Kurakawa, Yukihide - In: Energy Policy 63 (2013) C, pp. 622-627
This paper studies how the vertical structure of the electricity industry affects the social welfare when the incumbent … vertical structure is shown to depend on the number of entrants. If the number of entrants is smaller than a certain threshold …, vertical separation is superior in welfare to vertical integration, and vice versa. This is because the choice of vertical …