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Nota técnica 1: Transmisión eléctrica y la "ley corta": una nota sobre riesgo y la tasa de descuento

  • Alexander Galetovic

    ()

Esta nota estudia los determinantes de la tasa apropiada para fijar peajes de transmisión. Para ello se desarrolla un modelo simple que permite descomponerla en una suma de la tasa libre de riesgo y el premio por riesgo. Los principios generales son dos: (a) la tasa debiera ser variable y variar pari passu con la tasa libre de riesgo: si la tasa libre de riesgo sube, debiera subir la tasa, y lo contrario si baja. (b) Se debería compensar al transmisor por (i) el “riesgo de oportunismo regulatorio”; (ii) la variabilidad no diversificable de las tarifas impuesta al transmisor por el método elegido para fijar tarifas, y (iii) también incluir un premio por iliquidez. La ley corta, sin embargo, le otorgaría al transmisor una tasa fija del 10%. Aproximando la tasa libre de riesgo por aquella pagada por un pagaré reajustable del Banco Central (PRC) a 20 años se utiliza el modelo para evaluar cuál es el riesgo implícito que justifica una tasa de exactamente 10%. Finalmente, propongo un método para regular a

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Article provided by University of Chile, Department of Economics in its journal Estudios de Economia.

Volume (Year): 29 (2002)
Issue (Month): 2 Year 2002 (December)
Pages: 299-326

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Handle: RePEc:udc:esteco:v:29:y:2002:i:2:p:299-326
Contact details of provider: Web page: http://www.econ.uchile.cl/

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