Price-cap versus rate-of-return regulation

Rate-of-return regulation has been criticized for providing inappropriate incentives to regulated firms and for being costly to administer. An alternative is price-cap regulation, by which ceilings (caps), based on indices of price and technological change are imposed, below which the regulated firm has full pricing freedom. The differences and similarities of the two are reviewed herein in the light of recent literature. In practice, price-cap is not distinct from rate-of-return regulation. Especially for the multiproduct firm, information requirements—the ultimate source of problems with rate-of-return regulation—are comparables. Price-cap regulation fails to address the real regulatory issue of whether an industry is, in whole or in part, a natural monopoly.     

An expository note on depreciation and profitability under rate-of-return regulation

This note provides a simple, general proof that if a regulated firm is allowed to earn its actual (nominal) one-period cost of capital on the depreciated original cost of its investments, and if actual earnings equal allowed earnings, then the net present value of all investments is zero for any method of computing depreciation. Some implications and extensions of this Invariance Proposition are discussed.     

A note on the effect of rate-of-return regulation under uncertainty

This paper corrects the errors of Peles and Stein's capital-setting (i.e., capital is ex-ante) model and Das' quantity-setting (i.e., all inputs are ex-ante) model. It also shows that rate-of-return regulated firms always overcapitalize in the quantity-setting case, but may overcapitalize, undercapitalize or produce efficiently in the capital-setting case.     

The effects of rate-of-return regulation on the intensity of use and durability of capital

It has been suggested that rate-of-return regulation reduces the incentives for technically efficient management, because regulation eliminates much of the gain firms might normally expect to realize from such efficiency. Rather than relying upon notions of managerial slack or X- inefficiency, this paper demonstrates that under-utilization of existing capital and a sub-optimal choice of the capital stock's durability can be explained as rational profit-maximizing responses to the regulatory incentives.     

Incentive effects of rate-of-return regulation: The case of Hong Kong electric utilities

A comparison of Hong Kong and United States rate-of-return regulation indicates differences in the definition of the rate base and in the proportion of it permitted a fair rate of return. These differences imply that Hong Kong electric utilities utilize proportionately more fixed (less current) assets, and that these assets are financed proportionately more by equity (less by debt), than their United States counterparts. Our results support both these predictions, providing further evidence that since rate-ofreturn regulation is implemented by reference to reported results, comparatively minor differences in regulatory frameworks can have quite dramatic consequences for utilities' asset structure and financing mix.     

Pricing flexibility under rate-of-return regulation: Effects on network infrastructure investment

When a commodity market relies upon a regulated network service industry—e.g., telecommunications, electricity, or natural gas transmission—economic efficiency in that commodity market is a crucial consideration for regulatory design. This is because insufficient infrastructure investment relative to network demand results in congestion. The extraction of associated rents has distortionary effects on commodity spot market prices. Greater regulatory flexibility in network pricing can alleviate such issues by cultivating the incentives needed for stakeholders to invest in transmission capacity. To illustrate this effect I derive and numerically solve stylized optimality conditions for access and usage prices for a gas pipeline operator under alternative regulatory models. My results have general implications for regulation in network infrastructure industries, as energy and telecommunications markets are expected to expand considerably over the coming decades.     

Learning-by-doing and input demand of a rate-of-return regulated firm

The significance of learning by doing to input demand of a cost-minimizing rate-of-return-regulated firm is examined. Using a panel data, the results indicate that the firm's cost and input demand decisions are both influenced by learning-by-doing. The firm's cost and the rate-base (capital) input requirements decline as learning-by-doing measured by cumulative production expands. However, LBD may have different effects on the non-rate-base inputs (labor and fuel) considered in this study. While LBD ambiguously reduces fuel usage, it moderately increases labor employment. In addition to changing input intensity, LBD also influences returns to scale and elasticity of substitution.     

论目前中国经济运行的基本态势--生产性过剩的产生与化解

最近一个时期 ,我国经济运行出现增长过剩的势头。增长是好事 ,过剩则意味着诸多经济摩擦的发生。如果不加以抑制和化解 ,它对经济运行必将产生严重危害。在目前 ,生产性过剩颇令人关注。就此进行经济学的分析和评价 ,对于探讨当前我国经济运行的走向或许是有益的。     

垄断资本主义制度下的经济剩余和剩余价值#br#

经济剩余范畴招致了诸多质疑与反对,并且,巴兰和斯威齐似乎也并未完全理解经济剩余的所有理论意涵。本文的主要目的在于从现代垄断资本主义的实际运行的角度考察经济剩余与剩余价值之间的关系。为了考察垄断资本主义制度下积累动力的决定性因素,有必要超越纯粹比较性的分析框架,采用动力学框架才有可能领会经济剩余这一范畴的重要性,并且才能理解它在马克思的资本主义发展理论中的地位。因此,文本从比较经济剩余与剩余价值的角度,探讨了资本积累(以及利润率水平) 与非生产劳动之间的关系。该方法有助于厘清与马克思的价值理论和垄断资本主义运行规律有关的一些理论难题。     

