Incertezas, Opções Reais e a Nova Orientação Regulatória das Operadoras de Telefonia Fixa Brasileira: o Mark-up Sobre o Custo de Capital

This article starts from the premise of the new cost-oriented regulatory framework for interconnection of telecommunication networks in Brazil, established starting in 2005, and proposes using the real options metodology to calculated the return on capital of local fixed operators for purposes of tariff adjustement. When investing in a fixed network and making its infrastructure available to a new entrant, the incumbent is providing na access option to its network, which equals a costs effectively incurred. In order to compensate the operaor adequately, the option´s premium is estimated considering the impact of unpredictable technological advances, which reflect the tecnnological jumps that are usual in the sector. Failing to consider the access option means the incumbent will be remunerated below its opportunity costs, which discourages investment in infrastructure in the sector and hinders intertemporal maximization of socal welfare.