Incentive Regulation and the Regulation of Incentives
The class is theory of price regulation assumed that the regulator knows the fIrm's costs, the key piece of information that enables regulators to pressure fmns to choose appropriate behaviors. The "regulatory problem" was reduced to a mere pricing proble
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Topics in Regulatory Economics and Policy Series
Michael A. Crew, Editor Graduate School of Management Rutgers University Newark, New Jersey, U.S.A. Previously published books in the series: Rowley, C., R. Tollison, and G. Tullock: Political Economy of Rent-Seeking Frantz, R.: X-Efficiency: Theory, Evidence and Applications Crew, M.: Deregulation and Diversification of Utilities Shogren, J.: The Political Economy of Government Regulation Hillman, J., and R. Braeutigam: Price Level Regulation for Diversified Public Utilities Einhorn, M.: Price Caps and Incentive Regulation in Telecommunications Crew, M.: Competition and the Regulation in Telecommunications Crew, M., and P. Kleindorfer: Competition and Innovation in Postal Services Thompson, H.: Regulatory Finance: Financial Foundations of Rate of Return Regulation Crew, M., and P. Kleindorfer: Economic Innovations in Public Utility Regulation Crew, M., and P. Kleindorfer: The Economics of Postal Service Crew, M., and P. Kleindorfer: Regulation and the Nature of Postal and Delivery Services Oren, S. and Steven S.: Service Opportunities for Electric Utilities: Creating Differentiated Products Kolbe, A. Lawrence, William B. Tye, and Stewart C. Myers: Regulatory Risk: Economic Principles and Applications to Natural Gas Pipelines Pechman, C.: Regulating Power: The Economics of Electricity in the Information Age
INCENTIVE REGULATION ANO THE REGULATION OF INCENTIVES
by Glenn 81ackmon Delta Pacific Olympia, WA
SPRINGER SCIENCE+BUSINESS MEDIA, LLC
Library of Congress Cataloging-in-Publication Data Blackmon, B. Glenn. Incentive regulation and the regulation of incentives / by Glenn Blackmon. p. cm. -- (Topics in regulatory economics and policy : [17]) Includes bibliographical references and index. ISBN 978-1-4613-6165-7 ISBN 978-1-4615-2706-0 (eBook) DOI 10.1007/978-1-4615-2706-0 1. Public utilities--UnitedStates. 2. Public utilities--Lawand legislation--United States. 3. Tax incentives--United States. I. Title. II. Series. HD2766.B545 1994 363.6'0973--dc20 94-18160 CIP
Copyright (l:) 1994 by Springer Science+Business Media New York Originally published by Kluwer Academic Publishers in 1994 Softcover reprint of the hardcover 1st edition 1994 AlI rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, mechanical, photo-copying, recording, or otherwise, without the prior written permission of the publisher, Springer Science+Business Media, LLC.
Printed on acid-free paper.
To my parents, and their parents
CONTENTS FOREWORD, by Richard J. Zeckhauser .......................... ix AC~OVVLE[XJ~NTS
INTRODUCfION . . .
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. . .... . .xi. . . . . . . . . . .... . .1. . . . . . . .
WHY INCENTIVES? .... .. ................ ... ......... . .. . .
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REGULATORY LAG, MONITORING, AND THE PROBLEM OF ABUSE. 23 INCENTIVE REGULATION AND THE HALF LOAF . . . . . . . . . . . . . .. 49 . CONSUMER SURPLUS: AN INCENTIVE SUBSIDY . . . . . . . . . . . . . .
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