by Government Agencies, document de travail N°171, M.I.T., Cambridge, Mass., 1975.

JOSKOW Paul L., The Determination of the Allowed Rate of Return in a Formal Regulatory Hearing, Bell Journal of Economics, automne 1972, pp. 632-44.

KAFOGLIS Milton Z. et Charles NEEDY, "Spread" in Electric Utility Rate Structures, Bell Journal of Economics, printemps 1975, pp. 377-87.

KAFOGLIS Milton Z., Output of the Restrained Firm, American Economic Review, septembre 1969, pp. 583-9.

KAHN Alfred E., Can an Economist Find Happiness Setting Public Utility Rates? Public Utilities Fortnightly, 5 janvier 1978, pp. 11-15.

KAHN Alfred E., The Graduated Fair Return: Comment, American Economic Review, mars 1968, pp. 170-3.

KAHN Alfred, The Economics of Regulation: Principles and Institutions, (Vol. I & II), John Wiley and Sons Inc., New York, 1970 & 1971.

KEATING B.P. et M.O. KEATING, Non-Profit Firms, Decision-Making and Regulation, Review of Social Economics. 1975, pp. 26-42.

KEELER Theodore E., Airline Regulation and Market Performance, Bell Journal of Economics, automne 1972, pp. 399-424.

KENDRICK John W., Efficiency Incentives and Cost Factors in Public Utility Automatic Revenue Adjustment Clauses, Bell Journal of Economics, printemps 1975, pp. 299-313.

KENNEDY Thomas Earl, Regulatory Control of Monopoly: Limitations, Methods and Effects, John Hopkins University, thèse PhD non publiée, 1975.

KENNEDY Thomas Earl, The Regulated Firm with a Fixed Proportion Production Function, American Economic Review, décembre 1977, pp. 968-71.

KLEVORICK A.K., Graduated Fair Return - Further Comment, American Economic Review. septembre 1971, p.727.

KLEVORICK A.K., The Behavior of a Firm Subject to Stochastic Regulatory Review, Bell Journal of Economics, printemps 1973, pp. 57-88.

KLEVORICK A.K., The Behavior of a Firm Subject to Stochastic Regulatory Review: Correction, Bell Journal of Economics, automne 1974, pp. 713-4.

KLEVORICK A.K., The Optimal Fair Rate of Return, Bell Journal of Economics, printemps 1971, pp. 122-53.

KOLKO Gabriel, Railroads and Regulation 1877-1916, Princeton University Press, Princeton, N.J., 1965.

KOMIYA Ryutano, Technical Progress and the Production Function in the U.S. Steam Power Industry, Review of Economic Studies, mai 1962, pp. 156-66.

KOUTSOYIANNIS A., Modern Microeconomics, The MacMillan Press Limited, London, 1975.

LABROUSSE Christian, Introduction à l’économétrie, Dunod, Paris, 1972.

LANDSBERGER Michael et Abraham SUBOTNIK, Regulation Effects on Resource Allocation of a Utility Maximizing Firm, European Economic Review, août 1976, pp. 235-54.

LARSON Alan Lee, The Averch-Johnson Effect Under Uncertainty, Kansas State University, thèse PhD non publiée, 1976.

LELAND H.E., Regulation of Natural Monopolies and Fair Rate of Return, Bell Journal of Economics, printemps 1974, pp. 3-15.

LERNER Abba P., Conflicting Principles of Public Utility Rate Regulation, in Paul MacAvoy (coordinateur), The Crisis of the Regulatory Commissions: An Introduction to a Current Issue of Public Policy, W.W. Norton and Company Inc., New York, 1970, pp. 18-29.

LINHART Peter B., Depreciation in a Simple Regulatory Model: Comment, Bell Journal of Economics, printemps 1974, pp. 229-32.

LINHART Peter B., Joël L. LEBOWITZ et Frank W. SINDEN, The Choice Between Capitalizing and Expensing Under Rate Regulation, Bell Journal of Economics, automne 1974, pp. 406-19.

LITTLECHILD Stephen C., A State Preference Approach to Public Utility Pricing and Investment Under Risk, Bell Journal of Economics, printemps 1972, pp. 340-5.

