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- W366930022 abstract "This chapter discusses the issues of regulating marginal-cost prices. If prices are determined by the market, and a public enterprise produces under decreasing returns to scale, profit maximization will directly lead to marginal cost pricing; if additionally all other enterprises produce under nonincreasing returns to scale, the welfare optimum can be easily decentralized. This is not valid if the public enterprise produces under increasing returns to scale. Economic theory offers different solutions for the case in which an enterprise produces under a deficit. Many simple rules that are imposed on a natural monopoly are insufficient for welfare maximization because they leave too many degrees of freedom to the manager of the firm that he can use to maximize profit or output. Therefore, these rules can be eliminated from the list of successful regulatory approaches. The chapter discusses several rules with respect to these degrees of freedom, that is, the equations are counted in this approach. The assumption, under which this counting-equations approach has been invented, is that of a fully-informed regulator. Hence, the approach fails if the regulator lacks information on costs or demand." @default.
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- W366930022 date "1994-01-01" @default.
- W366930022 modified "2023-09-23" @default.
- W366930022 title "Regulating Marginal-Cost Prices" @default.
- W366930022 doi "https://doi.org/10.1016/b978-0-444-88478-7.50033-8" @default.
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