報告書番号

Y90019

タイトル（和文）

プライス・キャップ規制の理論的側面

タイトル（英文）

THEORETICAL RECONSIDERATIONS OF PRICE-CAP REGULATION

概要 （図表や脚注は「報告書全文」に掲載しております）

報酬率規制の代替案として注目を集めているプライス・キャップ規制（上限価格規制）について，その理論を系譜的にサーベイし，同規制方式が適用された場合の社会的厚生（企業と消費者の便益の合計）に与える効果を紹介した。その結果，次のことが明らかになった。（１）プライス・キャップ規制では，経営努力の成果として利潤を確保できるため，規制企業にとって効率改善のインセンティブが働く。その結果，社会的厚生は増大し，規制企業の価格体系はラムゼイ料金に収束していく。この場合，当局は規制企業の費用および需要構造を事前に認知できなくてもよく，規制費用が大幅に軽減する。（２）プライス・キャップ規制の上限価格は固定的なものではなく，費用変動を反映した物価指数を用いることが望ましい。この方式は，建設費や燃料価格などの変動が大きい場合には，固定的上限価格に比べて合理的である。

概要 （英文）

THERE ARE CRITICISMS THAT THE RATE-OF-RETURN(ROR) REGULATION SYSTEM HAS INNER INEFCIENCIES BECAUSE PUBLIC UTILITIES UNDER THIS REGULATORY SYSTEM CAN PASS ON COSTS THAT INCLUDE IMPRUDENTEXPENSES TO CUSTOMERS. THE PRICE-CAP (PC) REGULATION WAS ADOPTED AS ANALTERNATIVE REGULATORY TOOL IN THE U.S.A. AND U.K. IN REFORMING PUBLICUTILITIES. THIS TREND ALSO HAS DRAWN ATTENTION FROM JAPANESE ECONOMISTS AND REGULATORY AGENCIES AND PC REGULATION IS BEING DISCUSSED IN JAPAN. ALTHOUGH MANY JAPANESE ARTICLES HAVE ASSESSED OVERSEAS REGULATORY SCHEMES,FEW HAVE DISCUSSED THE THEORETICAL SIGNIFICANCE OF THE PC REGULATION. I SEEK TO PROVIDE A THEORETICAL PERSPECTIVE ON THE ECONOMICS OF PUBLIC-UTILITY REGULATION THROUGH A SURVEY OF THE REGULATIONS FOCUSING ON THE EFFICIENCY IMPLICATIONS OF THE PC REGULATION. THE MAIN CONCLUSIONS ARE AS FOLLOWS: (1)THE PC REGULATION SYSTEM HAS INCENTIVES FOR IMPROVING EFFICIENCY BECAUSE THE REGULATED UTILITY CAN RETAIN EXCESS PROFITS WITH COST REDUCTION EFFORTS. SOCIAL WELFARE ALSO INCREASES DUE TO ECONOMIES OF SCALE. (2)PC REGULATION ALSO HAS GOOD INCENTIVES FOR PROMOTING R&D INVESTMENT FOR THE SAME REASON. (3)IN PC REGULATION,THE PRICING CONVERGES TO THE RAMSEY PRICING SYSTEM,WHICH MAXIMIZES SOCIAL WELFARE UNDER THE BREAKEVEN CONSTRAINT. MOREOVER,THE REGULATOR CAN SAVE REGULATORY COSTS BECAUSE THERE IS NO NEED TO ASSESS THE REGULATED UTILITY S REAL COST CONDITIONS AND DEMAND CONDITIONS AS REQUIRED BY THE ROR REGULATORY REGIME. (4)IN PC REGULATION, IT IS BETTER TO USE THE CEILING PRICES ESCALATED BY PRICE INDICES THAN TO USE FIXED CEILING PRICES;AS PRICE INDICESREFLECT ACTUAL COST FLUCTUATIONS,IT IS POSSIBLE TO AVOID INCURRING LARGE LOSSES WHEN INPUT PRICES APPRECIATE UNEXPECTEDLY.

報告者

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