Handbook of Telecommunications Economics [1 ed.] 0444503897, 9780444503893

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HANDBOOK OF TELECOMMUNICATIONS ECONOMICS VOLUME 1

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HANDBOOK OF TELECOMMUNICATIONS ECONOMICS VOLUME 1 STRUCTURE, REGULATION AND COMPETITION Edited by

MARTIN E. CAVE University of Warwick SUMIT K. MAJUMDAR Imperial College of Science, Technology and Medicine University of London and

INGO VOGELSANG Boston University





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Elsevier The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, UK Radarweg 29, PO Box 211, 1000 AE Amsterdam, The Netherlands First edition 2002 Reprinted 2005, 2006 Copyright © 2002 Elsevier Ltd. All rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone (⫹44) (0) 1865 843830; fax (⫹44) (0) 1865 853333; email: [email protected]. Alternatively you can submit your request online by visiting the Elsevier web site at http://elsevier.com/locate/permissions, and selecting Obtaining permission to use Elsevier material Notice No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. Because of rapid advances in the medical sciences, in particular, independent verification of diagnoses and drug dosages should be made British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalog record for this book is available from the Library of Congress ISBN–13: 978-0-444-50389-3 ISBN–10: 0-444-50389-7 ISSN- 1569-4054 For information on all Elsevier publications visit our website at books.elsevier.com Printed and bound in The Netherlands 06 07 08 09 10 10 9 8 7 6 5 4 3

   
    

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218

W.W. Sharkey

Fig. 7. Interoffice SONET rings in Portugal.53

translog cost specification popularized by Christensen, Cummings and Schoech (1983)54. The translog functional form approximates a wide variety of cost functions and possesses some degree of flexibility which makes it one of the most favored specifications by economists. One must recognize, however, that historically lack of satisfactory data rather than good techniques has been the problem in the vast majority of empirical studies of the production process. The estimation of an econometric model using the translog or any other functional form requires a sufficiently large number of observations to make the estimation of all parameters practical. These data requirements can be met either through a time series on one firm, a cross-section of many firms, or a panel data set. However, all of these data types are subject to serious limitations from the perspective of policy analysis. A time series of one firm requires retrospective data. Typically, the interval available for firms in the U.S. is at best quarterly. Thus, variation in the data comes about from examining relatively long series, which will include periods from different technological eras corresponding to data on production processes with different technological characteristics.

53

The ring paths illustrated in Figure 7 are for illustrative purposes only and do not represent actual outputs of the HCPM interoffice model. 54 See the chapter by Fuss and Waverman in this Handbook for a review of this literature.

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Ch. 7: Price Regulation

243

some customers that it could serve at lower cost than its competitors if it had the pricing flexibility to do so. For all these reasons, RORR has been declining in popularity in recent years. As the discussion in Section 2 reveals, price cap regulation (PCR) has replaced RORR in many jurisdictions. (Recall Table 3.) In theory at least, PCR can overcome all of these problems with RORR. By divorcing allowed revenues from realised costs, PCR provides expanded incentives for innovation and cost reduction. When the firm is permitted to retain as profit all of the reductions in costs it achieves, the firm has strong incentives to reduce its operating costs. Incentives for cost-reducing innovation are also enhanced under PCR to the extent that lower prices are induced under PCR than under RORR. The lower prices lead to higher production levels, so a given reduction in marginal cost provides a larger reduction in total cost, and thus a larger increase in profit (Cabral and Riordan, 1989; Clemenz, 1991). PCR can also reduce technological distortions and the costs of regulation. When it does not link authorised earnings to capital or any other particular input, PCR can avoid over-capitalisation and related input distortions in production. And if reviews of price cap plans are scheduled infrequently, the costs of regulation can be reduced under PCR. Costs are reduced further when the regulated firm is authorised to change prices within well-specified bounds. By delegating pricing authority in this manner, regulators can avoid many costly and contentious hearings to analyse proposed rate changes. PCR also shifts risk from consumers to the regulated firm. When it agrees to a price schedule that does not vary with realised costs, the firm bears all the risk – both favourable and unfavourable – associated with cost variation. When it severs the link between authorised revenues and realised costs, PCR also eliminates incentives for shifting accounting costs between regulated and unregulated activities, undertaking inappropriate levels of diversification and innovation, and adopting inefficient technologies (Braeutigam and Panzar, 1989). These undesirable incentives disappear when the firm earns an extra dollar of profit for every dollar of cost reduction it achieves, regardless of whether the reduction is realised in common costs or the costs of providing particular regulated or unregulated services. And when PCR affords the regulated firm significant freedom to vary individual service prices quickly and unilaterally, an incumbent producer will be better able to prevent less efficient competitors from serving customers29. 4.2. Incentive regulation in practice Although PCR and RORR can provide very different incentives in principle, it is not clear that they do in practice (Barnich, 1992; Waterson, 1992). The potential distinctions between PCR and RORR become blurred as they are implemented in 29

For additional comparisons of incentive regulation and RORR, see, for example, Acton and Vogelsang (1989), Braeutigam and Panzar (1993), and Liston (1993).


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