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Effects of Regulation on Utility Financing : Theory and Evidence
Taggart, Robert A. - 2008
years of state commission regulation. Examples of an adaptive response pattern on the part of regulators, firms and …
Persistent link: https://www.econbiz.de/10012774607
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Principal-Agent Incentives, Excess Caution, and Market Inefficiency : Evidence from Utility Regulation
Borenstein, Severin - 2007
Regulators and firms often use incentive schemes to attract skillful agents and to induce them to put forth effort in pursuit of the principals' goals. Incentive schemes that reward skill and effort, however, may also punish agents for adverse outcomes beyond their control. As a result, such...
Persistent link: https://www.econbiz.de/10012775480
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Transaction Cost Regulation
Spiller, Pablo T. - 2011
This paper discusses the fundamental underpinnings and some implications of transaction cost regulation (TCR), a …. TCR sees regulation as the governance structure of these interactions, and thus, as in standard transaction cost economics … possible institutional alternative. In that sense, politics becomes fundamental to understanding regulation as the governance …
Persistent link: https://www.econbiz.de/10013130971
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Do We Need CAPM for Capital Budgeting?
Meier, Iwan - 2003
A key input to the capital budgeting process is the cost of capital. Financial managers most often use the CAPM for estimating the cost of capital for which they need to know the market risk premium. Textbooks advocate using the historical value for the U.S. equity premium as the market risk...
Persistent link: https://www.econbiz.de/10012786910
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Faculty Deployment in Research Universities
Courant, Paul - 2017
Deploying faculty efficiently (or more efficiently) should surely part of any optimizing strategy on the part of a college or university. Basic microeconomics about the “theory of the firm” provide some insight as to how a university would achieve productive efficiency given differences in...
Persistent link: https://www.econbiz.de/10012965950
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Linear-Quadratic Approximation of Optimal Policy Problems
Benigno, Pierpaolo - 2010
We consider a general class of nonlinear optimal policy problems involving forward-looking constraints (such as the Euler equations that are typically present as structural equations in DSGE models), and show that it is possible, under regularity conditions that are straightforward to check, to...
Persistent link: https://www.econbiz.de/10012760557
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On Heckits, Late, and Numerical Equivalence
Kline, Patrick - 2018
Structural econometric methods are often criticized for being sensitive to functional form assumptions. We study parametric estimators of the local average treatment effect (LATE) derived from a widely used class of latent threshold crossing models and show they yield LATE estimates...
Persistent link: https://www.econbiz.de/10012922224
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Sets of Models and Prices of Uncertainty
Hansen, Lars Peter - 2016
A decision maker constructs a convex set of nonnegative martingales to use as likelihood ratios that represent parametric alternatives to a baseline model and also non-parametric models statistically close to both the baseline model and the parametric alternatives. Max-min expected utility over...
Persistent link: https://www.econbiz.de/10012998420
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Quantifying Family, School, and Location Effects in the Presence of Complementarities and Sorting
Agrawal, Mohit - 2018
We extend the control function approach of Altonji and Mansfield (2018) to allow for multiple group levels and complementarities. Our analysis provides a foundation for causal interpretation of multilevel mixed effects models in the presence of sorting. In our empirical application, we obtain...
Persistent link: https://www.econbiz.de/10012909131
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Optimal Policy with Low-Probability Extreme Events
Svensson, Lars E. O. - 2021
The optimal policy response to a low-probability extreme event is examined. A simple policy problem is solved for a sequence of different loss functions: quadratic, combined quadratic/absolute-deviation, absolute-deviation, combined quadratic/constant, and perfectionist. The paper shows that,...
Persistent link: https://www.econbiz.de/10013228638