A Behavioral Theory of Public Utility Regulation |
Common terms and phrases
allowed rate American Economic Review calculated Chapter coefficient Commission Opinion Commission Staff Commissioners Con Ed Consolidated Edison Company consumers cost of capital cost of equity decision equations decrease depreciation determined discussed earnings per share efficiency electric utilities eliminated equity capital estimated excess profits fair rate financial performance firm's formal hearing process formal rate formal regulatory process Gas and Electric gas companies growth in demand growth rate incentive industries inflation inflationary world informal regulatory process interest coverage intervenor Klevorick model 1B multivariate probit natural monopolies Niagara Mohawk pending price and output price increase probability probit model problem Pt+1 Public Service Commission public utility public utility regulation PUR 3d rate base rate in earnings rate increase request rate of return rate reductions regu regulated firms regulatory agencies regulatory commissions regulatory lag result tion utility companies utility service variable York State Public Yt+1 zero