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Price Caps and Incentive Regulation in Telecommunications (Paperback, Softcover reprint of the original 1st ed. 1991)
Loot Price: R4,546
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Price Caps and Incentive Regulation in Telecommunications (Paperback, Softcover reprint of the original 1st ed. 1991)
Series: Topics in Regulatory Economics and Policy, 6
Expected to ship within 10 - 15 working days
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Michael A. Einhorn In continuing to deregulate telecommunications
companies, regulators have begun to consider alternative approaches
to traditional cost-based price regulation as a means of
encouraging monopoly efficiency, promulgating technological innova
tion, protecting consumers, and reducing administrative costs.
Under cost-based regulatory procedures that had been used, prices
were designed to recover the regulated company's costs plus an
allowed rate of return on its rate base; this strategy was costly
to administer, provided no consistent incentives to cost-ef
ficiency and technological improvement, afforded many opportunities
for strategic misrepresentation of reported costs, and may have
encouraged both uneconomic expansion of the utility's rate base and
cross-subsidization of its competitive services. A category of
alternative regulatory approaches can be classified broadly as
social contracts. Under the general strategy of social contract
regulation, regulators first delimit a group of regulated core
services that they continue to regulate and then stipulate a list
of constraints that the utility must agree to meet in the future;
in exchange, regulators agree to detariff or deregulate entirely
other competitive or nonessential services that the utility may
offer. As long as no stipulated constraints are violated, the
utility may price freely any service; if it reduces costs, it may
keep a share of its profits. According to the National
Telecommunications Information Administration (NTIA, 1987), social
contract agreements of one form or another have been considered or
implemented in a majority of American states."
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