Download or read book Natural Monopoly and Its Regulation written by Richard A. Posner and published by Cato Institute. This book was released on 1999-04-01 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: Natural monopolies exist in those markets in which demand can be satisfied at lowest cost by the output of only one rather than several competing firms. Under such conditions, conventional wisdom suggests that government regulation must substitute for competition to discipline the behavior of firms. Thirty years ago a young professor named Richard Posner asked the provocative question of whether the existence of natural monopoly provides adequate justification for government intervention. His even more provocative answer was no. The evils of natural monopoly are exaggerated, the effectiveness of regulation in controlling them is highly questionable, and regulation costs a great deal. "The resources and energies of government should be directed to problems we know are substantial, that we think are traceable to government action, and that cannot be left to the private sector to work out. There are plenty of those problems, and it is doubtful that natural monopoly is among them." Thirty years after its initial publication, read the original insights of Richard Posner about the regulation of natural monopoly as well as a new preface in which Posner reflects on the deregulation of industries that has occurred since 1969 and the possibilities for more deregulation in the future."

Download or read book Natural Monopoly Regulation written by Sanford V. Berg and published by Cambridge University Press. This book was released on 1989-01-27 with total page 580 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considered the cutting edge of microeconomic theory in the 1970s, natural monopoly research remains an active and fertile field. Policy makers and regulators have begun to implement entry and pricing policies that are based on theoretical and empirical analyses. This book develops a comprehensive framework for analyzing natural monopoly. The authors first present a historical overview of regulatory economics, followed by analyses of optimal pricing and investment for single- and multiproduct natural monopolies. Topics covered include cost and demand structures, efficiency impacts of linear and multipart pricing, peak-load pricing, capacity determination, and the sustainability of natural monopolies. After a survey and analysis of natural monopoly regulation in practice, the links between technological change and regulation are identified. The book concludes with a discussion of the alternatives to traditional regulation, including public ownership, franchise schemes, quality regulation, and new incentive systems. Throughout the book, issues from the telecommunications and energy industries are used to illustrate key points. Its integrated framework will make it useful to academic economists, regulatory analysts, business researchers, and advanced students of public utility economics.

Download or read book Natural Monopolies in Digital Platform Markets written by Francesco Ducci and published by Cambridge University Press. This book was released on 2020-07-23 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: Through three case studies, this book investigates whether digital industries are naturally monopolistic and evaluates policy approaches to market power.

Download or read book Optimal Regulation written by Kenneth Train and published by Mit Press. This book was released on 1991 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal Regulation addresses the central issue of regulatory economics - how toregulate firms in a way that induces them to produce and price "optimally." It synthesizes the majorfindings of an extensive theoretical literature on what constitutes optimality in various situationsand which regulatory mechanisms can be used to achieve it. It is the first text to provide aunified, modern, and nontechnical treatment of the field.The book includes models for regulatingoptimal output, tariffs, and surplus subsidy schemes, and presents all of the material graphically,with clear explanations of often highly technical topics.Kenneth E. Train is Associate AdjunctProfessor in the Department of Economics and Graduate School of Public Policy at the University ofCalifornia, Berkeley. He is also Principal of the firm Cambridge Systematics.Topics include: Thecost structure of natural monopoly (economies of scale and scope). Characterization of firstandsecond-best optimality. Surplus subsidy schemes for attaining first-best optimality. Ramsey pricesand the Vogelsang-Finsinger mechanism for attaining them. Time-ofuse (TOU) prices and Riordan'smechanisms for attaining the optimal TOU prices' Multipart and self-selecting tariffs, and Sibley'smethod for using self-selecting tariffs to achieve optimality. The Averch-Johnson model of howrate-of-return regulation induces inefficiencies. Analysis of regulation based on the firm's returnon Output, costs, or sales. Price-cap regulation. Regulatory treatment of uncertainty and its impacton the firm's behavior. Methods of attaining optimality without direct regulation (contestability,auctioning the monopoly franchise.)

Download or read book The End of a Natural Monopoly written by Daniel H. Cole and published by Routledge. This book was released on 2003-07-17 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the fundamental issues underlying the debate over electric power regulation and deregulation. After decades of the presumption that the electric power industry was a natural monopoly, recent times have seen a trend of deregulation followed by panicked re-regulation. This important book critically analyses this controversial area from a legal and economic perspective.

Download or read book Regulating Infrastructure written by José A. Gómez-Ibáñez and published by Harvard University Press. This book was released on 2006-09-01 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1980s and '90s many countries turned to the private sector to provide infrastructure and utilities, such as gas, telephones, and highways--with the idea that market-based incentives would control costs and improve the quality of essential services. But subsequent debacles including the collapse of California's wholesale electricity market and the bankruptcy of Britain's largest railroad company have raised troubling questions about privatization. This book addresses one of the most vexing of these: how can government fairly and effectively regulate "natural monopolies"--those infrastructure and utility services whose technologies make competition impractical? Rather than sticking to economics, José Gómez-Ibáñez draws on history, politics, and a wealth of examples to provide a road map for various approaches to regulation. He makes a strong case for favoring market-oriented and contractual approaches--including private contracts between infrastructure providers and customers as well as concession contracts with the government acting as an intermediary--over those that grant government regulators substantial discretion. Contracts can provide stronger protection for infrastructure customers and suppliers--and greater opportunities to tailor services to their mutual advantage. In some cases, however, the requirements of the firms and their customers are too unpredictable for contracts to work, and alternative schemes may be needed.

