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Do control rights determine the optimal extension of liability to investors? The case of environmental policy for mines
Springer Science and Business Media LLC - Tập 48 - Trang 26-52 - 2015
Using a Pigovian tax to provide incentives for mine rehabilitation may be ineffective if limited liability, (judgement-proof) firms can declare themselves bankrupt to avoid the tax and rehabilitation costs. This paper introduces a model of environmental policy for mining that accounts for bankruptcy risk, profit risk, and a mobilization cost that applies if, following bankruptcy, rehabilitation is......
Upstream vertical integration with automatic price adjustments
Springer Science and Business Media LLC - Tập 4 - Trang 279-287 - 1992
Regulators often must decide whether they should allow a utility to vertically integrate. The relevant policy concerns are whether vertical integration might allow the utility to increase its downstream price and what, if any, additional constraints must be placed on the utility to prevent potential price increases. The extant literature provides regulators little guidance, and this paper fills th......
Can self regulation work?: a story of corruption, impunity and cover-up
Springer Science and Business Media LLC - Tập 31 - Trang 209-233 - 2007
This paper analyzes the reputation-based incentives of a Self-Regulatory Organization (SRO) to detect and expose consumer fraud committed by its members, and the members’ incentives to bribe the SRO in exchange for a cover-up to avoid an external punishment. In a corruption-free benchmark, SROs are effective in detecting, exposing and deterring fraud only if exposure yields a reputation gain to th......
Efficiency impact of convergence bidding in the california electricity market
Springer Science and Business Media LLC - Tập 48 - Trang 245-284 - 2015
The California Independent System Operator (CAISO) has implemented Convergence Bidding (CB) on February 1, 2011 under Federal Energy Regulatory Commission’s September 21, 2006 Market Redesign and Technology Upgrade Order. CB is a financial mechanism that allows market participants, including electricity suppliers, consumers and virtual traders, to arbitrage price differences between the day-ahead ......
Pricing access in network competition
Springer Science and Business Media LLC - - 2006
We compare various access pricing rules in the two-way access model. We show that the Generalized Efficient Component Pricing Rule (TECPR) leads to a lower equilibrium price than does the Efficient Component Pricing Rule, (ECPR) marginal cost pricing, (MCP) and any non-negative fixed access charges.
Optimal rate base additions and the regulated firm
Springer Science and Business Media LLC - Tập 1 - Trang 149-162 - 1989
The impact of the judicial objective function on the enforcement of environmental standards
Springer Science and Business Media LLC - Tập 37 - Trang 196-214 - 2009
We investigate the influence of a judge’s objective function on the type of sanctions used for enforcing environmental standards. We focus on the difference between monetary and non-monetary penalties. We examine the extent to which judges take social costs of sanctions into account when making judgments in court in the context of environmental violations. We also conduct an empirical analysis to ......
Deregulation, competition, and the network size in the market for telecommunication services
Springer Science and Business Media LLC - Tập 6 - Trang 283-296 - 1994
This paper analyzes the networking aspect in telecommunication services and the recent divestiture and increased competitiveness of the industry. The product considered is the right to access the network. The utility of a consumer from having access to a network depends on the network's quality, defined by the number of other local and long-distance consumers which can be reached. Network services......
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