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The Behaviour of the Firm under Alternative Regulatory Constraints

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  • Philip Burns
  • Ralph Turvey
  • Thomas G. Weyman‐Jones

Abstract

We review the case for intermediate power incentive regulation such as sliding scale when the regulator is badly informed and the firm's profits have a shadow resource cost. We then evaluate a number of different regulatory regimes including sliding scale in terms of productive and allocative efficiency. We find that the sliding scale principle can be applied quite generally—to dividends, profits or rate of return and that it has attractive economic properties.

Suggested Citation

  • Philip Burns & Ralph Turvey & Thomas G. Weyman‐Jones, 1998. "The Behaviour of the Firm under Alternative Regulatory Constraints," Scottish Journal of Political Economy, Scottish Economic Society, vol. 45(2), pages 133-157, May.
    • Handle: RePEc:bla:scotjp:v:45:y:1998:i:2:p:133-157
    DOI: 10.1111/1467-9485.00086
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    Cited by:

    1. Kennedy, David, 2002. "Regulatory reform and market development in power sectors of transition economies: the case of Kazakhstan," Energy Policy, Elsevier, vol. 30(3), pages 219-233, February.
    2. Carlo Scarpa & Paolo Panteghini, 2001. "Incentives to (Irreversible) Investments Under Different Regulatory Regimes," CESifo Working Paper Series 417, CESifo.
    3. David Hawdon & Lester C. Hunt & Paul Levine & Neil Rickman, 2007. "Optimal sliding scale regulation: an application to regional electricity distribution in England and Wales," Oxford Economic Papers, Oxford University Press, vol. 59(3), pages 458-485, July.
    4. Michele Moretto & Paolo M. Panteghini & Carlo Scarpa, 2003. "Investment Size and Firm’s Value Under Profit Sharing Regulation," Working Papers 2003.80, Fondazione Eni Enrico Mattei.
    5. Terry Robinson, 2006. "The Revealed Preference of Regulatory Menus: Evidence from the Pre-Nationalisation British Gas Industry," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(2), pages 213-221.
    6. Iossa, Elisabetta & Stroffolini, Francesca, 2005. "Price cap regulation, revenue sharing and information acquisition," Information Economics and Policy, Elsevier, vol. 17(2), pages 217-230, March.
    7. Paolo M. Panteghini & Carlo Scarpa, 2003. "Irreversible Investments and Regulatory Risk," CESifo Working Paper Series 934, CESifo.

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