Optimal Regulation: The Economic Theory of Natural Monopoly

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9780262200844: Optimal Regulation: The Economic Theory of Natural Monopoly

Optimal Regulation addresses the central issue of regulatory economics - how to regulate firms in a way that induces them to produce and price "optimally." It synthesizes the major findings of an extensive theoretical literature on what constitutes optimality in various situations and which regulatory mechanisms can be used to achieve it. It is the first text to provide a unified, modern, and nontechnical treatment of the field.The book includes models for regulating optimal output, tariffs, and surplus subsidy schemes, and presents all of the material graphically, with clear explanations of often highly technical topics.Kenneth E. Train is Associate Adjunct Professor in the Department of Economics and Graduate School of Public Policy at the University of California, Berkeley. He is also Principal of the firm Cambridge Systematics.Topics include: The cost structure of natural monopoly (economies of scale and scope). Characterization of firstand second-best optimality. Surplus subsidy schemes for attaining first-best optimality. Ramsey prices and the Vogelsang-Finsinger mechanism for attaining them. Time-ofuse (TOU) prices and Riordan's mechanisms for attaining the optimal TOU prices' Multipart and self-selecting tariffs, and Sibley's method for using self-selecting tariffs to achieve optimality. The Averch-Johnson model of how rate-of-return regulation induces inefficiencies. Analysis of regulation based on the firm's return on Output, costs, or sales. Price-cap regulation. Regulatory treatment of uncertainty and its impact on the firm's behavior. Methods of attaining optimality without direct regulation (contestability, auctioning the monopoly franchise.)

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About the Author:

Kenneth E. Train is Associate Adjunct Professor in the Department of Economics and Graduate School of Public Policy at the University of California, Berkeley. He is also Principal of the firm Cambridge Systematics.

Review:

Kenneth Train's book is a lucid, thoughtful and interesting exposition of the state of the art. He explains the fundamental economic ideas with simple graphics, rather than emphasizing the complexities underlying the derivation of theorems, and tells the reader what is the 'bottom line'.

(Jerome L. Stein, Professor of Economics, Eastman Professor of Political Economy)

"A synthesis of twenty years of theory on the regulation of natural monopoly presented with exceptional clarity." Elizabeth E. Bailey , The Wharton School of the University of Pennsylvania

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Kenneth E. Train
Editore: MIT Press
ISBN 10: 0262200848 ISBN 13: 9780262200844
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Kenneth E. Train
Editore: MIT Press Ltd, United States (1991)
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Descrizione libro MIT Press Ltd, United States, 1991. Hardback. Condizione libro: New. New.. Language: English . Brand New Book. Optimal Regulation addresses the central issue of regulatory economics - how to regulate firms in a way that induces them to produce and price optimally. It synthesizes the major findings of an extensive theoretical literature on what constitutes optimality in various situations and which regulatory mechanisms can be used to achieve it. It is the first text to provide a unified, modern, and nontechnical treatment of the field.The book includes models for regulating optimal output, tariffs, and surplus subsidy schemes, and presents all of the material graphically, with clear explanations of often highly technical topics.Kenneth E. Train is Associate Adjunct Professor in the Department of Economics and Graduate School of Public Policy at the University of California, Berkeley. He is also Principal of the firm Cambridge Systematics.Topics include: The cost structure of natural monopoly (economies of scale and scope). Characterization of firstand second-best optimality. Surplus subsidy schemes for attaining first-best optimality. Ramsey prices and the Vogelsang-Finsinger mechanism for attaining them.Time-ofuse (TOU) prices and Riordan s mechanisms for attaining the optimal TOU prices Multipart and self-selecting tariffs, and Sibley s method for using self-selecting tariffs to achieve optimality. The Averch-Johnson model of how rate-of-return regulation induces inefficiencies. Analysis of regulation based on the firm s return on Output, costs, or sales. Price-cap regulation. Regulatory treatment of uncertainty and its impact on the firm s behavior. Methods of attaining optimality without direct regulation (contestability, auctioning the monopoly franchise.). Codice libro della libreria AAH9780262200844

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Kenneth Train
Editore: MIT Press Ltd, United States (1991)
ISBN 10: 0262200848 ISBN 13: 9780262200844
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Descrizione libro MIT Press Ltd, United States, 1991. Hardback. Condizione libro: New. New.. Language: English . Brand New Book. Optimal Regulation addresses the central issue of regulatory economics - how to regulate firms in a way that induces them to produce and price optimally. It synthesizes the major findings of an extensive theoretical literature on what constitutes optimality in various situations and which regulatory mechanisms can be used to achieve it. It is the first text to provide a unified, modern, and nontechnical treatment of the field.The book includes models for regulating optimal output, tariffs, and surplus subsidy schemes, and presents all of the material graphically, with clear explanations of often highly technical topics.Kenneth E. Train is Associate Adjunct Professor in the Department of Economics and Graduate School of Public Policy at the University of California, Berkeley. He is also Principal of the firm Cambridge Systematics.Topics include: The cost structure of natural monopoly (economies of scale and scope). Characterization of firstand second-best optimality. Surplus subsidy schemes for attaining first-best optimality. Ramsey prices and the Vogelsang-Finsinger mechanism for attaining them. Time-ofuse (TOU) prices and Riordan s mechanisms for attaining the optimal TOU prices Multipart and self-selecting tariffs, and Sibley s method for using self-selecting tariffs to achieve optimality. The Averch-Johnson model of how rate-of-return regulation induces inefficiencies. Analysis of regulation based on the firm s return on Output, costs, or sales. Price-cap regulation. Regulatory treatment of uncertainty and its impact on the firm s behavior. Methods of attaining optimality without direct regulation (contestability, auctioning the monopoly franchise.). Codice libro della libreria AAH9780262200844

