While neoclassical models assume static cost-minimization by firms, agency models suggest that firms may not minimize costs in less-competitive or regulated environments. We test this using a transition from cost-of-service regulation to market-oriented environments for many U.S. electric...

This paper investigates the effect of firm size and ownership structure on technology adoption decisions, using data on the electric utility industry. We argue that traditional models of technology diffusion are subject to sample selectivity biases that may overstate the effect of firm size on...

While neoclassical models assume static cost-minimization by firms, agency models suggest that firms may not minimize costs in less-competitive or regulated environments. We test this using a transition from cost-of-service regulation to market-oriented environments for many U.S. electric...