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- W172161823 abstract "The capital-intensive nature of regulated telecommunications investments means that the allowed fair rate of return on capital set by the regulator is a crucial determinant of the cost-based access price. When the allowed fair rate is set too low, the regulated access price under-compensates the access provider for the investment, and deters further upgrade of an extant facility. Should the allowed fair rate be set too high then the regulated access price may lead to consumer welfare loss in downstream retail markets. Telecommunications regulators in several countries use an approximation of the long-run marginal cost on the total service to determine an appropriate cost-based price to be paid by parties seeking network interconnection.1 The approach uses neoclassical investment theory or net present value rule (NPV), which allows an access provider to earn a fair rate of return on the investment, and is comprised of a commensurate rate of return on an asset of equivalent risk and a rate of return of the asset. A criticism of the approach is that neoclassical investment theory sets the allowed fair rate below the user cost of capital, and so under-compensates the access provider as it fails to deal with the interaction between sunk costs and uncertainty—both are key features of telecommunication network investment. Hausman (1999) argues that to appropriately compensate an access provider, real option theory should be used. The real option theory of investment is a method of valuing the options that exist when new investments are made in real assets that are subject to irreversibility and uncertainty. Advocates of adopting a real options approach in telecommunications access regulation claim that, when faced with uncertainty, the ability of an access provider to defer an irreversible investment in a network is an option that has a value, which should be taken into account through a real option surcharge.2 Hausman was the" @default.
- W172161823 created "2016-06-24" @default.
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- W172161823 date "2006-01-01" @default.
- W172161823 modified "2023-09-23" @default.
- W172161823 title "Real Options and Telecommunications Regulation" @default.
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- W172161823 doi "https://doi.org/10.1007/3-7908-1707-4_8" @default.
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