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Determinants of the Requested Rate of Return and the Rate of Return Granted in a Formal Regulatory Process

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  • R. Blaine Roberts
  • G.S. Maddala
  • Gregory Enholm
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    Abstract

    This paper contains further analysis of the questions discussed in two papers by Joskow concerning what rate of return a regulated firm will request and what rate of return it will be granted in a formal regulatory process. Using Florida data, this paper extends Joskow's approach by examining both the selectivity and the simultaneity of the rate of return requested and the rate of return granted. Both a "probit two-stage least squares" and a "tobit two-stage least squares" model are estimated and the results differ significantly from the OLS estimates.

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    Bibliographic Info

    Article provided by The RAND Corporation in its journal Bell Journal of Economics.

    Volume (Year): 9 (1978)
    Issue (Month): 2 (Autumn)
    Pages: 611-621

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    Handle: RePEc:rje:bellje:v:9:y:1978:i:autumn:p:611-621

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    Cited by:
    1. Wayne Y. Lee & Anjan V. Thakor, 1982. "Optimal Regulatory Pricing Under Asymmetric Cost Information," Discussion Papers 580, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    2. Tuomas Takalo & Tanja Tanayama & Otto Toivanen, 2005. "Selection Or Self-Rejection? Applications Into A Treatment," Industrial Organization 0510002, EconWPA.
    3. Littlechild, S., 2006. "Stipulations, the consumer advocate and utility regulation in Florida," Cambridge Working Papers in Economics 0635, Faculty of Economics, University of Cambridge.
    4. Takalo, Tuomas & Tanayama, Tanja & Toivanen, Otto, 2008. "Evaluating innovation policy: a structural treatment effect model of R&D subsidies," Research Discussion Papers 7/2008, Bank of Finland.
    5. Wayne Y. Lee & Anjan V. Thakor, 2004. "Regulatory Pricing and Capital Investment under Asymmetric Information about Cost," Finance 0411022, EconWPA.
    6. Graeme Guthrie, 2006. "Regulating Infrastructure: The Impact on Risk and Investment," Journal of Economic Literature, American Economic Association, vol. 44(4), pages 925-972, December.
    7. David P. Baron & Raymond R. De Bondt, 1980. "Factor Price Changes," Discussion Papers 417, Northwestern University, Center for Mathematical Studies in Economics and Management Science.

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