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Regulatory trade-offs in the design of concession contracts

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  • Crampes, Claude
  • Estache, Antonio

Abstract

The paper discusses how conflicts between the multiple objectives of policymakers (efficiency, equity, fiscal, speed of reform, signaling...) can influence the optimal design of concessions contracts for network services in infrastructure. The discussion covers the relevance of information asymmetries of the optimal regulatory regime and processes, for the optimal design of awarding processes and for the optimal duration of the contracts. It also adresses the de sign of pricing in relation withthe universal service obligation. It concludes with an illustration of the preceding economic principles with some stylized facts from the liberalization experiment in Argentina.
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Suggested Citation

  • Crampes, Claude & Estache, Antonio, 1998. "Regulatory trade-offs in the design of concession contracts," Utilities Policy, Elsevier, vol. 7(1), pages 1-13, March.
  • Handle: RePEc:eee:juipol:v:7:y:1998:i:1:p:1-13
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    References listed on IDEAS

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    1. Bernard, Andrew B. & Jensen, J. Bradford, 1997. "Exporters, skill upgrading, and the wage gap," Journal of International Economics, Elsevier, pages 3-31.
    2. Klein, Michael, 1996. "Competition in network industries," Policy Research Working Paper Series 1591, The World Bank.
    3. Armstrong, Mark & Doyle, Chris & Vickers, John, 1996. "The Access Pricing Problem: A Synthesis," Journal of Industrial Economics, Wiley Blackwell, vol. 44(2), pages 131-150, June.
    4. Peter Cramton, 1997. "The FCC Spectrum Auctions: An Early Assessment," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 6(3), pages 431-495, September.
    5. Laffont, Jean-Jacques & Tirole, Jean, 1994. "A Note on Environmental Innovation," IDEI Working Papers 41, Institut d'Économie Industrielle (IDEI), Toulouse.
    6. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, pages 699-738.
    7. Laffont, Jean-Jacques & Tirole, Jean, 1994. "Access pricing and competition," European Economic Review, Elsevier, vol. 38(9), pages 1673-1710, December.
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    Citations

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    Cited by:

    1. Estache, Antonio & Quesada, Lucia, 2001. "Concession contract renegotiations : some efficiency versus equity dilemmas," Policy Research Working Paper Series 2705, The World Bank.
    2. de Rus, Gines, 2000. "Infraestructuras: ¿Qué podemos decir los economistas?
      [Infrastructure: what can the economists say?]
      ," MPRA Paper 12194, University Library of Munich, Germany.
    3. Marques, Rui Cunha & Berg, Sanford V, 2010. "Revisiting the strengths and limitations of regulatory contracts in infrastructure industries," MPRA Paper 32890, University Library of Munich, Germany.
    4. Wang, Grace W.Y. & Pallis, Athanasios A., 2014. "Incentive approaches to overcome moral hazard in port concession agreements," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 67(C), pages 162-174.
    5. Sudong Ye & Robert Tiong, 2003. "Tariff adjustment frameworks for privately financed infrastructure projects," Construction Management and Economics, Taylor & Francis Journals, pages 409-419.

    More about this item

    JEL classification:

    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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