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- W2046284966 abstract "Recently, considerable attention has been given to the economic effects of rate-of-return regulation of monopoly firms. One of the conclusions of the literature on this subject is that some regulation is always better than no regulation, from a welfare point of view. The purpose of this paper is to show that such a conclusion does not necessarily hold in a two sector analysis. Under rate-of-return regulation, the firm's prices are set such that the rate-of-return to capital does not exceed some fair rate allowed by the regulatory authority. It has been asserted that a profit-maximizing monopoly firm will react to such a constraint by employing more of all inputs, thereby expanding output, but will employ more than the efficient level of capital relative to the other inputs [1; 8]. A corollary to this proposition is that, if the regulatory constraint is tightened in the sense of lowering the allowed rateof-return toward the market price of capital services, the monopoly firm will respond with additional output but will move further from its expansion path. If these effects occur, such a form of regulation would involve significant welfare considerations. From the viewpoint of the economy in which the monopoly firm operates, the increased output and corresponding lower unit price represents a benefit. However, the inefficient use of capital imposes a cost on the economy. The question is then whether this form of regulation represents a second best solution. More specifically, the" @default.
- W2046284966 created "2016-06-24" @default.
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- W2046284966 date "1982-01-01" @default.
- W2046284966 modified "2023-10-16" @default.
- W2046284966 title "The Optimum Degree of Rate-of-Return Regulation: A Two Sector Analysis" @default.
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- W2046284966 doi "https://doi.org/10.2307/1058664" @default.
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