LOEHMAN Edna et Andrew WHINSTON, A New Theory of Pricing and Decision-Making for Public Investment, Bell Journal of Economics, automne 1971, pp. 606-25.

MacAVOY Paul W., The Crisis of the Regulatory Commissions: An Introduction to a Current Issue of Public Policy, W.W. Norton and Company, Inc., New York, 1970.

MACHLUP Fritz, Theories of the Firm: Marginalist, Behavioral, Managerial, American Economic Review, mars 1967, pp. 1-33.

MANN Patrick, User Power and Electricity Rates, Journal of Law and Economics, octobre 1974, pp. 433-43.

MANNE Henry G., The Social Responsibility of Regulated Industries, Wisconsin Law Review, 1972, pp. 995-1009.

McGRAW T.K., Regulation in America - Review Article, Business History Review, 1975, pp. 159-83.

McKAY Derek John, Two Essays on the Economics of Electricity Supply: 1. Has the Averch-Johnson Effect Been Empirically Verified? 2. Electricity Pricing, California Institute of Technology, thèse PhD non publiée, 1978.

McKIE J.W., Regulation and the Free Market: The Problem of Boundaries, Bell Journal of Economics, printemps 1970, pp. 6-26.

McNICOL D.L., The Comparative Statics Properties of Theory of the Regulated Firm, Bell Journal of Economics, automne 1973, pp. 428-53.

MEYER R.A., Capital Structure and Behavior of Regulated Firm Under Uncertainty, Southern Economic Journal, 1976, pp. 600-9.

MEYER R.A., Monopoly Pricing and Capacity Choice Under Uncertainty, American Economic Review, 1975, pp. 326-37.

MIGUE Jean-Luc, Controls versus Subsidies in the Economic Theory of Regulation, Journal of Law and Economics, avril 1977, pp. 213-21.

MIRUCKI Jean, Discrimination économique et politique de transfert, Mémoire de D.E.A., Université de Bordeaux, 1977.

MISMER Melvyn L., Research Report on Bell Canada, Merrill Lynch Royal Securities Ltd., Toronto, 1979.

MOHRING Herbert, The Peak-Load Problem with Increasing Returns and Pricing Constraints, American Economic Review, septembre 1970, pp. 693-705.

MOORE Thomas Gale, Effectiveness of Regulation of Electric Utility Prices, Southern Economic Journal, avril 1970, pp. 365-75.

MORTON Walter A., Do Utilities Waste Capital? The Averch and Johnson Theory, Public Utilities Forthnightly, 27 mai 1971, pp. 13-24.

MURPHY Michael M., A Theory of Regulatory Behavior, University of California at Los Angeles, thèse PhD non publiée, 1975.

MYERS Stewart C., A Simple Model of Firm Behavior Under Regulation and Uncertainty, Bell Journal of Economics, printemps 1973, pp. 304-15.

NAKATANI Iwao, Behavior of the Firm Under Regulatory Constraint: A Critical View, Osaka Economic Papers, septembre 1974, pp. 20-8.

NEEDY C.W., Optimal Distortion Mix for Constrained Profit-Maximization, Economic Inquiry, avril 1977, pp. 251-68.

NEEDY Charles W., Regulation-Induced Distortions, Lexington Books, D.C. Heath and Co., Lexington, Mass., 1975.

NEEDY Charles W., Social Cost of A-J-W Output Distortion, Southern Economic Journal, 1976, pp. 486-9.

NELSON Boyd L., Costs and Benefits of Regulating Communications, American Economic Review, mai 1971, pp. 218-25.

NERLOVE Marc, Returns to Scale in Electricity Supply, in Carl Christ et al.(coordinateurs), Measurement in Economics, Stanford University Press, Stanford, California, 1963, pp. 167-98.

NGUYEN D.T. et G.J. MacGREGOR-REID, Interdependent Demands, Regulatory Constraint and Peak Load Pricing, The Journal of Industrial Economics, juin 1977, pp. 275-93.

NOLL Roger G. et Lewis A RIULIN, Regulating Prices in Competitive Markets, Yale Law Journal, 1973, pp. 1426-34.

NOLL Roger G., Empirical Studies of Utility Regulation, document de travail N°135, California Institute of Technology, août 1976.

