globalchange  > 气候变化与战略
DOI: 10.1016/j.enpol.2020.111355
论文题名:
Capital bias in the Nordic revenue cap regulation: Averch-Johnson critique revisited
作者: Kuosmanen T.; Nguyen T.
刊名: Energy Policy
ISSN: 03014215
出版年: 2020
卷: 139
语种: 英语
中文关键词: Electricity transmission and distribution ; Incentive regulation ; Monopoly ; Price-cap ; Revenue-cap
英文关键词: Earnings ; Numerical models ; Transmissions ; Consumer surplus ; Electricity transmission ; Functional forms ; Incentive regulations ; Monopoly ; Price caps ; Production function ; Rate-of-return regulations ; Competition ; capital formation ; computer simulation ; conceptual framework ; electricity supply ; incentive ; monopoly ; numerical model ; policy reform ; regulatory framework
英文摘要: Nordic energy market reform and the regulation of local monopolies in electricity transmission and distribution sectors have served as role models for many other countries worldwide. The first contribution of this paper is to clarify the conceptual distinction between the Nordic revenue cap approach and the British revenue cap regulation. Our second contribution is to show that the Nordic revenue cap is similar to the U.S.-style rate of return regulation in that both are subject to capital bias, known as the Averch-Johnson effect. The third contribution of this paper is to examine the magnitude of the capital bias and its welfare effects by means of numerical simulations. We show that the Nordic revenue cap generally decreases the monopoly profit, increases the output, decreases the price, and hence increases consumer surplus compared to the unregulated monopoly. The simulation results prove robust to changes in the parameter values and the functional form of the production function. Our numerical simulations reveal that relatively light handed regulation suffices to yield the main benefits. © 2020
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资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/167288
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作者单位: Aalto University School of Business, Espoo, 02150, Finland

Recommended Citation:
Kuosmanen T.,Nguyen T.. Capital bias in the Nordic revenue cap regulation: Averch-Johnson critique revisited[J]. Energy Policy,2020-01-01,139
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