that the eight-year catch-up period allowed in this regulation gives strong incentives to reduce costs since the firms can …Data Envelopment Analysis (DEA) based cost norms have attractive properties in the regulation of natural monopolies … to suboptimal incentives. When a regulated firm compares the marginal change in its cost norm with its marginal cost of …

institutional moral hazard in a multi-tiered UI system, and give examples of monitoring methods and incentives to ameliorate such …

counterparty credit risk in derivatives markets. I perform an empirical study of the incentives for voluntary central clearing of … OTC derivative contracts in Europe. Central clearing acts as insurance against counterparty credit risk related to …