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However, in states without regulation, the average price increased to 3.87 cents per kilowatt-hour. Stigler and Friedland controlled the analysis of other variables to make sure that prices did not vary for reasons other than regulation and found that they didn't. Some disagreeing critics felt that this study was done in a time when regulation was just getting started, and that regulators in the present day are more effective...
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Two other studies, which found different results were those conducted by Meyer and Leland and another done by Greene and Smiley. In Meyer and Leland's study, which used data from 1969 and 1974 they utilized econometric estimates of demand and costs to find hypothetical unregulated prices. Their conclusion was that the regulated prices were significantly lower, but that even lower prices were demanded...
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