The utility was, in effect, nationalised after the government took a 50.11% stake in the group in exchange for the capital injection.

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One set of authors concluded that the reversal effect was inconsistent not only with utility theory but also with every existing theory of economic decision-making.

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"At this stage I would be circumspect about its utility, even if there is a proven physiological or pharmacological effect, " he said.

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But then the state utility commission set rates for the three utilities below the wholesale market price, in effect killing competition.

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