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Price-Cap Regulation and Market Definition

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  • Bradley, Ian

Abstract

One of the merits claimed for certain types of price-cap regulation is the possible long-run convergence of the prices of multi-product firms to Ramsey prices. Typically such regulated firms define commodities by such devices as dividing the day into discrete periods, customers into age-groups, distances to ranges, and so on. Allowing that such division is endogenous throws doubt on the ability of Laspeyre quantity-based price-caps to encourage an efficient market definition and hence to generate an efficient price structure. Copyright 1993 by Kluwer Academic Publishers

Suggested Citation

  • Bradley, Ian, 1993. "Price-Cap Regulation and Market Definition," Journal of Regulatory Economics, Springer, vol. 5(3), pages 337-347, September.
    • Handle: RePEc:kap:regeco:v:5:y:1993:i:3:p:337-47
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