Competition may not function well where technology calls for large
and complex investments, as in the electrivity industry where
public utilities often provide service. This book presents economic
welfare foundations for the purpose of evaluating how well, from a
social point of view, an enterprise performs when competition is
unable to function. Problems with existing institutions are
emphasized. Topics treated include welfare measures and their uses
in peak-load pricing, second-best pricing, and income distribution.
Professor Sherman covers public choice difficulties of government
intervention, and describes problems with incentives in statutory
monopolies and efforts to overcome them through the study of
principal-agent relationships. Contestability and sustainable
prices are also discussed, as well as effects of uncertainty and
imperfect information.
General
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