The electric utility industry is changing. But unlike the evolution of species, conscious collective choice can influence the evolutionary drift of the industry. The direction that many propose is one of placing greater reliance on market forces for directing the deployment and utilization of...

The paper is concerned with developing a production theory for the case when some inputs have nonlinear prices because the price depends on endogenous quality. This involves extending the notion of a cost function to the case where nonlinear prices are ...