Download or read book The Theory of Natural Monopoly written by William W. Sharkey and published by Cambridge University Press. This book was released on 1982-11-30 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of natural monopoly has been substantially transformed in previous years. Ina clear and straightforward style, Dr. Sharkey gives an integrated presentation of the modern approach to this subject. Although the book is mainly conceptual in nature, the final chapter on natural monopoly in the telecommunications industry shows the practical applications of the theory. After an historical survey of natural monopoly, there follows a chapter stating and explaining the main results as well as giving a preliminary overview of the rest of the book, where concepts such as the subadditivity of costs, optimal pricing, sustainability, and destructive competition are presented. The essence of the subject is presented in a manner accessible to the general reader, though the book also provides a synthesis of the subject suitable for advanced students.

Download or read book The Control of Natural Monopolies written by Richard Schmalensee and published by Free Press. This book was released on 1979 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Regulation of Natural Monopolies written by Paul L. Joskow and published by . This book was released on 2005 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter provides a comprehensive overview of the theoretical and empirical literature on the regulation of natural monopolies. It covers alternative definitions of natural monopoly, regulatory goals, alternative regulatory institutions, price regulation with full information, regulation with imperfect and asymmetric information, and topics on the measurement of the effects of price and entry regulation in practice. The chapter also discusses the literature on network access and pricing to support the introduction of competition into previously regulated monopoly industries.

Download or read book The Economics of Public Utility Regulation written by Michael A. Crew and published by Springer. This book was released on 1986-06-18 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Regulation of the Firm and Natural Monopoly written by Michael Waterson and published by . This book was released on 1988 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Energy Law Climate Change and the Environment written by Martha M. Roggenkamp and published by Edward Elgar Publishing. This book was released on 2021-05-21 with total page 865 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive volume of the Elgar Encyclopedia of Environmental Law provides an overview of the major elements of energy law from a global perspective. Based on an in-depth analysis of the energy chain, it offers insight into the impacts of climate change and environmental issues on energy law and the energy sector. This timely reference work highlights the need for modern energy law to consider environmental impacts and promote the use of clean energy sources, whilst also safeguarding a reliable and affordable energy supply.

Download or read book Economic Regulation and Its Reform written by Nancy L. Rose and published by University of Chicago Press. This book was released on 2014-08-29 with total page 619 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past thirty years have witnessed a transformation of government economic intervention in broad segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, trucking, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act, which allowed commercial banks to participate in investment banking, have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research by a group of distinguished scholars who explore these and other issues surrounding government economic intervention. Determining the consequences of such intervention requires a careful assessment of the costs and benefits of imperfect regulation. Moreover, government interventions may take a variety of forms, from relatively nonintrusive performance-based regulations to more aggressive antitrust and competition policies and barriers to entry. This volume introduces the key issues surrounding economic regulation, provides an assessment of the economic effects of regulatory reforms over the past three decades, and examines how these insights bear on some of today’s most significant concerns in regulatory policy.

Download or read book Privatization of Natural Monopoly Public Enterprises written by Ralph Bradburd and published by World Bank Publications. This book was released on 1992 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Handbook of Law and Economics written by A. Mitchell Polinsky and published by North Holland. This book was released on 2007-11-21 with total page 992 pages. Available in PDF, EPUB and Kindle. Book excerpt: Law can be viewed as a body of rules and legal sanctions that channel behavior in socially desirable directions - for example, by encouraging individuals to take proper precautions to prevent accidents or by discouraging competitors from colluding to raise prices. The incentives created by the legal system are thus a natural subject of study by economists. Moreover, given the importance of law to the welfare of societies, the economic analysis of law merits prominent treatment as a subdiscipline of economics. This two volume Handbook is intended to foster the study of the legal system by economists. *The two volumes form a comprehensive and accessible survey of the current state of the field. *Chapters prepared by leading specialists of the area. *Summarizes received results as well as new developments.

Download or read book Privatization Public Ownership and the Regulation of Natural Monopoly written by Christopher D. Foster and published by . This book was released on 1992 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Theory of Natural Monopoly written by Phillip Hütcher and published by GRIN Verlag. This book was released on 2011-07 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2011 in the subject Economics - Micro-economics, grade: 1,7, University of Erfurt, course: Regulation Seminar, language: English, abstract: Diese Hausarbeit erklärt die Preisstruktur nach Frank Ramsey, welche das Ziel hat die optimalen Preise (die vom Regulierer zu setzen sind) für ein Multi-Produkt-Monopol zu kalkulieren. Optimal bezieht sich hierbei auf den größtmöglichen Wohlfahrtsgewinn. Dazu werden Graphiken, ein Zahlenbeispiel und schlussendlich eine Vergleichstabelle herangezogen um die nicht ganz einfache Thematik zu veranschaulichen. Weiterhin wird das Konzept nach Loeb und Magat erklärt; hierbei soll trotz Preisbestimmung durch den Monopolisten eine Maximierung der Wohlfahrt erreicht werden.