NORLAND Douglas Lee, An Ex-ante Measurement of the Averch-Johnson Effect in Electric Power Generation, Indiana University, Graduate School of Business, thèse PhD non publiée, 1977.

OKUGUCHI Koji, Input Choices Under Rate of Return Regulation, Keizai-Kenzyu Journal of Institute of Economics Research, Hitotsubashi University, Tokyo, Japan, juillet 1974, pp. 272-3.

OSTERGREN C.N., Is the Averch-Johnson Theory Tenable? Public Utilities Fortnightly, 30 janvier 1975, pp. 28-32.

PELES Yoram C. et E. SHESHINSKI, Integration Effects of Firms Subject to Regulation, Bell Journal of Economics, printemps 1976, pp. 308-13.

PELES Yoram C. et Jerome L. STEIN, The Effect of Rate of Return Regulation is Highly Sensitive to the Nature of the Uncertainty, American Economic Review, juin 1976, pp. 278-89.

PELTZMAN Sam, Pricing in Public and Private Enterprises: Electric Utilities in the United States, Journal of Law and Economics, avril 1971, pp. 109-47.

PELTZMAN Sam, Toward a More General Theory of Regulation, Journal of Law and Economics, août 1976, pp. 211-44.

PERRAKIS Stylianos et Izzet SAHIN, Resource Allocation and Scale of Operations in a Monopoly Firm: A Dynamic Analysis, International Economic Review, juin 1972, pp. 399-407.

PERRAKIS Stylianos, Duality Theory and the Fixed Factors of Production, document de travail N°78-5, Université d'Ottawa, 1978.

PERRAKIS Stylianos et Perry SHAPIRO, Duality and Monopoly Theory, document de travail N°80, University of California, Santa Barbara, 1976.

PERRAKIS Stylianos, Rate of Return Regulation of a Monopoly Firm With Random Demand, International Economic Review, février 1976, pp. 149-62.

PERRAKIS Stylianos, Regulated Price-Setting Monopoly Firm With Random Demand Curve, American Economic Review, 1976, pp. 410-6.

PERRAKIS Stylianos, Regulatory Modes, Adjustment Mechanisms and the Microeconomics of Uncertainty, document de travail N°77-26, Université d'Ottawa, 1977.

PETERSEN Craig H., An Empirical Test of Regulatory Effects, Bell Journal of Economics, printemps 1975, pp. 111-26.

PETERSEN Craig H., The Effect of Regulation on Production Costs and Output Prices, Stanford University, thèse PhD non publiée, 1973.

PETERSEN David W. et James H. Van Der WEIDE, A Note on the Optimal Investment Policy of the Regulated Firm, Atlantic Economic Journal, automne 1976, pp. 51-5.

PHILLIPS Almarin (coordinateur), Promoting Competition in Regulated Markets, The Brookings Institution, Washington, D.C., 1975.

PHILLIPS Charles F. Jr., The Economics of Regulation, 2e édition, Richard D. Irwin Inc., Homewood, Illinois, 1965.

POSNER Richard A., Taxation by Regulation, Bell Journal of Economics, printemps 1971, pp. 22-50.

POSNER Richard A., The Social Costs of Monopoly and Regulation, Journal of Political Economy, 1975, pp. 807-27.

POSNER Richard A., Theories of Economic Regulation, Bell Journal of Economics, printemps 1972, pp. 335-58.

POSNER Richard, The Behavior of Administrative Agencies, Journal of Legal Studies, juin 1972, pp. 305-47.

POWELL Robert S. Jr., The Politics of Regulation: The F.C.C. and Cable Television, Princeton University, thèse PhD non publiée, 1976.

PRENTIS Margaret R., Cost Separations, Cross-Subsidies and Competitive Aspects, Communication à l’Assemblée Industrielle, Ottawa, Canada, 1977.

PRESSMAN Israel et A. CAROL, Behavior of Firm Under Regulatory Constraint - Note, American Economic Review, mars 1971, pp. 210-12.

PRESSMAN Israël et A. CAROL, Behavior of Firm Under Regulatory Constraint - Reply, American Economic Review, mars 1973, p. 238.

