Pricing and Price Regulation
An Economic Theory for Public Enterprises and Public Utilities
- English
- PDF
- Available on iOS & Android
About this book
This clear, precisely written text presents an important branch of the modern, micro-economically based theory of industrial organization and of public finance, utilizing calculus only.Answers are provided to some pertinent economic questions, such as the pricing policies of vote-seeking politicians, of empire-building bureaucrats and of out-put-maximizing and energy-saving public utilities. These policies are compared with the welfare economic benchmark rules e.g. on marginal cost pricing and Ramsey pricing. Great significance is attached to price regulation.The book elucidates the recent replacement of rate of return regulation by price-cap regulation. It also explains why many simple rules like yardstick regulation fail to achieve optimal prices, which shows how complicated it is to induce managers to truthfully reveal their private information. How this can be achieved properly is shown in various principal-agent models on regulation with uncertain costs, uncertain demand and with soft budget constraints.
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Information
Table of contents
- Front Cover
- Pricing and Price Regulation: An Economic Theory for Public Enterprises and Public Utilities
- Copyright Page
- Table of Contents
- Introduction to the Series
- An Overview of the Contents of this Book
- What is New in this Book?
- Chapter 1. Introduction
- Part One: The Basic Pricing Model
- Part Two: Normative Theory Pricing Policies for Welfare Maximization
- Part Three: Positive Theory Pricing Policies for Political and Bureaucratic Aims
- Part Four: Price Regulation
- Subject Index
- List of Symbols
- References
- Author Index