Resource Allocation and the Regulated Firm: Comment on the Comments

Elizabeth Bailey

Bell Journal of Economics, 1973, vol. 4, issue 1, 288-292

Abstract: The revenue-maximizing firm presumably has an internal return requirement that is at least as large as the maximum return permitted by a regulatory agency. In this case, which is the only one that seems economically meaningful, the undercapitalization result of Bailey-Malone holds throughout the elastic region of the revenue curve.

Date: 1973
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