Modeling welfare loss asymmetries arising from uncertainty in the regulatory cost of finance

Ian M. Dobbs

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Modeling welfare loss asymmetries arising from uncertainty in the regulatory cost of finance

机译：建模由金融监管成本不确定性引起的福利损失不对称

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The allowed rate of return (AROR) is a critical input in the regulatory assessment of revenue requirements, price caps and other controls. Errors in estimating AROR impact on investment incentives and price setting and hence can induce welfare loss. It is often suggested that the welfare losses that arise from under-esti-mation of the AROR may be significantly greater than arise from over-estimation. However, to date, this proposition has not been examined in any detail. This paper assesses the extent of welfare loss asymmetry and its implications for the choice of AROR.

机译：允许的收益率（AROR）是对收入要求，价格上限和其他控制措施进行监管评估的关键输入。估算AROR的错误会影响投资动机和价格设定，因此可能导致福利损失。经常有人建议，由于对AROR的低估而导致的福利损失可能远远大于因高估而引起的福利损失。但是，迄今为止，尚未对该提议进行任何详细的研究。本文评估了福利损失的不对称程度及其对选择AROR的影响。

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《Journal of regulatory economics》 |2011年第1期|p.1-28|共28页
作者
Ian M. Dobbs;
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作者单位

Newcastle University Business School, Newcastle University, Newcastle Upon Tyne, UK;

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正文语种 eng
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关键词
allowed rate of return; price cap; regulation; simulation; WACC; welfare loss;

机译：允许的回报率;价格上限;规;模拟;WACC;福利损失;

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Modeling welfare loss asymmetries arising from uncertainty in the regulatory cost of finance

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