Resource Allocation and the Regulated Firm: Comment
Anthony Atkinson and
Bell Journal of Economics, 1973, vol. 4, issue 1, 283-287
This comment presents an analysis of the effect of regulation on the sales-maximizing firm, and shows that the models used in earlier works have been incorrectly specified. It is demonstrated that under relatively weak conditions, regulation via a "fair" rate of return constraint has no influence on the behavior of the firm, and that any tendency to under-or overcapitalization would be present even if there were no regulation.
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