報告書番号

EY89002

タイトル（和文）

STATIC-EQUILIBRIUM MODEL AND OPTIMAL CAPITALSTOCK: APPLICATION TO JAPANESE ELECTRIC UTILITIES

タイトル（英文）

STATIC-EQUILIBRIUM MODEL AND OPTIMAL CAPITALSTOCK: APPLICATION TO JAPANESE ELECTRIC UTILITIES

概要 （図表や脚注は「報告書全文」に掲載しております）

＊

概要 （英文）

THIS PAPER PROVIDES EMPIRICAL EVIDENCE FOR SCALE ECONOMIES,CAPACITY UTILIZATION (OPTIMAL CAPITAL STOCK/ACTUAL CAPITAL STOCK) AND ELASTICITY OF SUBSTITUTION FOR JAPANESE ELECTRIC UTILITIES. THE NEW POINT OF DEPARTURE IN THIS MODEL IS THAT WE ESTIMATE THE VARIABLE-COST FUNCTION WITH A QUASI-FIXED FACTOR AND COMPUTE EACH VALUE ATTHE OPTIMAL CAPITAL STOCK LEVELS WITH RESPECT TO THE ACTUAL OUTPUT LEVELS. THE TREATMENT OF CAPITAL STOCK IS AN IMPORTANT TOPIC IN PRODUCTIONAND COST ANALYSIS FOR A FIRM. IN PARTI WLAR, IT IS IMPORTANT FOR HEAVYINDUSTRIES BECAUSE THEY CANNOT CHANGE THEIR CAPITAL STOCK LEVELS IMMEDIATELY. HOWEVER,THERE ARE ONLY A FEW STUDIES CONSIDERING CAPITAL ADJUSTMENT. IN THIS STUDY,WE USED A STATIC EQUILIBRIUM FRAMEWORK TO ANALYZE PANEL DATA FROM NINE JAPANESE ELECTRIC UTILITIES USING THE VARIABLE-COSTFUNCTION WITH A QUASI-FIXED FACTOR. TIMAL CAPITAL STOCK FROM THE RELATION SHIP BETWEEN THE SHORT-RUN EQUILIBRIUM AND THE LONG-RUN EQUILIBRIUMIN MICRO-ECONOMIC THEORY. THE OPTIMAL CAPITAL STOCK ENABLED US TO COMPUTE THE SCALE ECONOMY,CAPACITY UTILIZATION AND ELASTICITY OF SUBSTITUTION AT THE OPTIMAL CAPITAL STOCK LEVEL. WE OBTAINED GOOD RESULTS FOR BOTH MODEL FIT AND SIGNIFICANCE OF PARAMETERS FROM OUR VARIABLE-COST FUNCTION. THE MAIN ESTIMATE RESULTS ARE AS FOLLOWS: SCALE ECONOMY EXISTS IN THE SHORT RUN BUT NOT IN THE LONG RUN. SCALE ECONOMIES IN THE SHORT RUNCOME FROM EXCESS CAPACITY. EXCESS CAPACITY OCCURS FOR MOST OF THE FIRMS BUT IN COMPARISON TO SEVERAL PREVIOUS STUDIES ON OTHER INDUSTRIES,THECAPACITY UTILIZATION VALUES WE FOUND ARE NOT SO LARGE. THERE ARE CONTROVERSIES ABOUT THE ELASTICITY OF SUBSTITUTION BETWEEN CAPITAL AND FUEL INPUTS. BOTH SUBSTITUTIONAL AND COMPLEMENTARY RELATIONS ARE MEASURED BYTHE LONG-RUN EQUILIBRIUM FRAMEWORK. OUR RESULT SHOWS THE SUBSTITUTIONAL RELATION SHIP USING THE SHORT-RUN EQUILIBRIUM FRAMEWORK EXTENDED FROMTHE LONG-RUN EQUILIBRIUM FRAMEWORK.

報告者

キーワード