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The Welfare Loss in Korea Electric Industrial before and after Industrial Restructuring

  • Journal of Regulation Studies
  • 2005, 14(1), pp.67-102
  • Publisher : 한국규제학회
  • Research Area : Social Science > Public Administration

Jeon， Young Seo 1

1한양대학교

Candidate

ABSTRACT

In this paper, we first of all tried to evaluate the deadweight loss induced by the monopoly of Korea Electric Power Corporation using econometrics method. Second, we also pursued to calculate the monopolist price as well as perfectly competitive price to derive the economic loss from monopolist in Korean electric market. The third issue is that the price of oligopolistic competitive market is derived under the condition that the power sector as well as distribution sector in the electricity industry are all successively restructured. According to the empirical results, we found that the regulation price controled by the government was much higher than that of hypothetical competitive electric market. Next, the welfare loss out of total revenue amount to 7.61% in 1982 year, which was dramatically reduced to 1.15% in 2000 year. If the distribution sector of electric market were restructured successfully up to the third stage, we can derived the remarkable result that welfare loss under the oligopolistic competitive market is much less 1/1000 than that of a monopoly market.

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