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| Author: | Biglaiser, G. Riordan, M. |
| Title: | Dynamics of price regulation |
| Journal: | RAND Journal of Economics
2000 : WINTER, VOL. 31:4, p. 744-767 |
| Index terms: | PRICE CONTROL PRICING PRICE POLICY PRICES |
| Language: | eng |
| Abstract: | The dynamics of price regulation for an industry adjusting to exogenous technological progress is studied. The optimal capacity path and replacement cycles in a neoclassical investment model is characterized. Naive rate-of-return regulation results in a deficient level of capacity. Price-cap regulation leads to more efficient capital replacement decisions. |
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