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Government Outsourcing: Public Contracting with Private Monopoly
Auriol, Emmanuelle; Picard, Pierre M - C.E.P.R. Discussion Papers - 2006
The paper studies the impact of government budget constraint in a pure adverse selection problem of monopoly regulation … to regulation is proposed in which firms are free to enter the market and to choose their price and output levels … than traditional regulation where governments commit to both investment and operation cash-flows. This is especially …
Persistent link: https://www.econbiz.de/10005067470
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A Theory of BOT Concession Contracts
Auriol, Emmanuelle; Picard, Pierre M - C.E.P.R. Discussion Papers - 2011
In this paper, we discuss the choice for build-operate-and-transfer (BOT) concessions when governments and managers do not share the same information regarding the operation characteristics of a facility. We show that larger shadow costs of public funds and larger information asymmetries entice...
Persistent link: https://www.econbiz.de/10008921773
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The Structure of Corporate ownership in Privatized Utilities
Trillas, Francesco - C.E.P.R. Discussion Papers - 2002
this separation interact with the regulation of the product market. The main issue to be addressed here is how the degree …
Persistent link: https://www.econbiz.de/10005123598
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Infrastructure and Public Utilities Privatization in Developing Countries
Auriol, Emmanuelle; Picard, Pierre M - C.E.P.R. Discussion Papers - 2006
absence of a credible regulatory agency, regulation is achieved through public ownership. …
Persistent link: https://www.econbiz.de/10005124293
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Regulating a Multi-Utility Firm
Calzolari, Giacomo; Scarpa, Carlo - C.E.P.R. Discussion Papers - 2007
We study the regulation of a utility firm which is active in a competitive unregulated sector as well. If the firm … and quantity competition) and also optimal regulation. Accounting for the several effects of regulation on the unregulated … market, we show the existence of an informational externality, in that regulation provides useful information to the rival …
Persistent link: https://www.econbiz.de/10005124135
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Economic Integration and Investment Incentives in Regulated Industries
Auriol, Emmanuelle; Biancini, Sara - C.E.P.R. Discussion Papers - 2009
The paper studies the impact of market integration on investment incentives in non-competitive industries. It distinguishes between investment in transportation and production cost-reducing technologies. Each domestic firm is controlled by a national regulator in a common market made of two...
Persistent link: https://www.econbiz.de/10005012490
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Investment and capital structure of partially private regulated firms
Cambini, Carlo; Spiegel, Yossi - C.E.P.R. Discussion Papers - 2011
We develop a model that examines the capital structure and investment decisions of regulated firms in a setting that incorporates two key institutional features of the public utilities sector in many countries: firms are partially owned by the state and regulators are not necessarily...
Persistent link: https://www.econbiz.de/10009209829
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Third Party Monitoring and Golden Parachutes
Iossa, Elisabetta; Legros, Patrick - C.E.P.R. Discussion Papers - 2001
When today’s actions can affect tomorrow's value of an asset and when the principal does not have access to hard information, either about productive activity or monitoring activity, two incentive problems must be simultaneously solved: first, the ‘ex-ante’ moral hazard problem of inducing...
Persistent link: https://www.econbiz.de/10005504381
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Regulatory Sanctions and Reputational Damage in Financial Markets
Armour, John; Mayer, Colin; Polo, Andrea - C.E.P.R. Discussion Papers - 2010
We study the impact of the announcement of enforcement of financial and securities regulation by the UK’s Financial …
Persistent link: https://www.econbiz.de/10008682887
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Should Uniform Pricing Contraints be Imposed on Entrants?
Hoernig, Steffen - C.E.P.R. Discussion Papers - 2005
This paper analyses the effects of universal service obligations, such as uniform pricing, coverage constraints and price caps, on markets newly opened to competition, e.g. broadband services. We show that the requirement of uniform pricing has strong repercussions on coverage decisions. Imposed...
Persistent link: https://www.econbiz.de/10005136722