PUSTAY Michael W., The Effects of Regulation on Resource Allocation in the Domestic Trunk Airline Industry, Yale University, thèse PhD non publiée, 1973.

RENSHAW Edward, Possible Alternatives to Direct Regulation, in Paul MacAvoy (coordinateur), The Crisis of the Regulatory Commissions: An Introduction to a Current Issue of Public Policy, W.W. Norton and Company Inc., New York, 1970.

REYNOLDS Robert J., The Regulatory Process: An Analysis of its Impact on Firm Behavior, Northwestern University, thèse PhD non publiée, 1970.

ROSOFF Peter, The Application of Traditional Theory to a Regulated Firm, Business Economics, janvier 1969, pp. 77-81.

ROSSE James N. et John C. PANZAR, Models of Regulated Monopoly With Service Quality and Averch-Johnson Effects: Pre-Empirical Comparative Status, Memorandum N°176, Stanford University, California, juillet 1974.

ROWLEY Charles K. (coordinateur), Readings in Industrial Economics: Theoretical Foundations, Vol. I, The MacMillan Press Ltd., London, 1972.

ROWLEY Charles K. (coordinateur), Readings in Industrial Economics: Private Enterprise and State Intervention, Vol. II, The MacMillan Press Ltd., London, 1972.

RUSSEL Milton et Robert SHELTON, A Model of Regulatory Agency Behavior, Public Choice, hiver 1974, pp. 47-62.

SAMUELS Warren J., Externalities, Rate Structure and the Theory of Public Utility Regulation, in Harry M. Trebing (coordinateur), Performance Under Regulation, East Lansing, Institute of Public Utilities, Michigan State University, 1968, pp. 357-94.

SANKAR Ulaganathan, Depreciation Tax Policy and Firm Behavior Under Regulatory Constraint, Southern Economic Journal, juillet 1977, pp. 1-12.

SCHEIDELL John M., The Relevance of Demand Elasticity for Rate of Return Regulation, Southern Economic Journal, 1976, pp. 1088-95.

SCHMALENSEE Richard, Estimating Costs and Benefits of Utility Regulation, Quarterly Review of Economics and Business, 1974, pp. 51-64.

SCHMALENSEE Richard, Valuing Changes in Regulated Firms Input Prices, Southern Economic Journal, 1977, pp. 1346-51.

SHEPHERD William G. et Thomas G. GIES (coordinateurs), Regulation in Further Perspective: The Little Engine That Might, Ballinger Publishing Company, Cambridge, Mass., 1974.

SHEPHERD William G. (coordinateur), Public Policies Toward Business: Readings and Cases, Richard D. Irwin Inc., Homewood, Illinois, 1975.

SHEPHERD William G., Regulation, Entry and Public Enterprise, in William G. Shepherd et Thomas G. Gies (coordinateurs), Regulation in Further Perspective: The Little Engine That Might, Ballinger Publishing Company, Cambridge, Mass., 1974, pp. 5-25.

SHERMAN Roger, Curing Regulatory Bias in United-States Public Utilities, Journal of Economic Business, 1976, pp. 1-9.

SHERMAN Roger, Ex-Ante Rate of Return for Regulated Utilities, Land Economics, mai 1977, pp. 172-84.

SHERMAN Roger, Rate-of-Return Regulated Public Utility Firm is Schizophrenic, Applied Economics, 1972, pp. 23-31.

SHESHINSKI Eytan, Price, Quality and Quantity Regulation in Monopoly Situations, Economica, 1976, pp. 127-37.

SHESHINSKI Eytan, Welfare Aspects of a Regulatory Constraint: Note, American Economic Review, mars 1971, pp. 175-8.

SIMON Herbert A., Rational Decision-Making in Business Organizations, American Economic Review, septembre 1979, pp. 493-513.

SIMON Herbert A., Theories of Decision-Making in Economics and Behavioral Science, American Economic Review, juin 1959, pp. 253-83.

SMITH V. Kerry, The Implications of Regulation for Induced Technical Change, Bell Journal of Economics, automne 1974, pp. 623-32.

SMITH V. Kerry, The Implications of Regulation for Induced Technical Change: Reply, Bell Journal of Economics, automne 1975, pp. 706-7.

