ebook img

Pricing and Price Regulation: An Economic Theory for Public Enterprises and Public Utilities (Advanced Textbooks in Economics) PDF

471 Pages·1994·21.78 MB·English
by  D. Bös
Save to my drive
Quick download
Download
Most books are stored in the elastic cloud where traffic is expensive. For this reason, we have a limit on daily download.

Preview Pricing and Price Regulation: An Economic Theory for Public Enterprises and Public Utilities (Advanced Textbooks in Economics)

Advanced Textbooks in Economics Series Editors: C. J. Bliss and M.D. Intriligator Currently Available: Volume 2: Lectures on Microeconomic Theory (Second Revised Edition) E. MALINVAUD Volume 5: Applied Consumption Analysis (Second Revised Edition) L.PHLIPS Volume 11: Collective Choice and Social Welfare A. K. SEN Volume 12: General Competitive Analysis K. J. ARROW and F. H. HAHN Volume 14: Distributed Lags (Second Revised Edition) P. J. DHRYMES Volume 17: Stochastic Methods in Economics and Finance A. G. MALLIARIS and W. A. BROCK Volume 19: International Trade and Resource Allocation (Second Revised Edition) A. D. WOODLAND Volume 23: Public Enterprise Economics (Second Revised Edition) D.BOS Volume 24: Optimal Control Theory with Economic Applications A. SEIERSTAD and K. SYDSAETER Volume 25: Capital Markets and Prices: Valuing Uncertain Income Streams C. G. KROUSE Volume 26: History of Economic Theory T. NEGISHI Volume 27: Differential Equations, Stability and Chaos in Dynamic Economics W. A. BROCK and A. G. MALLIARIS Volume 28: Equilibrium Analysis W. HILDENBRAND and A. P. KIRMAN Volume 29: Economics of Insurance K. H. BORCH f; completed by K. K. AASE and A. SANDMO Volume 30: Microeconomics: Institutions, Equilibrium and Optimality M. C. BLAD and H. KEIDING Volume 31: Dynamic Optimization (Second Revised Edition) M. L. KAMIEN and N. I. SCHWARTZ t Volume 32: Notes and Problems in Applied General Equilibrium Economics P.B. DIXON et al. Volume 33: Mathematical Economic Theory: Pure and Mixed Types of Economic Mechanisms V.L. MAKAROV, M.J. LEVIN and A.M. RUBINOV PRICING AND PRICE REGULATION ADVANCED TEXTBOOKS IN ECONOMICS VOLUME 34 Editors: C.J. BLISS M.D.INTRILIGATOR Advisory Editors: W. A. BROCK D.W. JORGENSON A.P.KIRMAN J.-J. LAFFONT J.-F. RICHARD ELSEVIER Amsterdam - Lausanne - New York - Oxford - Shannon - Tokyo PRICING AND PRICE REGULATION An Economic Theory for Public Enterprises and Public Utilities DIETER BOS Institute of Economics University of Bonn Germany 1994 ELSEVIER Amsterdam - Lausanne - New York - Oxford - Shannon - Tokyo ELSEVIER SCIENCE B.V. Sara Burgerhartstraat 25 P.O. Box 211, 1000 AE Amsterdam, The Netherlands Library of Congress Cataloging-in-PublicatIon Data Bos, Dieter. Pricing and price regulation : an economic theory for public enterprises and public utilities / Dieter Bos. — [3rd ed.] p. cm. — (Advanced textbooks 1n economics ; v. 34) Includes bibliographical references and index. ISBN 0-444-88478-5 (acid-free paper) 1. Pricing. 2. Price regulation. 3. Government business enterprises—Prices. 4. Public utilities—Prices. I. Title. II. Series. HF5416.5.B67 1994 338.5'26—dc20 94-36208 CIP First edition 1986: 'Public Enterprise Economies' Second, revised edition 1989 Third, completely revised edition 1994: published under the title 'Pricing and Price Regulation' ISBN: 0444 88478 5 © 1994 Elsevier Science B.V. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publisher, Elsevier Science B. V., Copyright & Permissions Department, P.O. Box 521, 1000 AM Amsterdam, The Netherlands. Special regulations for readers in the U.S.A. - This publication has been registered with the Copyright Clearance Center Inc. (CCC), Salem, Massachusetts. Information can be obtained from the CCC about conditions under which photocopies of parts of this publication may be made in the U.S.A. All other copyright questions, including photocopying outside of the U.S.A., should be referred to the publisher. No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. This book is printed on acid-free paper. Printed in The Netherlands INTRODUCTION TO THE SERIES The aim of the series is to cover topics in economics, mathematical economics and econometrics, at a level suitable for graduate students or final year undergraduates specializing in economics. There is at any time much material that has become well established in journal papers and discussion series which still awaits a clear, self- contained treatment that can easily be mastered by students without considerable preparation or extra reading. Leading specialists will be invited to contribute volumes to fill such gaps. Primary emphasis will be placed on clarity, comprehensive coverage of sensibly defined areas, and insight into fundamentals, but original ideas will be not be excluded. Certain volumes will therefore add to existing knowledge, while others will serve as a means of communicating both known and new ideas in a way that will inspire and attract students not already familiar with the subject matter concerned. The Editors This page intentionally left blank An Overview of the Contents of this Book Part One The Basic Pricing Model Presents a full-information general equilibrium model of an economy where one sector applies special pricing rules which do not follow from unconstrained profit maximization; the model is based on Boiteux (1956) and has been developed further by Hagen (1979) and Bos (in this book since its first edition 1986). Part Two Pricing Policies for Welfare Maximization Thoroughly discusses the welfare-economic benchmark rules, for instance mar- ginal-cost pricing, Ramsey and Feldstein pricing. Also deals with optimal pricing in the presence of rationed labor markets, with peak-load pricing and with the problem of optimal quality of the goods provided. Part Three Pricing Policies for Political and Bureau- cratic Aims Analyzes the pricing policies of vote-seeking politicians, empire-building bu- reaucrats, output-maximizing and energy-saving public utilities. Part Four Price Regulation Explains why rate-of-return regulation has recently been replaced by price-cap regulation. Also explains why many simple rules, like yardstick regulation, fail to achieve optimal prices, which shows that it is quite complicated to induce managers truthfully to reveal their private information. How this can be properly done is shown in various principal-agent models on regulation with uncertain costs, uncertain demand and with soft budget constraints. This page intentionally left blank

See more

The list of books you might like

Most books are stored in the elastic cloud where traffic is expensive. For this reason, we have a limit on daily download.