regulatory contracts and cost efficiency in the norwegian bus industry

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1、Yardsticksontheroad:RegulatorycontractsandcostefficiencyintheNorwegianBusIndustrybyDagMortenDalen†FinancialsupportfromtheDepartmentofEconomicsoftheUniversityofChiletocovertravelexpensesofoneoftheauthorsisgratefullyacknowledged.Wewouldliketothankcommentsbyparticipantsatthe7thEuropeanW

2、orkshoponEfficiencyandProductivityAnalysis,September2001,Oviedo,Spain.DepartmentofEconomicsNorwegianScoolofManagemntandAndresGomez-LoboDepartmentofEconomicsUniversityofChile23AbstractInthispaperacostfrontiermodelisestimatedforaneleven-yearpanelofNorwegianbuscompanies(1136company-year

3、observations)usingthemethodologyproposedbyBatteseandCoelli(1995).Themainobjectiveofthepaperistoinvestigatetowhatextentdifferenttypeofregulatorycontractsaffectcompanyperformance.ThepanelmodelproposedbyBatteseandCoelli(1995)allowforyear/companyspecificefficiencymeasurestobeestimated.Th

4、us,unobservablenetworkorothertimeinvariantcharacteristicoftheoperatingenvironmentcanbecontrolledforbyanalyzingthedynamicsofmeasuredproductivityacrosstimeforfirmsregulatedunderdifferenttypesofcontracts,ratherthanrelyingsolelyonvariationsacrosscompaniesduringonetimeperiod.Therefore,the

5、paperofferssomemethodologicaladvantagesoverpreviousworkonthissubject.Themainandrobustresultofthepaperisthattheadoptionofamorehigh-poweredschemebasedonayardsticktypeofregulationsignificantlyreducesoperatingcosts.Theresultscontainedinthispaperthusconfirmstheoreticalpredictionsregarding

6、theincentivepropertiesofhighpoweredincentiveschemesandinparticularthedynamicbenefitsofyardstickcompetition.Keywords:urbantransport,yardstickregulation,frontierestimationmethodsJELClassification:L9,L5231.IntroductionInthispaperacostfrontiermodelisestimatedforaneleven-yearpanelofNorweg

7、ianbuscompanies(1136company-yearobservations)usingthemethodologyproposedbyBatteseandCoelli(1995).Themainobjectiveofthepaperistoinvestigatetowhatextentdifferenttypeofregulatorycontractsaffectcompanyperformance.Asexplainedinmoredetailfurtherbelow,twomaintypesofcontractshavebeenusedinNo

8、rwaytoregula