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This paper examines the pari-mutuel industry in Florida and concludes that the present regulatory structure has failed to achieve reasonable economic goals of regulation. Specifically, economic rents generated by state-created exclusive... more
This paper examines the pari-mutuel industry in Florida and concludes that the present regulatory structure has failed to achieve reasonable economic goals of regulation. Specifically, economic rents generated by state-created exclusive territorial franchises are accruing to private individuals rather than the state. In addition, vertical integration and systems of factor payments are discussed in terms of the difficulties they present for effective regulation. The study develops a set of recommendations for restructuring parimutuel regulation which would increase state revenues.
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Public-private collaboration in infrastructure projects takes place in a variety of institutional frameworks worldwide. This volume considers the different cultural, political and legal settings in the US, UK, Japan and other countries... more
Public-private collaboration in infrastructure projects takes place in a variety of institutional frameworks worldwide. This volume considers the different cultural, political and legal settings in the US, UK, Japan and other countries and regions where policymakers are reconsidering traditional mechanisms for raising and deploying capital.
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1. Introduction to regulatory economics Part I. Optimal pricing and investment for natural monopolies: 2. Natural monopoly and the justification for regulation 3. Efficient pricing using linear prices 4. Efficient pricing using nonlinear... more
1. Introduction to regulatory economics Part I. Optimal pricing and investment for natural monopolies: 2. Natural monopoly and the justification for regulation 3. Efficient pricing using linear prices 4. Efficient pricing using nonlinear prices 5. Peak-load pricing 6. Pricing and capacity under stochastic demand 7. Sustainability of natural monopolies Part II. Natural monopoly regulation in practice: 8. Regulation in practice: Why and how are firms regulated? 9. Models of regulatory constraints 10. Technological change under regulation 11. Partial regulation, deregulation, and diversification 12. Alternatives to traditional regulation.
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Many water utilities in low income countries, in an effort to revamp their performances often begin with heavy infrastructural investment projects. Experience has shown that focussing on this engineering approach alone does not deliver... more
Many water utilities in low income countries, in an effort to revamp their performances often begin with heavy infrastructural investment projects. Experience has shown that focussing on this engineering approach alone does not deliver the required efficiency gains. In this paper, we make use of data drawn from the operations of 14 NWSC utilities and our study covers the period 1995-2004. Due the non-availability of input price data and the need to account for ‘noise’ the study uses stochastic frontier analysis(SFA) to show that after a long spell of engineering orientation, a shift in emphasis to commercial/commercial orientation has a positive impact on reduction of utility technical inefficiencies.
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A Duopoly Model of Technological Externalities: Standards and Compatibility
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ABSTRACT
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Broadband infrastructure is a key component of the knowledge economy. Employing a secondary data set, this study examines adoption factors of fixed broadband among OECD countries. The results suggest platform competition, income, and... more
Broadband infrastructure is a key component of the knowledge economy. Employing a secondary data set, this study examines adoption factors of fixed broadband among OECD countries. The results suggest platform competition, income, and education positively influence fixed broadband diffusion. Light form of Local Loop Unbundling (LLU) was positively associated with high levels of fixed broadband diffusion. Results show that it may be beneficial for countries to pursue light-touch LLU regulation like bitstream access instead of strong regulation. This study also suggests that network effects and the effects of platform competition coexist in many OECD countries.
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The electric utility industry is in the process of adjusting to the 1992 Energy Policy Act, recent Federal Energy Commission Orders, and other developments in energy markets. Structural and regulatory proposals are being considered (or... more
The electric utility industry is in the process of adjusting to the 1992 Energy Policy Act, recent Federal Energy Commission Orders, and other developments in energy markets. Structural and regulatory proposals are being considered (or have been adopted) in a number of states. At the federal level, the Federal Energy Regulatory Commission (FERC) continues to examine the implications of alternative regulatory scenarios for the efficiency and reliability of electricity supply to the nation`s residences and industries. The three Energy Forums described here represent a useful step in monitoring developments outside Florida and identifying lessons that can be learned from the experiences of others. This overview cannot capture the full scope of the presentations and related discussions. However, it provides a mechanism for summarizing some of the key points raised by speakers and other participants.
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Water service to the urban poor presents challenges to political leaders, regulators and managers. We identify technology mixes of yard taps, public water points (with and without pre-paid meters) to meet alternative constraints, and... more
Water service to the urban poor presents challenges to political leaders, regulators and managers. We identify technology mixes of yard taps, public water points (with and without pre-paid meters) to meet alternative constraints, and reflecting populations served and investment requirements. Three investment scenarios have different implications for improving water access to over 400,000 citizens in Kampala. One component, pre-paid water meters, can promote social equity and institutional sustainability. If procedural justice is given as much weight as distributive justice in the selection of pro-poor programs, pre-paid meters (the ultimate cost recovery tool) can have a place in the investment plan. The study examines how public stand pipes (and a combination of other options) can meet both financial constraints and social objectives. Financial considerations cannot be wished away when seeking effective strategies for achieving the Millennium Development Goals.
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Some might argue that the term ‘incentive’ in incentive regulation is redundant. Government intervention by definition establishes a system of rewards and penalties for private decision-makers. The resulting incentives can be... more
Some might argue that the term ‘incentive’ in incentive regulation is redundant. Government intervention by definition establishes a system of rewards and penalties for private decision-makers. The resulting incentives can be dysfunctional, but regulation cannot help but create incentives of some type. Clearly, regulation affects behaviour, as evidenced by traditional and more recent varieties of regulation. The key question is how to make the intervention productive, promoting the achievement of economic objectives at minimum cost. The purpose of this training program is to identify lessons that emerge from worldwide experience and to develop policies that build on fundamental economic principles.