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Descrizione libro 1991. HRD. Condizione libro: New. New Book. Shipped from US within 10 to 14 business days. Established seller since 2000. Codice libro della libreria TM-9780262200844

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Descrizione libro MIT Press Ltd. Hardback. Condizione libro: new. BRAND NEW, Optimal Regulation: The Economic Theory of Natural Monopoly, Kenneth E. Train, Optimal Regulation addresses the central issue of regulatory economics - how to regulate firms in a way that induces them to produce and price "optimally." It synthesizes the major findings of an extensive theoretical literature on what constitutes optimality in various situations and which regulatory mechanisms can be used to achieve it. It is the first text to provide a unified, modern, and nontechnical treatment of the field.The book includes models for regulating optimal output, tariffs, and surplus subsidy schemes, and presents all of the material graphically, with clear explanations of often highly technical topics.Kenneth E. Train is Associate Adjunct Professor in the Department of Economics and Graduate School of Public Policy at the University of California, Berkeley. He is also Principal of the firm Cambridge Systematics.Topics include: The cost structure of natural monopoly (economies of scale and scope). Characterization of firstand second-best optimality. Surplus subsidy schemes for attaining first-best optimality. Ramsey prices and the Vogelsang-Finsinger mechanism for attaining them. Time-ofuse (TOU) prices and Riordan's mechanisms for attaining the optimal TOU prices' Multipart and self-selecting tariffs, and Sibley's method for using self-selecting tariffs to achieve optimality. The Averch-Johnson model of how rate-of-return regulation induces inefficiencies. Analysis of regulation based on the firm's return on Output, costs, or sales. Price-cap regulation. Regulatory treatment of uncertainty and its impact on the firm's behavior. Methods of attaining optimality without direct regulation (contestability, auctioning the monopoly franchise.). Codice libro della libreria B9780262200844

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Kenneth Train
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ISBN 10: 0262200848 ISBN 13: 9780262200844
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Descrizione libro MIT Press Ltd, United States, 1991. Hardback. Condizione libro: New. New.. Language: English . This book usually ship within 10-15 business days and we will endeavor to dispatch orders quicker than this where possible. Brand New Book. Optimal Regulation addresses the central issue of regulatory economics - how to regulate firms in a way that induces them to produce and price optimally. It synthesizes the major findings of an extensive theoretical literature on what constitutes optimality in various situations and which regulatory mechanisms can be used to achieve it. It is the first text to provide a unified, modern, and nontechnical treatment of the field.The book includes models for regulating optimal output, tariffs, and surplus subsidy schemes, and presents all of the material graphically, with clear explanations of often highly technical topics.Kenneth E. Train is Associate Adjunct Professor in the Department of Economics and Graduate School of Public Policy at the University of California, Berkeley. He is also Principal of the firm Cambridge Systematics.Topics include: The cost structure of natural monopoly (economies of scale and scope). Characterization of firstand second-best optimality. Surplus subsidy schemes for attaining first-best optimality. Ramsey prices and the Vogelsang-Finsinger mechanism for attaining them. Time-ofuse (TOU) prices and Riordan s mechanisms for attaining the optimal TOU prices Multipart and self-selecting tariffs, and Sibley s method for using self-selecting tariffs to achieve optimality. The Averch-Johnson model of how rate-of-return regulation induces inefficiencies. Analysis of regulation based on the firm s return on Output, costs, or sales. Price-cap regulation. Regulatory treatment of uncertainty and its impact on the firm s behavior. Methods of attaining optimality without direct regulation (contestability, auctioning the monopoly franchise.). Codice libro della libreria BTE9780262200844

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Descrizione libro The MIT Press, 1991. Hardcover. Condizione libro: New. Codice libro della libreria DADAX0262200848

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Kenneth Train
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Descrizione libro The MIT Press, 1991. Hardcover. Condizione libro: New. book. Codice libro della libreria 0262200848

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Descrizione libro 1991. Hardback. Condizione libro: NEW. 9780262200844 This listing is a new book, a title currently in-print which we order directly and immediately from the publisher. Codice libro della libreria HTANDREE01140929

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Kenneth E. Train
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Descrizione libro MIT Press, 1991. HRD. Condizione libro: New. New Book. Shipped from UK in 4 to 14 days. Established seller since 2000. Codice libro della libreria WM-9780262200844

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