By Jordan Jay Hillman, Ronald R. Braeutigam (auth.)
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Extra info for Price Level Regulation for Diversified Public Utilities: An Assesment
Under an aggregate regulated price ceiling, a competitively compelled price reduction (or, as previously noted, even a price below marginal cost) could serve to justify an otherwise inadmissible price increase in the inelastic market. This would not be possible where the competitive market was either under a separate ceiling or deregulated. An important factor affecting the firm's incentives under price level regulation will be the level of the price ceilings. Price levels erroneously set too low will encourage plant and output contraction and eventual withdrawal from the market.
There are at least two such considerations. The first is that the exclusion of a competitive service from price level regulation could eliminate the perceived need (that is likely to remain under profit level regulation) to allocate substantial common costs among related regulated and unregulated services. 144 Thus, the deregulation of competitive markets under a price level regime is more likely to promote efficient pricing and output decisions in those markets. The second consideration relates to pricing in the regulated market.
Petitioners' unregulated hegemony over all potential avenues of diversification would profoundly impair our ability to regulate Rochester in the manner prescribed ... because the cost of capital, insofar as it is influenced by corporate decisions about diversification, would become wholly the product of managerial discretion.... If diversification would serve rather than jeopardize Rochester's interests, Rochester can seek authorization to diversifY as an independent, regulated company instead of as a subsidiary of an unregulated company.
Price Level Regulation for Diversified Public Utilities: An Assesment by Jordan Jay Hillman, Ronald R. Braeutigam (auth.)