Dynamic Natural Monopoly Regulation: Time Inconsistency, Moral Hazard, and Political Environments

This paper quantitatively assesses time inconsistency, moral hazard, and political ideology in monopoly regulation of electricity distribution. We specify and estimate a dynamic model of utility regulation featuring investment and moral hazard. We find underinvestment in electricity distribution cap...

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Veröffentlicht in:	The Journal of political economy 2018-02, Vol.126 (1), p.263-312
Hauptverfasser:	Lim, Claire S. H., Yurukoglu, Ali
Format:	Artikel
Sprache:	eng
Schlagworte:	Capital Economic theory Electric rates Electricity Electricity distribution Inconsistency Investments Monopolies Moral hazard Morality Political economy Political ideologies Power Regulation Welfare
Online-Zugang:	Volltext
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