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Revisiting Rate of Return Regulation under Uncertainty

Опубликовано на портале: 25-12-2003
This paper revisits the literature on rate of return (ROR) regulation under uncertainty and makes three contributions. (1) It shows that earlier ROR regulation results were all incorrectly obtained, because the expected profit function is generally not differentiable. (2) It reveals the difference between two types of ror regulation: regulating the expected ROR (type I), and regulating the ROR in every state (type II). There are always Averch-Johnson (A-J) effects under type I regulation, but not necessarily under type II regulation. (3) It re-derives the A-J effect under certainty by a new and nontechnical approach, without using the Lagrangian multiplier.

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текст статьи в формате pdf на сайте Economic Department, Iowa State University:
http://www.econ.iastate.edu/faculty/jingang/wp/ror.pdf
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