Tollison, Robert D.; Wagner, Richard E. - In: Eastern Economic Journal 17 (1991) 4, pp. 483-490
monopoly outcome. Within the framework of the "passive regulator" that this logic entails, public regulation cannot alter the …The authors explain why the elementary logic of rate-of-return regulation generates not the competitive outcome but the … monopoly outcome, but can only change the form in which the monopoly rent is captured. The authors also explain why it is …