{"id":11123,"date":"2014-10-15T03:28:47","date_gmt":"2014-10-15T07:28:47","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=11123"},"modified":"2014-10-15T03:28:47","modified_gmt":"2014-10-15T07:28:47","slug":"jean-tirole-how-to-regulate-monopolies","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/10\/15\/jean-tirole-how-to-regulate-monopolies\/","title":{"rendered":"Jean Tirole: How to regulate monopolies"},"content":{"rendered":"<p>Catherine De Fontenay and Sven Feldmann discuss Nobel prize-winner Jean Tirole&#8217;s work on how to regulate monopolies:<\/p>\n<blockquote><p>If the regulator imposes a rigid price cap, the firm has an incentive to operate efficiently and minimise costs; but since the regulator does not know the firm\u2019s overall costs, the firm may either be very profitable or at the brink of bankruptcy depending on where the price cap was set. To avoid this problem regulators moved to regulating the rate-of-return the firm is allowed to earn based on what is deemed a \u201creasonable\u201d rate of return on the firm\u2019s investments.<\/p>\n<p>But as a result the firm no longer has an incentive to operate efficiently\u2014indeed, additional capital investments raise the cost-base on which the rate of return is calculated and thus increase the firm\u2019s total profits. In the context of the Australian electricity grid this phenomenon is known as \u201cgold-plating\u201d. Thus each of these two forms of regulation addresses one problem while exacerbating the other&#8230;.<\/p><\/blockquote>\n<p>This is a common problem in dealing with public utilities and even with departments within government. Absence of competition bedevils the process. Fixed price caps lead to poor quality service, while cost-plus pricing introduces an incentive to inflate expenses. The challenge is to balance the two incentives: negotiate low-margin, cost-plus pricing but with incentives for service quality and efficiency.<\/p>\n<p>Read more at <a href='https:\/\/theconversation.com\/nobel-economics-prize-winner-an-economist-and-a-gentleman-33017'>Nobel economics prize winner an economist and a gentleman<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Catherine De Fontenay and Sven Feldmann discuss Nobel prize-winner Jean Tirole&#8217;s work on how to regulate monopolies: If the regulator imposes a rigid price cap, the firm has an incentive to operate efficiently and minimise costs; but since the regulator does not know the firm\u2019s overall costs, the firm may either be very profitable or &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/10\/15\/jean-tirole-how-to-regulate-monopolies\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Jean Tirole: How to regulate monopolies&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[49],"tags":[1939,2361,2814],"class_list":["post-11123","post","type-post","status-publish","format-standard","hentry","category-economic-theory","tag-jean-tirole","tag-monopoly","tag-public-utilities"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Jean Tirole: How to regulate monopolies - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jean Tirole: How to regulate monopolies - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Catherine De Fontenay and Sven Feldmann discuss Nobel prize-winner Jean Tirole&#8217;s work on how to regulate monopolies: If the regulator imposes a rigid price cap, the firm has an incentive to operate efficiently and minimise costs; 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Photographer: Carina Johansen\/Bloomberg Orsted A\/S has withdrawn from\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"UK Electricity Prices","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-18-uk-wind-596x421.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-18-uk-wind-596x421.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-11-18-uk-wind-596x421.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":8304,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/08\/19\/auto-makers-run-factories-full-bore-to-avoid-new-investments-wsj-com\/","url_meta":{"origin":11123,"position":1},"title":"Auto Makers Run Factories Full-Bore to Avoid New Investments | WSJ.com","author":"ColinTwiggs","date":"August 19, 2013","format":false,"excerpt":"Christina Rogers reports how more flexible union agreements have allowed automakers to wring additional production out of existing plants. Nearly 40% of car factories in North America now operate on work schedules that push production well past 80 hours a week, compared with 11% in 2008, said Ron Harbour, a\u2026","rel":"","context":"In &quot;US &amp; Canada&quot;","block_context":{"text":"US &amp; Canada","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/us-canada-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20478,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/05\/07\/apple-inc-aapl-2\/","url_meta":{"origin":11123,"position":2},"title":"Apple Inc (AAPL)","author":"Colin Twiggs","date":"May 7, 2020","format":false,"excerpt":"Stock: Apple Inc Exchange: NASDAQ Symbol: AAPL Date: 7-May-20 Latest price: $300.63 Market Cap: $1.3 Tn Fair Value: $181.52 Forward P\/E: 25.06 FV Payback (Years): 11 Forward Dividend Yield: 1.10% Debt\/FCF: 2.1 Financial Y\/E: 28-Sep-20 Rating: HOLD Sector: Technology Industry: Consumer Electronics Investment Theme: LT Growth Structural Trends: Growth of\u2026","rel":"","context":"In &quot;International Growth&quot;","block_context":{"text":"International Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/international-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3837,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/03\/17\/why-i-am-leaving-goldman-sachs-nytimes-com\/","url_meta":{"origin":11123,"position":3},"title":"Why I Am Leaving Goldman Sachs &#8211; NYTimes.com","author":"ColinTwiggs","date":"March 17, 2012","format":false,"excerpt":"Greg Smith: I hope this can be a wake-up call to the board of directors. Make the client the focal point of your business again. Without clients you will not make money. In fact, you will not exist. Weed out the morally bankrupt people, no matter how much money they\u2026","rel":"","context":"In &quot;Other&quot;","block_context":{"text":"Other","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/other\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18041,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/03\/27\/netflix-inc-nflx-2\/","url_meta":{"origin":11123,"position":4},"title":"Netflix Inc. (NFLX)","author":"Colin Twiggs","date":"March 27, 2019","format":false,"excerpt":"Stock: Netflix Inc. Exchange: Nasdaq Symbol: NFLX Date: March 26, 2019 Latest price: $359.97 Market Cap: $157.2 bn Forward P\/E: 87.0 Financial Y\/E: December 31 Rating: Sell Sector: Consumer Cyclical Industry: Media - Diversified Investment Theme: Long-term Growth Structural Trends: Online Internet services. Financial Performance Revenue International growth is key\u2026","rel":"","context":"In &quot;International Growth&quot;","block_context":{"text":"International Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/international-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28399,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/10\/19\/air-products-chemicals-inc-apd\/","url_meta":{"origin":11123,"position":5},"title":"Air Products &#038; Chemicals Inc (APD)","author":"Colin Twiggs","date":"October 19, 2021","format":false,"excerpt":"Green hydrogen is most useful in sectors where batteries and electricity aren\u2019t feasible or too expensive, such as steel making and bulk transportation, according to Michael Liebreich, chief executive at Liebreich associates and founder of Bloomberg New Energy. In the case of steel making, which contributes 8% of the world\u2019s\u2026","rel":"","context":"In &quot;International Growth&quot;","block_context":{"text":"International Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/international-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=11123"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/11123\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=11123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=11123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=11123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}