Allocative Inefficiency Properties of Price-Cap Regulation.
The paper deals with the argument that a price-cap regulated firm maximizing profits under the price-cap constraint will set prices that over time approach the Ramsey structure. My analysis explores the effects of price caps on the structure of prices. The results are in important aspects at variance with the claim of convergence to a Ramsey structure. Copyright 1993 by Kluwer Academic Publishers
Year of publication: |
1993
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Authors: | Neu, Werner |
Published in: |
Journal of Regulatory Economics. - Springer. - Vol. 5.1993, 2, p. 159-82
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Publisher: |
Springer |
Saved in:
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