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Mergers between regulated firms with unknown efficiency gains
Fiocco, Raffaele; Guo, Gongyu - 2014
In an industry where regulated firms interact with unregulated suppliers, we investigate the welfare effects of a merger between regulated firms when cost synergies are uncertain before the merger and their realization becomes private information of the merged firm. The optimal merger policy...
Persistent link: https://www.econbiz.de/10010358241
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Bargaining and collusion in a regulatory relationship
Fiocco, Raffaele; Gilli, Mario - 2014
We investigate regulation as the outcome of a bargaining process between a regulator and a regulated firm. The …
Persistent link: https://www.econbiz.de/10010371305
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Inefficiency and regulation in credence goods markets with altruistic experts
Farukh, Razi; Kerkhof, Anna; Loebbing, Jonas - 2020
provide higher quality services to all consumers. The externality renders the market outcome inefficient. Price regulation …, price regulation should be accompanied by licensing arrangements that cap the number of experts in the market. Our theory … provides a novel rationale for the wide-spread use of price regulation and licensing in real-world markets for expert services. …
Persistent link: https://www.econbiz.de/10012431181
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A dynamic theory of regulatory capture
De Chiara, Alessandro; Schwarz, Marco - 2020
Firms have incentives to influence regulators' decisions. In a dynamic setting, we show that a firm may prefer to capture regulators through the promise of a lucrative future job opportunity (i.e., the revolving-door channel) than through a hidden payment (i.e., a bribe). This is because the...
Persistent link: https://www.econbiz.de/10012220065
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Regulation of Europe's network industries : the perspective of the new economic theory of federalism
Bickenbach, Frank - 2000
economics of regulation, it then points out generic information and transaction cost problems of regulatory policy making. An … competencies for the regulation of the European network industries. …
Persistent link: https://www.econbiz.de/10011491086
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On the legitimacy of coercion for the nancing of public goods
Bierbrauer, Felix - 2009
The literature on public goods has shown that e?cient outcomes are impossible if participation constraints have to be respected. This paper addresses the question whether they should be imposed. It asks under what conditions e?ciency considerations justify that individuals are forced to pay for...
Persistent link: https://www.econbiz.de/10010333990
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Regulation of Cost and Quality under Yardstick Competition
Tangerås, Thomas P. - 2002
This paper analyses simultaneous regulation of cost and quality when firms have private, correlated information about …
Persistent link: https://www.econbiz.de/10010334894
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Incentive regulation: Evidence from German electricity networks
Hellwig, Michael; Schober, Dominik; Cabral, Luís - 2019
used to determine future prices when subject to a lower-powered regulation mechanism. The difference is particularly …
Persistent link: https://www.econbiz.de/10011966984
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Financing Infrastructure under Budget Constraint
Gautier, Axel; Mitra, Manipushpak - 2002
In this paper we consider the problem of financing infrastructure when the regulator faces a budget constraint. The optimal budget-constrained mechanism satisfies four properties. The first property is bunching at the top, that is the more efficient firms produce the same quantity. The second...
Persistent link: https://www.econbiz.de/10010263051
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Regulation under Financial Constraints
Gautier, Axel - 2002
This article studies the problem of regulating a monopolist with unknown marginal cost. The originality of the paper is to consider that the regulator faces a cash-in-advance constraint. The introduction of such a constraint not only reduces the amount of public good provided but also limits the...
Persistent link: https://www.econbiz.de/10010263052