Overview

This clear, precisely written text presents an important branch of the modern, micro-economically based theory of industrial organization and of public finance, utilizing calculus only.Answers are provided to some pertinent economic questions, such as the pricing policies of vote-seeking politicians, of empire-building bureaucrats and of out-put-maximizing and energy-saving public utilities. These policies are compared with the welfare economic benchmark rules e.g. on marginal cost pricing and Ramsey pricing. Great significance is attached to price regulation.The book elucidates the recent replacement of rate of return regulation by price-cap regulation. It also explains why many simple rules like yardstick regulation fail to achieve optimal prices, which shows how complicated it is to induce managers to truthfully reveal their private information. How this can be achieved properly is shown in various principal-agent models on regulation with uncertain costs, uncertain demand and with soft budget constraints.

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9780080514703

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... our appreciation to Professor Bos for his brilliant contribution ... which is a clearly and precisely written text which represents an important branch of the modern, micro-economic based theory of industrial organization and public finance, utilizing calculus. ... the book is highly recommended for acquisition by every established library.Journal of Financial Management & AnalysisReaders will find highly valuable the wide coverage of the book, its clear and pedagogical presentation, and the author's normative and positive approaches. His critical appraisal of the various topics also gives very useful insight in the unsolved issues waiting for further research.Journal of Economics

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