PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2008 | 3-4(58-59) | 223-239
Tytuł artykułu

PROBLEM OF NATURAL MONOPOLY REGULATION WITH ASYMMETRIC INFORMATION - THEORETICAL APPROACH

Warianty tytułu
Języki publikacji
PL
Abstrakty
EN
The paper discusses the nature and implications of asymmetry of information in natural monopoly regulation from the theoretical perspective. To reflect the complexity of the subject two main strands of the discussion are presented. The first one that dominates within the theoretical approach is founded on defining two dimensions of the asymmetry which is a situation when the regulator is much less informed on costs than the regulated firm managers. The dimensions are described in the regulatory literature as 'regulation with unknown costs' and 'regulation with unobservable effect'. Both have very serious regulatory implications known as adverse selection and moral hazard which in turn reflect the key regulatory problem i.e. the conflict between allocative and productive efficiency. Existence of trade-offs between different aspects of efficiency means that the optimal regulatory mechanism ( but only in a second best sense) lies between two polar regulatory mechanisms - the traditional cost of service regulation and fixed price, or price cup, regulation. The second strand of discussion is based on Austrian school of economics and it sees the asymmetry of information as only one side of the regulator's imperfect information problem. The other side refers to the inherent indeterminacy of the economic processes that unable regulator and the managers to predict costs accurately. Giving priority to long term interests of consumers, price cup regulation should be taken by regulators as a key option.
Rocznik
Numer
Strony
223-239
Opis fizyczny
Rodzaj publikacji
ARTICLE
Twórcy
  • Andrzej Szablewski, Instytut Nauk Ekonomicznych PAN, ul. Nowy Swiat 72, 00-330 Warszawa, Poland
Bibliografia
Typ dokumentu
Bibliografia
Identyfikatory
CEJSH db identifier
09PLAAAA05765
Identyfikator YADDA
bwmeta1.element.330746d9-2bf6-3395-a264-15220857fc07
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.