By Jean-Jacques Laffont
Extra then only a textbook, A thought of Incentives in Procurement and Regulation will advisor economists' study on law for future years. It makes a tricky and big literature of the recent regulatory economics available to the typical graduate pupil, whereas delivering insights into the theoretical principles and stratagems now not to be had in different places. in response to their pathbreaking paintings within the software of principal-agent idea to questions of legislation, Laffont and Tirole advance an artificial technique, with a specific, notwithstanding now not specific, specialize in the rules of ordinary monopolies resembling army contractors, application businesses, and transportation gurus. The book's transparent and logical association starts off with an advent that summarizes regulatory practices, recounts the heritage of proposal that resulted in the emergence of the hot regulatory economics, units up the fundamental constitution of the version, and previews the industrial questions tackled within the subsequent seventeen chapters. The constitution of the version constructed within the introductory bankruptcy is still an analogous all through next chapters, making sure either balance and consistency. The concluding bankruptcy discusses vital components for destiny paintings in regulatory economics. every one bankruptcy opens with a dialogue of the commercial matters, a casual description of the acceptable version, and an outline of the implications and instinct. It then develops the formal research, together with enough reasons for people with little education in info economics or video game conception. Bibliographic notes offer a old standpoint of advancements within the zone and an outline of complementary study. unique proofs are given of all significant conclusions, making the publication worthwhile as a resource of contemporary examine ideas. there's a huge set of evaluation difficulties on the finish of the ebook. Jean-Jacques Laffont is Professor of Economics at Université des Sciences Sociales in Toulouse the place Jean Tirole is medical Director on the Institut d'Economié Industrielle.
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Extra info for A theory of incentives in procurement and regulation
Railroads received subsidies after their nationalization in 1976. S. 13 In the case of public enterprises such as Ã lectricitÃ© de France, which are not supposed to receive transfers from the government but can borrow 13. Unlike defense procurement, postal costs are covered partly by the government and partly by the private users. S. Postal Reorganization Act states that postal rates must provide sufficient revenues so that total estimated income and appropriations equal total estimated costs. Â < previous page 34 page_10 next page > 35 If you like this book, buy it!
Previous page page_9 next page > Page 9 differ for the procurement of a weapons system and for the regulation of an electric utility. To grasp the rationale behind these points of departure, we must first understand more 32 33 primitive differences that result from the very definition of procurement and regulation. Although taxonomies are always arbitrary, we find it instructive to refer to procurement when the firm supplies a good to the government and to regulation when it supplies a good to consumers on behalf of the government.
Choose prices so as to equate revenue and cost over some regulatory period" or ''charge marginal cost for each product" is not a complex rule, yet either one is informationally very demanding. While regulatory rules must be fully comprehended by agency personnel, the complexity of rules does not seem to be a major obstacle to efficient regulation. An optimal regulatory rule is likely to use pieces of information about technology and demand held by the regulator. There is nothing wrong with the use of an informationally demanding rule.