ENGLISH

Regulatory Risk: Economic Principles and Applications to Natural Gas Pipelines and Other Industries

By William B. Tye , A. Lawrence Kolbe , Stewart C. Myers (auth.)

Book information

Publisher
Springer US
Year
1993
ISBN
978-1-4613-6421-4, 978-1-4615-3234-7
DOI
10.1007/978-1-4615-3234-7
Language
english
Format
PDF
Filesize
12 MB (13065942 bytes)
Series
Topics in Regulatory Economics and Policy Series 14
Edition
1
Pages
345\356
Orientation
yes
Scanned
yes
Time added
2013-08-01 04:00:00
Industrial Organization; Environmental Management;

Description

It is common to assert that utility investors are compensated in the allowed rate of return for the risk of large disallowances, such as arise for investments found imprudent or not `used and useful'. However, this book develops a new theory of asymmetric regulatory risk that shows that infallible estimates of the cost of capital are sure to provide downward-biased estimates of the necessary allowed rates of return in the presence of such regulatory risks. The book uses the new theory of regulatory risk to understand recent developments in the risk of natural gas pipelines and other regulated industries.

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