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Author: Glenn Blackmon Publisher: Springer Science & Business Media ISBN: 1461527066 Category : Business & Economics Languages : en Pages : 138
Book Description
The class is theory of price regulation assumed that the regulator knows the fIrm's costs, the key piece of information that enables regulators to pressure fmns to choose appropriate behaviors. The "regulatory problem" was reduced to a mere pricing problem: the regulator's goal was to align price with marginal cost, subject to the constraint that revenues must cover costs. Elegant and important insights ensued. The most important was that regulation was inevitably a struggle to achieve second-best outcomes. (Ramsey pricing was a splendid example. ) Reality proved harsh to regulatory theory. The fmn's costs are by no means known to the regulator. At best, the regulator may know how much is currently spent to provide services, but hardly what costs would be if the fmn vigorously pursued effIciency. Even if the current cost curve were known to the regulator, technologies change so swiftly that today's costs are a very poor indicator of tomorrow's, and those are the costs that will determine the fIrm's future decisions. With the burgeoning attention to information considerations and game theory in economics, the regulator's problem of eliciting host information about cost has received considerable attention. In most cases, however, it has been in context that are both static and stylized; such analyses rarely capture many of the essential elements of real world regulatory issues. This volume represents a fresh approach. It reflects Glenn Blackmon's twin strengths, a keen analytic mind and important experience in the regulatory arena.
Author: Glenn Blackmon Publisher: Springer Science & Business Media ISBN: 1461527066 Category : Business & Economics Languages : en Pages : 138
Book Description
The class is theory of price regulation assumed that the regulator knows the fIrm's costs, the key piece of information that enables regulators to pressure fmns to choose appropriate behaviors. The "regulatory problem" was reduced to a mere pricing problem: the regulator's goal was to align price with marginal cost, subject to the constraint that revenues must cover costs. Elegant and important insights ensued. The most important was that regulation was inevitably a struggle to achieve second-best outcomes. (Ramsey pricing was a splendid example. ) Reality proved harsh to regulatory theory. The fmn's costs are by no means known to the regulator. At best, the regulator may know how much is currently spent to provide services, but hardly what costs would be if the fmn vigorously pursued effIciency. Even if the current cost curve were known to the regulator, technologies change so swiftly that today's costs are a very poor indicator of tomorrow's, and those are the costs that will determine the fIrm's future decisions. With the burgeoning attention to information considerations and game theory in economics, the regulator's problem of eliciting host information about cost has received considerable attention. In most cases, however, it has been in context that are both static and stylized; such analyses rarely capture many of the essential elements of real world regulatory issues. This volume represents a fresh approach. It reflects Glenn Blackmon's twin strengths, a keen analytic mind and important experience in the regulatory arena.
Author: United States. Congress. Senate. Committee on Energy and Natural Resources. Subcommittee on Energy Regulation Publisher: ISBN: Category : Electric power-plants Languages : en Pages : 1596
Author: Richard Schragger Publisher: Oxford University Press ISBN: 0190246685 Category : Political Science Languages : en Pages : 337
Book Description
Reigning theories of urban power suggest that in a world dominated by footloose transnational capital, cities have little capacity to effect social change. In City Power, Richard C. Schragger challenges the existing assumptions, arguing that cities can govern, but only if we let them. In the past decade, city leaders across the country have raised the minimum wage, expanded social services, and engaged in social welfare redistribution. These cities have not suffered capital flight. In fact, many are experiencing an economic renaissance. Schragger argues that city policies are not limited by the demands of mobile capital, but instead by constitutional restraints serving the interests of state and federal officials. Maintaining weak cities is a political choice. In this new era of global capital, the power of cities is more relevant to citizen well-being than ever before. A dynamic vision of city politics for our new urban age, City Power reveals how cities can govern despite these constitutional limits - and why we should want them to.
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit Publisher: ISBN: Category : Business & Economics Languages : en Pages : 232
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly Publisher: ISBN: Category : Antitrust law Languages : en Pages : 1288
Author: Peter Rabensteiner Publisher: Haupt Verlag AG ISBN: 325807805X Category : Electric utilities Languages : en Pages : 194
Book Description
Die vorliegende Dissertation untersucht die kapitalbezogenen Aspekte von Investitionen im regulierten Energiesektor, wobei der Fokus auf dem elektrischen Übertragungsnetz liegt. Eine grundlegende Prämisse ist hierbei die "Endogenität des Risikos," wonach das Risikoprofil einer regulierten Investition von den Spezifikationen des regulatorischen Marktdesigns abhängt, durch welches stochastische Kosten und Einnahmen unter den beteiligten Stakeholdern - den Investoren, Konsumenten und Steuerzahlern - aufgeteilt werden. Das übergreifende Konzept ist ein multidimensionales regulatorisches Risiko-Framework, welches eine systematische Beurteilung des Einflusses von stochastischen Risiken auf den Marktwert und Cashflow von regulierten Unternehmen ermöglicht. Gemäss den Dimensionen des Risiko-Frameworks werden die einzelnen Risiken nach ihren systematischen und symmetrischen Eigenschaften sowie nach deren finanziellen Auswirkungen auf das regulierte Unternehmen charakterisiert. Auf Grundlage der konzeptionellen Aufarbeitung und einer umfassenden bibliografischen Übersicht über die vorhandene wissenschaftliche Literatur werden neue Forschungsansätze entwickelt, welche sich mit den identifizierten analytischen und empirischen Forschungslücken befassen: Erstens erlaubt eine kapitalmarktbasierte Kennzahl für das implizierte systematische Risiko, welches auf Basis fundamentaler Bewertungsmodelle und Marktpreise errechnet werden kann, eine robuste Schätzung der Kapitalkosten von börsennotierten Übertragungsfirmen. Eine auf diesem Ansatz beruhende Anpassung der erlaubten Rendite könnte ein wertvolles selbstkorrigierendes Instrumentarium für Regulatoren darstellen. Zweitens ergibt die Analyse einer hypothetischen grenzüberschreitenden Übertragungsleitung zwischen Polen und Österreich, welche aufgrund stündlicher Spotpreise an den jeweiligen Strombörsen durchgeführt wurde, eine Schätzung des systematischen Risikos nahe Nul.
Author: Glenn Blackmon
Author: Glenn Blackmon
Author: Matthew Burk
Author: United States. Congress. Senate. Committee on Energy and Natural Resources. Subcommittee on Energy Regulation
Author: Richard Schragger
Author: United States. Interstate Commerce Commission
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Financial Institutions and Consumer Credit
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Antitrust and Monopoly
Author: United States. Congress. Senate. Committee on the Judiciary
Author: United States. Federal Energy Regulatory Commission
Author: Peter Rabensteiner