The Regulation of Monopoly
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Book Overview
Competition may not function well where technology calls for large and complex investments, as in the electrivity industry where public utilities often provide service. This book presents economic welfare foundations for the purpose of evaluating how well, from a social point of view, an enterprise performs when competition is unable to function. Problems with existing institutions are emphasized. Topics treated include welfare measures and their uses in peak-load pricing, second-best pricing, and income distribution. Professor Sherman covers public choice difficulties of government intervention, and describes problems with incentives in statutory monopolies and efforts to overcome them through the study of principal-agent relationships. Contestability and sustainable prices are also discussed, as well as effects of uncertainty and imperfect information.
Format:Paperback
Language:English
ISBN:0521368626
ISBN13:9780521368629
Release Date:March 1989
Publisher:Cambridge University Press
Length:328 Pages
Weight:1.00 lbs.
Dimensions:0.6" x 5.9" x 8.9"
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