Natural Monopoly Regulation: Principles and Practice by Sanford V. Berg

By Sanford V. Berg

Thought of the innovative of microeconomic idea within the Nineteen Seventies, common monopoly study is still an energetic and fertile box. coverage makers and regulators have all started to enforce access and pricing rules which are according to theoretical and empirical analyses. This ebook develops a entire framework for interpreting ordinary monopoly. The authors first current a old assessment of regulatory economics, by means of analyses of optimum pricing and funding for unmarried- and multiproduct normal monopolies. subject matters coated comprise fee and insist constructions, potency affects of linear and multipart pricing, peak-load pricing, capability selection, and the sustainability of traditional monopolies. After a survey and research of traditional monopoly legislation in perform, the hyperlinks among technological swap and legislation are pointed out. The publication concludes with a dialogue of the choices to standard legislation, together with public possession, franchise schemes, caliber legislation, and new incentive platforms. in the course of the booklet, matters from the telecommunications and effort industries are used to demonstrate key issues. Its built-in framework will make it necessary to educational economists, regulatory analysts, enterprise researchers, and complex scholars of public software economics.

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Additional info for Natural Monopoly Regulation: Principles and Practice (Cambridge Surveys of Economic Literature)

Sample text

Qm) < C(ql) + . . 8) for any m output vectors. 8) is satisfied, then the least expensive method of producing (q\, . . , q\) + . . + ( 1 and 5 > 0. Strict economies of scale exist if (wxb . . , wxn v{qu . . , vnqn) is a feasible input-output vector, where all Vi>w + 5.

Moreover, if economic analysis is to be at all useful, then the multiproduct setting must be addressed. There probably are few, if any, firms in the economy that manufacture only a single product. However, only recently has an extensive literature Justification for regulation 35 appeared on the properties and problems of multiproduct natural monopolies. This section introduces a few of the more important properties and illustrates their application. For more detail, see Baumol (1977) and Baumol, Panzar, and Willig (1982).

The counterpart to decreasing average cost in the single-product firm is for the multiproduct firm to have ray average costs declining. Declining ray average cost is expressed as C(vql9 . . , vqn)/v < C(wql9 . . , wqn)/w for v > w, where v and w are measures of the scale of output along a ray through output vector q = (qu . . , qn). A related concept is ray concavity, which exists if the marginal costs of output bundles are decreasing along the ray. Because the firm is not always going to expand or contract output along rays, we need to know something about the behavior of the cost function between rays.

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