Nemoto, Jiro; Nakanishi, Yasuo; Madono, Seishi - In: International Economic Review 34 (1993) 2, pp. 431-60
This paper presents empirical evidence on scale economies and overcapitalization in Japanese electric utilities. The authors employ the short-run equilibrium model in which the variable cost function treats capital stock as a quasi-fixed factor. They specify the variable cost function as a...
