Advertising and monopoly power: The case of the electric utility industry—Comment

Conclusion Clearly, many factors influence the amount and type of advertising undertaken by electric utilities. Collectively, the results of both studies suggest that the relationship between advertising and monopoly power in electric utilities depends crucially on variable definition, model specification, and sample period. It seems reasonable to conclude that the entire issue remains unresolved and may be unresolvable due to changes in FPC and DOE advertising accounts.