Martin Cave, Imperial College La régulation incitative en théorie, le price cap en pratique
Автор: Autorité de régulation des transports
Загружено: 2018-02-01
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Keynote Speech by Dr. Martin Cave during the French Railway Regulatory Body's second economic conference in Paris, on May the 26th, 2014. "Incentive Regulation in Theory, Price Caps in Practice"
We have sophisticated accounts of the operation in theory of incentive regulation, for example by Laffont and Tirole and by Armstrong and Sappington, based on different assumptions concerning informational asymmetry and dynamic structure. We also have, especially in the UK, a 30-year history of the operation and mutation over time of price and revenues caps in a range of network industries. The lecture will examine the relationship between theory and practice, including observable regularities in regulator behaviour, variations in the duration of price caps, the adoption of menus of choices, and the insertion of new dramatis personae into the price control process via customer engagement.
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