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Tekijä: | Dobbs, I.M. |
Otsikko: | Intertemporal price cap regulation under uncertainty |
Lehti: | Economic Journal
2004 : APR, VOL. 114:495, p. 421-440 |
Asiasana: | Markets Competition Uncertainty Pricing Regulations Models |
Kieli: | eng |
Tiivistelmä: | The paper examines the intertemporal price cap regulation of a firm that has market power. Under uncertainty, the unconstrained firm 'waits longer' before investing or adding to capacity and as a corollary, enjoys higher prices over time than would be observed in an equivalent competitive industry. In the certainty case, the imposition of an inter-temporal price cap can be used to realize the competitive market solution; by contrast, under uncertainty, it cannot. Even if the price cap is optimally chosen, under uncertainty, the monopoly firm will generally a. under-invest and b. impose quantity rationing on its customers. |
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