An earlier (and much shorter) version of this paper was presented at a seminar organized
Compared with the historical emphasis on fairness, production efficiency and improved price signals have taken on greater importance as public policy objectives in the area of energy. The evolution of U.S. energy policy illustrates... more
Compared with the historical emphasis on fairness, production efficiency and improved price signals have taken on greater importance as public policy objectives in the area of energy. The evolution of U.S. energy policy illustrates changing attitudes towards the efficacy of competition in promoting efficiency. Multiple goals still complicate the process, however. For example, suppliers have invested in different types of generating capacity partly in response to laws and regulations. Some of these outlays can be translated into "stranded costs " to the extent that incumbents made investments that might have seemed reasonable at the time. Under competitive conditions, incumbents would be unable to generate cash flows adequate to provide the required return on those investments. Similarly, state-mandated conservation programs may not be compatible with competition in electricity generation and retail supply. The one certainty is that continued vertical disintegration and par...
A licao fundamental que emerge deste estudo sobre a regulacao dos prestadores de servicos publicos de agua e esgoto de propriedade publica nos paises em desenvolvimento e que a regulacao do setor deve ser incorporada em um marco... more
A licao fundamental que emerge deste estudo sobre a regulacao dos prestadores de servicos publicos de agua e esgoto de propriedade publica nos paises em desenvolvimento e que a regulacao do setor deve ser incorporada em um marco institucional adequado e consistente, para ter um impacto positivo sobre o desempenho. A regulacao do setor, por si so, nao e garantia de melhorias de desempenho nos servicos de abastecimento de agua e de esgotamento sanitario. Os estudos de caso e as analises empiricas sugerem que, sem mudancas significativas no ambiente institucional, as ferramentas tipicas de regulacao nao serao eficazes. Esta conclusao e preocupante, especialmente para os paises em desenvolvimento, uma vez que significa que a criacao de uma agencia reguladora pode elevar expectativas, mas, em ultima instância, as regras da agencia podem nao ser de melhorar o desempenho do(s) prestador(es), sem que sejam tomadas iniciativas adicionais politicamente dificeis.
Research Interests: Water, Natural Resources, Political Science, Water resources, Economic Development, and 11 moreNatural Resources and Rural Development, Recursos Hidricos, Drinking Water, Agua, Recursos Naturales, Agua potable, Desarrollo Economico, Economic Regulation, Sewerage, Derecho De Regulacion Económica, and Alcantarillado
When economic activity leads to pollution and over-use of common property resources, government intervention can improve social welfare. Pollution involves a market failure in which damages caused by a producer or consumer are imposed on... more
When economic activity leads to pollution and over-use of common property resources, government intervention can improve social welfare. Pollution involves a market failure in which damages caused by a producer or consumer are imposed on third parties. These damages can involve personal health, physical deterioration of buildings, and foregone options for the future. Of course, if transactions costs are low, those causing pollution damages could be taken to court if the liability rules are clear. Common property resources present similar problems, such as losing unique ecological habitats, endangering particular species, or destroying valued scenic vistas. Since there may not be clear property rights to such elements of the environment, these common property resources can be overutilized. Identifying the pollution sources and determining the extent of the environmental protection can be problematic, so environmental laws are generally passed to address these market failures. In both...
www.citihandlowy.pl Bank Handlowy w Warszawie S.A. One of the basic principles of conduct for employees of Bank Handlowy w Warszawie S.A. (hereinafter: the “Bank”), operating under the brand of Citi Handlowy, is care of natural... more
www.citihandlowy.pl Bank Handlowy w Warszawie S.A. One of the basic principles of conduct for employees of Bank Handlowy w Warszawie S.A. (hereinafter: the “Bank”), operating under the brand of Citi Handlowy, is care of natural environment. The Bank’s activity is pursued in an ecological and socially responsible manner, also following the principle of sustainable development. Any proenvironmental actions of the Bank will constantly be improved and any adverse environmental impact will be mitigated.
Hydroelectric power plants account for more than 85 percent of the electricity produced in Brazil. The net social benefits of hydro depend on initial investment and the timing of cash flows based on a plant’s Capacity Factor--CF (and... more
Hydroelectric power plants account for more than 85 percent of the electricity produced in Brazil. The net social benefits of hydro depend on initial investment and the timing of cash flows based on a plant’s Capacity Factor--CF (and valuation of non-monetary impacts over time). The inter-temporal timing issue also involves balancing the use of the energy stored in reservoirs and the likelihood of future replenishment in the presence of climate variability. The purpose of this study is to present the facts regarding CFs for hydroelectric plants in Brazil: by region and plant size (large, small, and micro). The study also describes how the planning for expansion has been affected by ecological and social concerns. Plants with large reservoirs are not feasible under new environmental regulations, probably resulting in greater dependence on fossil fuels in the future—leading to a different set of negative environmental impacts. In addition, comparisons with wind are presented, since th...
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Key performance indicators (KPIs) are widely recognized as a basis for evaluating water utility operations in developing countries and for designing both regulatory and managerial incentives that improve performance. A number of... more
Key performance indicators (KPIs) are widely recognized as a basis for evaluating water utility operations in developing countries and for designing both regulatory and managerial incentives that improve performance. A number of methodolgies can be used for assessing performance, with KPIs and overall performance indicators serving as more comprehensible and potentially more comprehensive than more technical empirical benchmarking studies. Data initiatives in low and middle income countries require resources that could be used for other activities with more immediate payoffs. However, regulatory oversight requires data analysis of trends, current performance, and realistic targets. Quantitative studies can provide clues regarding the extent of economies of scale, scope, and density, but policy-makers need much more detail and specificity than most scholars provide. Here, the focus is on information systems that provide accurate, reliable, and relevant data. KPIs represent the founda...
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