SOCIAL CONTRACTS AND PIPE DREAMS
作者:
JEROME ELLIG,
JACK HIGH,
期刊:
Contemporary Economic Policy
(WILEY Available online 1992)
卷期:
Volume 10,
issue 1
页码: 39-51
ISSN:1074-3529
年代: 1992
DOI:10.1111/j.1465-7287.1992.tb00210.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
Economists' debate over the public utility “regulatory contract” has increasingly focused on three issues created by sunk costs: (i) Protection of sunk capital, (ii) Division of “windfalls” in a world of uncertainty, and (Hi) Mechanisms to control the regulator who administers long‐term agreements. This article uses these three criteria to evaluate regulatory alternatives in the natural gas industry. Facing similar problems under criteria 1 and 2 are: government regulation of pipelines as integrated gas merchants, government regulation of pipelines as gas transporters, and private regulation through competitive contracting. Private contracting, however, offers superior control over the contract administrator, because it removes the Federal Energy Regulatory Commission's monopoly on contract admin
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