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Endogenous Regulatory Delay and the Timing of Product Innovation

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Author Info
Prieger, James (U of California, Davis)

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Abstract

This paper endogenizes the interplay between innovation by a regulated firm and regulatory delay. When product innovation costs fall over time, an extra day of regulatory delay increases time to introduction by more than a day. In the signaling model, the firm therefore times its innovation to communicate its private information about the marginal cost of delay to the regulator. Successful signaling leads the regulator to reduce regulatory delay. The model places testable restrictions on the empirical relationship between innovation delay and regulatory delay. The model is consistent with data gathered from a large U.S. telecommunications provider.

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Publisher Info
Paper provided by University of California at Davis, Department of Economics in its series Working Papers with number 05-4.

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Date of creation: Jun 2005
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Handle: RePEc:ecl:ucdeco:05-4

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Find related papers by JEL classification:
L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications

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  1. Yossef Spiegel & Simon Wilkie, 1996. "Investment in a New Technology as a Signal of Firm Value Under Regulatory Opportunism," Journal of Economics & Management Strategy, Blackwell Publishing, vol. 5(2), pages 251-276, 06. [Downloadable!] (restricted)
  2. Gruber, Harald & Verboven, Frank, 2001. "The evolution of markets under entry and standards regulation -- the case of global mobile telecommunications," International Journal of Industrial Organization, Elsevier, vol. 19(7), pages 1189-1212, July. [Downloadable!] (restricted)
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  3. Ando, Amy Whritenour, 1999. "Waiting to Be Protected under the Endangered Species Act: The Political Economy of Regulatory Delay," Journal of Law & Economics, University of Chicago Press, vol. 42(1), pages 29-60, April.
  4. Milgrom, Paul & Shannon, Chris, 1994. "Monotone Comparative Statics," Econometrica, Econometric Society, vol. 62(1), pages 157-80, January. [Downloadable!] (restricted)
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  5. Michael H. Riordan, 1992. "Regulation and Preemptive Technology Adoption," RAND Journal of Economics, The RAND Corporation, vol. 23(3), pages 334-349, Autumn. [Downloadable!] (restricted)
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  6. Prieger, James E, 2001. "Telecommunications Regulation and New Services: A Case Study at the State Level," Journal of Regulatory Economics, Springer, vol. 20(3), pages 285-305, November. [Downloadable!] (restricted)
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  7. Lyon, Thomas P & Huang, Haizou, 1995. "Asymmetric Regulation and Incentives for Innovation," Industrial and Corporate Change, Oxford University Press, vol. 4(4), pages 769-76.
  8. James E. Prieger, 2002. "Regulation, Innovation, and the Introduction of New Telecommunications Services," The Review of Economics and Statistics, MIT Press, vol. 84(4), pages 704-715, 07. [Downloadable!] (restricted)
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  9. Yossef Spiegel & Daniel F. Spulber, 1997. "Capital Structure with Countervailing Incentives," RAND Journal of Economics, The RAND Corporation, vol. 28(1), pages 1-24, Spring. [Downloadable!] (restricted)
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  10. Donald, Stephen G & Sappington, David E M, 1997. "Choosing among Regulatory Options in the United States Telecommunications Industry," Journal of Regulatory Economics, Springer, vol. 12(3), pages 227-43, November. [Downloadable!] (restricted)
  11. Prager, Robin A, 1989. "The Effects of Regulatory Policies on the Cost of Debt for Electric Utilities: An Empirical Investigation," Journal of Business, University of Chicago Press, vol. 62(1), pages 33-53, January. [Downloadable!] (restricted)
  12. Mailath, George J, 1987. "Incentive Compatibility in Signaling Games with a Continuum of Types," Econometrica, Econometric Society, vol. 55(6), pages 1349-65, November. [Downloadable!] (restricted)
  13. Cabral, Luis M B & Riordan, Michael H, 1989. "Incentives for Cost Reduction under Price Cap Regulation," Journal of Regulatory Economics, Springer, vol. 1(2), pages 93-102, June.
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