We analyse the contribution of land to production activity for Japanese manufacturing industries employing panel data of the firms. Since land is not necessarily held for production purpose, we check the concavity of the cost function to see whether production is conducted efficiently.

We analyse the rate of return (ROR) regulation that is based on the book value of firm's assts, show how the result of it differ from that predicted from the normal Averch-Johnson (AJ) effect, and compare the book-based ROR regulation with the market-based ROR regulation.

We buid a simple model of commuter railways where congestion exists, show that price-cap (PC) regulation causes congestion compared to rate-of-return (ROR) regulation. We next consider methods to correct it, and show the following results: (i) PC regulation, in which the cap is made contingent...

We buid a simple model of commuter railways where congestion exists, show that price-cap (PC) regulation causes congestion compared to rate-of-return (ROR) regulation. We next consider methods to correct it, and show the following results: (i) PC regulation, in which the cap is made contingent...

We analyse the contribution of land to production activity for Japanese manufacturing industries employing panel data of the firms. Since land is not necessarily held for production purpose, we check the concavity of the cost function to see whether production is conducted efficiently.

We analyse the rate of return (ROR) regulation that is based on the book value of firm's assts, show how the result of it differ from that predicted from the normal Averch-Johnson (AJ) effect, and compare the book-based ROR regulation with the market-based ROR regulation.