This book contends that various forms of regulation have costs as
well as benefits and it examines the impact of government
regulation on the innovativeness of 'monopolies' - in this book
meaning firms with the power to affect market price. The government
regulation analyzed in this case is limited to rate-of-return
regulation. Using theoretical models such as the Averch-Johnson
model and a two-stage Nash equilibrium model, this volume examines
whether regulated monopolies engage in more or less technological
innovation than unregulated monopolies. Furthermore, if the
unregulated (or less regulated) monopolies do engage in more
research and development than regulated ones, it questions whether
social welfare would be greater with the former. Using a case study
of ten privately-owned electric utilities in the State of Texas,
USA, it then tests out the general propositions brought forward by
the theoretical modelling and finally makes its conclusions taking
into consideration both theoretical and empirical findings.
General
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