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Responsive Pricing of Public Utility Services

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Author Info
William Vickrey

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Abstract

Utility prices that are made to respond appropriately to adventitious variations in demand or supply can produce substantial improvement in the efficiency of utilization of utility facilities, raising load factors and lowering average costs. More effective and less disruptive handling of emergency shortages is also facilitated. With telephone service, implementation can be on a virtually instantaneous basis through system monitoring and recorded quotation of currently effective rtes. In situations with a strong element of precommitment to the use of the service, such as airline travel, implementation can be handled through simulating a speculative market in reservations. Motivation for privately owned utilities to maintain service capability at desirable levels can be preserved through establishing fixed retention rates independent of the responsive rates, with revenues in excess of or below the retention rates being paid into or made up out of an escrow fund.

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File URL: http://links.jstor.org/sici?sici=0005-8556%28197121%292%3A1%3C337%3ARPOPUS%3E2.0.CO%3B2-9&origin=repec
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Publisher Info
Article provided by The RAND Corporation in its journal Bell Journal of Economics.

Volume (Year): 2 (1971)
Issue (Month): 1 (Spring)
Pages: 337-346
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Handle: RePEc:rje:bellje:v:2:y:1971:i:spring:p:337-346

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  1. Courty, Pascal & Pagliero, Mario, 2007. "Price Variation Antagonism and Firm Pricing Policies," CEPR Discussion Papers 6663, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  2. Jorge Ivan Gonzalez, 2004. "The dimension of the reasonable in the microeconomics of William Vickrey," Colombian Economic Journal, Academia Colombiana de Ciencias Economicas, Colegio Mayor de Nuestra Senora del Rosario, Pontificia Universidad Javeriana, Universidad de Antioquia, Universidad de los Andes, Universidad del Valle, Un, vol. 2(1), pages 45-79, November. [Downloadable!]
  3. Courty, Pascal & Pagliero, Mario, 2008. "Does Responsive Pricing Smooth Demand Shocks?," CEPR Discussion Papers 6662, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  4. Courty, Pascal & Pagliero, Mario, 2007. "Do Consumers Care About How Prices Are Set?," CEPR Discussion Papers 6533, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  5. Changqi Wu & Leonard K. Cheng, 1997. "Hong Kong's Business Regulation in Transition," NBER Working Papers 6332, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Reynolds-Feighan, Aisling & Button, Kenneth J., 1999. "An Assessment of the Capacity and Congestion levels at European Airports," ERSA conference papers ersa99pa241, European Regional Science Association. [Downloadable!]
  7. Noussair, Charles & Porter, David., 1990. "Allocating Priority with Auctions: An Experimental Analysis," Working Papers 747, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
    Other versions:
  8. Richard Arnott, 1994. "Alleviating Traffic Congestion: Alternatives to Road Pricing," Boston College Working Papers in Economics 282., Boston College Department of Economics. [Downloadable!]
  9. Richard Arnott, 1998. "William Vickrey: Contributions to Public Policy," International Tax and Public Finance, Springer, vol. 5(1), pages 93-113, February. [Downloadable!] (restricted)
    Other versions:
  10. Courty, Pascal & Pagliero, Mario, 2003. "Responsive Pricing," CEPR Discussion Papers 4036, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  11. C. Robin Lindsey & Erik T. Verhoef, 2000. "Traffic Congestion and Congestion Pricing," Tinbergen Institute Discussion Papers 00-101/3, Tinbergen Institute. [Downloadable!]
  12. Israel Fainboim Yaker & Carlos Jorge Rodríguez Restrepo, 2000. "El desarrollo de la infraestructura en Colombia en la década de los noventa. Parte I," REFORMAS ECONÓMICAS 002490, CEPAL NACIONES UNIDAS. [Downloadable!]
  13. Courty, Pascal & Pagliero, Mario, 2003. "Does Responsive Pricing Increase Efficiency? Evidence from Pricing Experiments in an Internet Café," CEPR Discussion Papers 4149, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  14. David, Laurent & Le Breton, Michel & Merillon, Olivier, 2007. "Kolm as a Contributor to Public Utility Pricing, Second Best Culture and the Theory of Regulation," IDEI Working Papers 490, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
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