中文摘要
企业预期通过在后续时期获得正的经营利润，收回启动生产所需的固定成本。我们构建了一个将启动成本纳入考量的动态竞争基准，表明在发电商为应对屋顶太阳能发电量而频繁停止和启动生产的电力市场中，静态加成会高估可归因于市场势力的租金。我们证明，太阳能装机容量的大规模扩张可能提高化石燃料发电厂的整体盈利能力，因为日落时竞争会减弱——白天被太阳能发电挤出的发电厂必须承担启动成本，才能参与晚间竞争。（JEL D24, L13, L25, L94, Q41, Q42）
Abstract
Firms expect to recover the fixed costs required to start production by earning positive operating profits in subsequent periods. We develop a dynamic competitive benchmark that accounts for start-up costs, showing that static markups overstate the rents attributable to market power in an electricity market where generators frequently stop and start production in response to rooftop solar output. We demonstrate that the large-scale expansion of solar capacity can lead to increases in the collective profitability of fossil fuel plants because competition softens at sunset—plants displaced by solar during the day must incur start-up costs to compete in the evening. (JEL D24, L13, L25, L94, Q41, Q42)