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Regulation of Natural Monopolies and the Fair Rate of Return

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  • Hayne E. Leland

Abstract

Defining "fair return" when profits are random has been a central problem in the theory of regulation. In this paper, we develop a simple but general concept of fair return based on an equilibrium model of production under uncertainty. We propose regulatory behavior which will induce firms to make efficient input choices, while at the same time guaranteeing fair returns.

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File URL: http://cowles.econ.yale.edu/P/cd/d03b/d0362.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 362.

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Length: 21 pages
Date of creation: 1973
Date of revision:
Handle: RePEc:cwl:cwldpp:362

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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
Phone: (203) 432-3702
Fax: (203) 432-6167
Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Cited by:
  1. Mirucki, Jean, 1980. "Vérification des conditions d'efficacité dans la production chez Bell Canada
    [Checking the conditions of efficient production in Bell Canada]
    ," MPRA Paper 30147, University Library of Munich, Germany, revised Jun 1980.
  2. Mirucki, Jean, 1980. "Comportement de l'entreprise réglementée: étude de l'hypothèse Averch-Johnson
    [Behavior of the Regulated Firm: A Study of the Averch-Johnson Hypothesis]
    ," MPRA Paper 27669, University Library of Munich, Germany, revised 1982.
  3. Wayne Y. Lee & Anjan V. Thakor, 2004. "Regulatory Pricing and Capital Investment under Asymmetric Information about Cost," Finance 0411022, EconWPA.
  4. 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.
  5. Kalu, Timothy Ch. U., 1995. "A uniform profit margin policy and its effects on mineral producing firms The case of the oil industry," Resources Policy, Elsevier, vol. 21(1), pages 61-72, March.
  6. David P. Baron & Robert Taggart Jr., 1978. "Regulatory Pricing Policies and Input Choices Under Uncertainty," Discussion Papers 315, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  7. Louis Alessi, 1974. "Aneconomic analysis of government ownership and reculation," Public Choice, Springer, vol. 19(1), pages 1-42, September.

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