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Specification of merger gains in the Norwegian electricity distribution industry

机译：挪威配电行业中合并收益的说明

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Electricity distribution often exhibits economies of scale. In Norway, a number of smaller distribution system operators exist and thus there is potential to restructure the industry, possibly through mergers. However, the revenue cap regulatory model in Norway does not incentivize firms to merge as merging leads to a stricter revenue cap for the merged company. Thus the regulator compensates the firms in order to create such incentives. The amount of compensation is based on the potential gains of the merger estimated using a data envelopment analysis (DEA) based frontier approach introduced by Bogetoft and Wang (2005). DEA is however only one of many possible frontier estimators that can be used in estimation. Furthermore, the returns to scale assumption, the operating environment of firms and the presence of stochastic noise and outlier observations are all known to affect to the estimation of production technology. In this paper we explore how varying assumptions under two alternative frontier estimators shape the distribution of merger gains within the Norwegian distribution industry. Our results reveal that the restructuring policies of the industry may be significantly altered depending how potential gains from the mergers are estimated.
机译：配电通常表现出规模经济。在挪威，存在许多较小的分销系统运营商，因此有可能通过合并来重组行业。但是，挪威的收入上限监管模式并未激励企业进行合并，因为合并导致合并后的公司的收入上限更加严格。因此，监管机构对企业进行补偿，以创造这种激励措施。补偿额是基于Bogetoft和Wang（2005）引入的基于数据包络分析（DEA）的前沿方法估算的合并的潜在收益。但是，DEA只是可用于估计的许多可能的边界估计器之一。此外，众所周知，规模收益的假设，企业的经营环境以及随机噪声的存在和异常观测值都会影响生产技术的估算。在本文中，我们探讨了在两个替代性前沿估计量下的各种假设如何影响挪威分销行业中合并收益的分布。我们的结果表明，取决于如何估计合并带来的潜在收益，该行业的重组政策可能会发生重大变化。

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