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| Tekijä: | Kamiya, K. |
| Otsikko: | Optimal public utility pricing: a general equilibrium analysis |
| Lehti: | Journal of Economic Theory
1995 : AUG, VOL. 66:2, p. 548-572 |
| Asiasana: | ECONOMIC THEORY UTILITY THEORY PRICING |
| Kieli: | eng |
| Tiivistelmä: | In contrast to general equilibrium models with convex technologies, marginal cost pricing equilibria are not necessarily Pareto optimal in general equilibrium models with increasing returns to cale (or nonconvex) technologies. In this paper, the author considers an economy with several consumers, several convex firms, and several natural monopolies with nonconvex technologies. The purpose of this paper is to show that if the natural monopolies are regulated to follow a certain nonlinear pricing rule, then under mild conditions the equilibrium allocations are Pareto optimal and individually rational, and the natural monopolies break even in equilibria. |
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