Public Enterprise Economics, Volume 23
2nd Edition
Theory and Application
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Table of Contents
Preface
Technical Note
Chapter 1 Introduction
1.1 Normative and Positive Theory
1.2 The Public Enterprise
1.3 Nationalization of Enterprise
1.4 Privatization: A Swelling Tide?
1.5 Socialization of Commodities
1.6 Optimal Qualities
1.7 Optimal Price Schedules
Part One The Basic Model
Chapter 2 Essential Parts of Public Sector Pricing Models
2.1 Objectives I: Normative Theory
2.2 Objectives II: Positive Theory
2.3 Constraints I: Markets
2.4 Constraints II: Production
2.5 Constraints III: Finance
Chapter 3 Normative Optimum Theory
3.1 The Actors and their Instruments
3.2 Solving the Model
3.3 The Conditions for Optimal Prices and Quantities
3.4 Compensating for Income Effects
3.5 The Conditions for Optimal Quality
Chapter 4 Positive Optimum Theory
Chapter 5 Normative Piecemeal Theory
5.1 On the Difference Between Optimum and Piecemeal Policies
5.2 Welfare Improvements with Non-Tight Constraints
5.3 Welfare Improvements with Tight Technology Constraint
5.4 On Welfare-Improving Increases of Public Inefficiency
5.5 Piecemeal Policy Recommendations: General Rules for Some Special Cases
Chapter 6 Positive Piecemeal Theory
6.1 Improvements with Tight and Non-Tight Constraints
6.2 The Trade-Off Between Efficiency and Market Equilibrium
Part Two Normative Theory: Public Pricing Policies for Welfare Maximization
A Basic Rules
Chapter 7 Marginal-Cost Pricing
7.1 Optimum Policy
7.2 Regulating Marginal-Cost Prices
7.3 Consequences for Allocation, Distribution, and Stabilization
7.4 Piecemeal Policy
Chapter 8 Ramsey Pricing
8.1 Optimum Ramsey Policy
8.2 Regulating Ramsey Prices
8.3 Influence of Ramsey Prices on Allocation, Distribution, and Stabilization
8.4 A Piecemeal Policy Interpretation of the Ramsey Optimum
Chapter 9 Rate of Return Regulation
9.1 An Intuitive Introduction
9.2 A More Rigorous Treatment
9.3 Welfare Versus Profit Maximization: The Averch-Johnson Effect
Chapter 10 Pricing with Distributional Aims
10.1 Prices Versus Taxes
10.2 Feldstein Pricing
10.3 Comparing Distributional and Allocative Pricing
B Interdependencies with the Private Economy
Chapter 11 Adjustment to Monopolistic Pricing in the Private Sector
11.1 The Second-Best Issue: Adjustment to, Versus Interference in, the Private Economy
11.2 A Model for Public Prices in an Imperfect Market Economy
11.3 A Duopoly Model for Public Prices
Chapter12 Adjustment to Rationed Markets
12.1 Rationed Labor Market
12.2 Capacity Limits of Public Transportation
C Time-Dependent Pricing
Chapter 13 Pricing through Time and Adjustment Clauses
Chapter 14 Peak-Load Pricing
14.1 Setting the Problem
14.2 A Model with Excess Demand and Rationing
D Public Pricing When Quality Matters
Chapter 15 Different Approaches Towards Optimal Quality
15.1 Quality I: Distinguishing Different Goods
15.2 Quality II: Using Continuous Quality Indicators
Part Three Positive Theory: Public Pricing Policies to Achieve Politicians' and Managers' Aims
A Politicians and Bureaucrats
Chapter 16 Winning Votes
Chapter 17 Maximizing Budgets
B Managers of Public Enterprises and Unions
Chapter 18 Maximizing Output or Revenue, Minimizing Energy Inputs
Chapter 19 Minimizing Price Indices
Chapter 20 The Influence of Unions
Chapter 21 Quality in Positive Theory Models
Chapter 22 A Set of Axioms for Prices to Achieve a Fair Allocation of Costs
Part Four Application of the Theoretical Results: The Example of London Transport
Chapter 23 Economic Theory and Empirical Analysis (I): Specifying Demand
23.1 Microeconomics of the Representative Consumer
23.2 Some Basic Principles for Estimating Systems of Demand Functions
23.3 Desirable Properties of a Demand System
23.4 The Almost Ideal Demand System
Chapter 24 Economic Theory and Empirical Analysis (II): Specifying Technology
24.1 Duality
24.2 Some Basic Principles of Estimating Technology
24.3 Desirable Properties of the Firm's Technology Representation
24.4 Long-Run Versus Short-Run Marginal Costs
Chapter 25 Bus and Underground Services in London
25.1 Recent Organizational and Political History
25.2 Recent Economic History
25.3 Empirical Studies on Bus and Underground Demand
25.4 Empirical Studies on Bus and Underground Costs
Chapter 26 Estimating Normative and Positive Prices for Bus and Underground in London
26.1 The AIDS Specification of Demand
26.2 The Translog Specification of Factor Demand Functions
26.3 Optimal Prices for London Bus and Underground Services
Appendices
Appendix 1 The Size of the Public Enterprise Sector in Europe
Appendix 2 The Size of the Government and Regulated Enterprise Sector in the United States 431
List of Symbols
References
Index
Description
Advanced Textbooks in Economics, Volume 23: Public Enterprise Economics: Theory and Application focuses on economics, mathematical economics, and econometrics, including microeconomics, marginal-cost pricing, taxes, and income effects.
The manuscript takes a look at the essential parts of public sector pricing models, normative optimum theory, and normative piecemeal theory. Discussions focus on welfare improvements with non-tight constraints, welfare -improving increases of public inefficiency, conditions for optimal prices and quantities, compensating for income effects, and conditions for optimal quality. The book then ponders on marginal-cost pricing, Ramsey pricing, rate of return regulation, and pricing with distributional aims. Topics include comparing distributional and allocative pricing, prices versus taxes, optimum Ramsey policy, influence of Ramsey prices on allocation, distribution, and stabilization, and consequences for allocation, distribution, and stabilization. The publication examines bus and underground services in London, economic theory and empirical analysis, and different approaches towards optimal quality, including empirical studies on bus and underground demand, organizational and political history, and microeconomics of the representative consumer.
The book is a valuable source of data for researchers interested in public enterprise economics.
Details
- No. of pages:
- 480
- Language:
- English
- Copyright:
- © North Holland 1989
- Published:
- 1st January 1989
- Imprint:
- North Holland
- eBook ISBN:
- 9781483193236
Ratings and Reviews
About the Author
Dieter Bös
About the Editors
C. J. Bliss
M. D. Intriligator
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