SMITHSON Charles W., The Degree of Regulation and the Monopoly Firm, Tulane University, thèse PhD non publiée, 1976.

SNELLING Richard A., A New Age of Utility Regulation, Public Utilities Forthnightly, 3 août 1978, pp. 11-13.

SOLOMON Ezra, Alternative Rate of Return Concepts and Their Implications for Utility Regulation, Bell Journal of Economics, printemps 1970, pp. 65-81.

SOULIE D., Quelques aspects de la théorie de la firme règlementée, Vie et Sciences Économiques, janvier 1979, pp. 69-74.

SPANN Robert M., Rate of Return Regulation and Efficiency in Production: An Empirical Test of the Averch-Johnson Thesis, Bell Journal of Economics, printemps 1974, pp. 38-52.

STEIN Jerome L. et George H. BORTS, Behavior of the Firm Under Regulatory Constraint, American Economic Review, décembre 1972, pp. 964-70.

STELZER Irwin M., Rate Base Regulation and Some Alternatives, Public Utilities Fortnightly, 25 septembre 1969, pp. 17-25.

STEWART John F., The Regulation of Electric Utilities Under Conditions of Persistent Inflation: A Proposal and Evaluation of an Automatic Inflation Adjustment Mechanism, University of Wisconsin at Madison, thèse PhD non publiée, 1976.

STIGLER George J. et Claire FRIEDLAND, What Can Regulators Regulate? The Case of Electricity, Journal of Law and Economics, octobre 1962, pp. 1-16.

STIGLER George J., The Goals of Economic Policy, Journal of Law and Economics, octobre 1975, pp. 283-92.

STIGLER George J., The Theory of Economic Regulation, Bell Journal of Economics, printemps 1971, pp. 1-21.

STONEBRAKER Robert J., Geometric Treatment of Averch-Johnson's Behavior of Firm Model: Comment, American Economic Review, mars 1972, pp. 140-1.

STRIMLIN David V. et Abbas MIRAKHOR, A Note on the Averch-Johnson Effect Controversy, Southern Economic Journal, juillet 1974, pp. 149-51.

SUDIT Ephraim F., Additive Non Homogeneous Production Functions in Telecommunications, Bell Journal of Economics, automne 1973, pp. 499-514.

TAKAYAMA Akira, Behavior of the Firm Under Regulatory Constraint, American Economic Review, juin 1969, pp. 255-60.

TAPON Francis, A Dynamic Theory of Regulated Industry: A Theoretical and Empirical Study, Duke University, thèse PhD non publiée, 1974.

TEZENAS du MONTCEL H. et Y. SIMON, Théorie de la firme et réforme de l’entreprise: revue de la théorie des droits de propriété, Revue Economique, 1977, pp. 321-51.

The ECONOMIST, Public Sector Enterprise, 30 décembre 1978, p. 39.

TOLLISON Robert D., A Historical Note on Regulatory Reform, Regulation, novembre/décembre 1978, pp. 46-9.

TREBING Harry M. (coordinateur), Performance Under Regulation, East Lansing, Institute of Public Utilities, Michigan State University, 1968.

TREBING Harry M., A Critique of Regulatory Accommodation to Change, in William G. Shepherd et Thomas G. Gies (coordinateurs), Regulation in Further Perspective: The Little Engine That Might, Ballinger Publishing Company, Cambridge, Mass., 1974, pp. 59-65.

TREBING Harry M., Chicago School versus Public Utility Regulation, Journal of Economic Issues, 1976, pp. 97-126.

TREBING Harry M., Common Carrier Regulation - The Silent Crisis, Law and Contemporary Problems, 1969, pp. 299-329.

TREBING Harry M., Government Regulation and Modern Capitalism, Journal of Economic Issues, 1969, pp. 87-109.

TULLOCK Gordon, Achieving Deregulation - A Public Choice Perspective, Regulation, novembre/décembre 1975. PP. 50-4.

TULLOCK Gordon, On the Efficient Organisation of Trials, Kyklos, N°4, 1976, pp. 745-62.

Van Der LOEFF S.Schim et R. HARKEMA, Three Models of Firm Behavior: Theory and Estimation, With An Application to the Dutch Manufacturing Sector, The Review of Economics and Statistics, février 1976, pp. 13-21.

