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Regulation under Financial Constraints

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  • Axel Gautier

Abstract

This article studies a simple procurement problem (Laffont and Tirole,1993) where the regulator faces a cash-in-advance constraint. The introduction of such a constraint not only reduces the amount of public good provided but also limits the instruments available to the regulator. The wealth constraint could change the optimal regulatory contract from a two-part tariff, where the quantities produced depend on the firm's cost, to a less efficient fixed fee where the firm produces the same quantity whatever its cost. Copyright CIRIEC, 2004.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Annals of Public and Cooperative Economics.

Volume (Year): 75 (2004)
Issue (Month): 4 (December)
Pages: 645-656

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Handle: RePEc:bla:annpce:v:75:y:2004:i:4:p:645-656

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Cited by:
  1. Tigran Melkonyan & Michael Taylor, 2010. "Regulatory Policy Design for Agroecosystem Management on Public Rangelands," Working Papers 10-007, University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics.
  2. Axel Gautier & Manipushpak Mitra, 2002. "Financing Infrastructure under Budget Constraint," Bonn Econ Discussion Papers bgse15_2002, University of Bonn, Germany.
  3. Antonio Estache & L. Wren-Lewis, 2008. "Towards a Theory of Regulation for Developing Countries: Following Laffont's Lead," Working Papers ECARES 2008_018, ULB -- Universite Libre de Bruxelles.
  4. Anthon, Signe & Bogetoft, Peter & Thorsen, Bo Jellesmark, 2007. "Socially optimal procurement with tight budgets and rationing," Journal of Public Economics, Elsevier, vol. 91(7-8), pages 1625-1642, August.

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