In this article, we model regulation as a repeated game between a utility facing a random sequence of demands and a regulator tempted to underreward past investment. Rate-of-return regulation designed with a constitutional commitment to an adequate rate of return on capital prudently invested is...

Monte Carlo simulations of gas, coal and nuclear plant investment returns are used as inputs of a Mean-Variance Portfolio optimization to identify optimal base load generation portfolios for large electricity generators in liberalized electricity markets. We study the impact of fuel,...

The UK Road Fund was set up in 1921 and financed by earmarked taxes, but was unsuccessful as a form of road finance and abandoned in 1937. The paper examines why earmarking failed and what problems arise for replacing road taxes by hypothecated road charges. These charges would need to be...

Non-uniform indirect taxes treat equals and those unequal differently (horizontal inequity and vertical redistribution). Horizontal inequity is caused by taste differences among similar households, but some excises are designed to reflect social, not revealed, preferences. We apply two...

Intro -- Contents -- Preface -- Abbreviation and Units -- Privatization, Restructuring, and Regulation of Network Utilities -- Introduction -- The Problem of Regulatory Commitment -- Ownership of Network Utilities -- Theories of Regulation -- Introducing Competition into Network Utilities --...

Tax and benefit reform in Central and Eastern Europe / David M.G. Newbery -- Tax and benefit reform in the Czech and Slovak Republics / Christopher Heady and Stephen Smith -- Redistributive policy in a transition economy: the case of Hungary / Sarah Jarvis and Stephen Pudney -- The taxation of...