Varii Autores, The Economics of Regulation of Public Utilities, Conférence à la Northwestern University, 19-24 juin 1966.

VICKERS Douglas, The Cost of Capital and the Structure of the Firm, The Journal of Finance, septembre 1969, pp. 35-45.

VICKERS Douglas, The Theory of the Firm: Production, Capital and Finance, McGraw-Hill Book Company, New York, 1968.

VICKREY William, Responsive Pricing of Public Utility Services, Bell Journal of Economics, printemps 1971, pp. 337-46.

VINOD H.D., Nonhomogeneous Production Functions and Applications to Telecommunications, Bell Journal of Economics, automne 1972, pp. 531-43.

WAVERMAN Leonard, Peak-Load Pricing Under Regulatory Constraint: A Proof of Inefficiency, Journal of Political Economy, 1975, pp. 645-54.

WELCH Jonathan B., Workable Alternatives to Regulation, Public Utilities Fortnightly, 23 octobre 1975, pp. 36-9.

WELLISZ Stanislaw H., Regulation of Natural Gas Pipeline Companies: An Economic Analysis, Journal of Political Economy, février 1963, pp. 30-43.

WESTFIELD Fred M., Methodology of Evaluating Economic Regulation, American Economic Review, mai 1971, pp. 211-7, avec Commentaires, pp. 235-41.

WESTFIELD Fred M., Regulation and Conspiracy, American Economic Review, juin 1965, pp. 424-43.

WHITE Lawrence J., Quality Variation When Prices Are Regulated, Bell Journal of Economics, automne 1972, pp. 425-36.

WHITEAKER.Stanley C., Structural Changes in Regulation - Its Causes and a Cure, Public Utilities Fortnightly, 13 mars 1975, pp. 24-31.

WICHERS C. Robert, The Graduated Fair Return - Comment, American Economic Review, septembre 1971, pp. 725-6.

WILCOX Clair, Public Policies Toward Business, 3e édition, Richard D. Irwin, Inc., Homewood, Illinois, 1966.

WILDSMITH J.R., Managerial Theories of the Firm, Martin Robertson, London, 1973.

WILLIAMSON Oliver E., The Economics of Discretionary Behavior: Managerial Objectives in a Theory of the Firm, Prentice-Hall, Inc., Englewood Cliffs, N.J., 1964.

WILLIAMSON Oliver, Peak-Load Pricing and Optimal Capacity under Indivisibility Constraints, American Economic Review, septembre 1966, pp. 810-27.

WILSON George W., Regulation, Public Policy and Efficient Provision of Freight Transportation, Transportation Journal, automne 1975, pp. 5-20.

WILSON George W., The Deregulation of Industry: How Far Should It Go?, Indiana Law Review, printemps 1976, pp. 700-17.

WILSON John W., Rate of Return Regulation Under Changing Economic Conditions, Public Utilities Fortnightly, 6 juillet 1972, pp. 16-21.

WIND Harold H., Fair Rate of Return and Incentives - Some General Considerations, in Harry M. Trebing (coordinateur), Performance Under Regulation, East Lansing, Institute of Public Utilities, Michigan State University, 1968.

WONNACOTT Ronald J., Econometrics, John Wiley and Sons, Inc., New York 1970.

ZAJAC E.E., A Geometric Treatment of Averch-Johnson's Behavior of the Firm Model, American Economic Review, mars 1970, pp. 117-25.

ZAJAC E.E., A Geometric Treatment of Averch-Johnson's Behavior of the Firm Model: Reply, American Economic Review, mars 1972, p. 142.

ZAJAC E.E., Lagrange Multiplier Values at Constrained Optima, Journal of Economic Theory, avril 1972, pp. 125-31.

ZAJAC E.E., Note on "Gold Plating" or "Rate Base Padding", Bell Journal of Economics, printemps 1972, pp. 311-5.

ZELLNER James A., The Behavior of Regulating Commissions: A Case Study of the Virginia State Corporation Commission, Virginia Polytechnical Institute, thèse PhD non publiée, 1974.

ZIEMBA William T., The Behavior of a Firm Subject to Stochastic Regulatory Review: Comment, Bell Journal of Economics, automne 1974, pp. 710-2.