中国通用航空产业补贴效率及最优补贴制度研究—以低空飞行服务业为例

补贴效率是检验补贴制度设计合理性、运行有效性的核心标准。研究发现,我国通用航空飞行服务业补贴制度存在相对供给挤占、暂时性收益陷阱、恶性亏损经营和资金体内循环4类突出的效率损失及福利侵蚀问题,补贴对通航运营企业经营效益提升无显著影响。立足补贴效率受损形式并顺应有效供给和需求严重不足的产业发展矛盾,以社会福利和外部性为核心,从结构重塑、机制优化两个维度出发,全面建立我国通用航空飞行服务业补贴制度并探讨最优补贴边界,最大化补贴效益。首先,以需求二维影响机制为理论支撑,搭建“需求侧保险费率补贴制度+供给端弹性补贴计划”的双侧补贴模式,减缓有效供需规模偏小对企业短期非理性补贴行为的过度激化。其次,从调整补贴标准、丰富补贴层次、规范补贴流程、定位补贴属性4个方面着手深度优化供给侧补贴计划,并以应用事后补贴安排、筹建再保险补贴基金的形式细化需求侧补贴内容,以期最大程度减少补贴效率损耗对预期补贴福利的影响。     

盈余管理动机与审计研究

资本市场会计信息质量不高，盈余管理行为盛行，使得监管的难度加大，审计质量很难有保障。盈余管理的动机很多，而且在不同国家其表现形式有较大的区别，最主要的影响因素是这个国家的资本市场规则，以及政治环境等。本文研究了国内外不同的盈余管理动机，对注册会计师进一步提高独立审计的质量有所裨益。     

高校津补贴审计的重点和难点

合理的收入分配制度是社会公平正义的重要体现,是社会主义经济体制的重要体现。为了促进收入分配制度在高校的有效执行,笔者从高校津补贴为研究出发点,分析研究了高校津补贴的主要特点,以及高效津补贴的必要性和关键所在,并从审计角度提出了强化高校津补贴管理的思路,期望通过分析能为当前高校津补贴的规范使用提供指引。     

剩余劳动力及其转移问题的探讨

我国全面建设小康社会的关键是“三农”问题。而“三农”问题的难点在于农业剩余劳动力转移。要想使我国农业剩余劳动力顺利转移。首先必须明确农业剩余劳动力的概念，然后找出影响农业剩余劳动力转移的制约因素，只有这样才能对症下药，提出我国农业剩余劳动力转移的对策。     

当前农业生产过剩的特征及原因

１９９６年下半年以来，我国的供求关系逐渐由短缺逆转为普遍的供大于求的运行态势，出现了生产过剩、有效需求不足现象；其中农业方面尤以为甚。本文对此试作探寻。一、农业生产过剩的特征生产过剩、有效需求不足体现了供给与需求的矛盾，总量过剩背后是供求结构的不协调。１．从需求方面分析。我国农村居民消费结构升级滞缓，消费需求增长缓慢。１９７８年城镇居民消费水平为４０５元，农村为１３８元，前者为后者的２．９３倍，二者绝对值差额为２６７元。到１９９５年城镇人均消费水平为５０４４元，农村为１４７９元，前者为后者的３．…     

国外农村劳动力转移的经验与启示

世界各国经济发展水平不同,劳动力转移的道路、方向、模式也不尽相同。应借鉴国外农村劳动力转移的经验教训,探寻我国农村劳动力转移的方向和道路,有利于促进我国农村劳动力有序转移。     

Surplus Extraction and Competition

A competitive economy is studied in which sellers offer alternative direct mechanisms to buyers who have correlated private information about their valuations. In contrast to the monopoly case where sellers charge entry fees and extract all buyers' surplus, it is shown that in the unique symmetric equilibrium with competition, sellers hold second price auctions with reserve prices set equal to their cost. Most important, it is a best reply for sellers not to charge entry fees of the kind normally used to extract surplus, even though it is feasible for them to do so.     

国外粮食直接补贴政策及启示

近年来,发达国家逐步减少或取消支持价格政策,转向对农民的直接补贴.目前,我国的粮食直接补贴政策对提高农民收入及农民种粮积极性等方面并没达到预期效果,运作方式仍需改善.     

能源价格改革和财政补贴

经济的快速增长需要大量的能源作支撑,为了更好地服务经济,使其健康、快速发展,确保足够的能源供应,能源价格市场化改革迫在眉睫.当前,不断蔓延的世界金融危机,为我国实行能源价格改革提供了难得的机遇和空间,应该抓住有利时机,顺利推进能源资源改革,制定配套的财政补贴政策,保证能源改革不断深化.