Public enterprise economics : theory and application
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Bibliographic Information
Public enterprise economics : theory and application
（Advanced textbooks in economics, v. 23）
North-Holland , Sole distributors for the U.S.A. and Canada, Elsevier Science, 1986
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Note
Bibliography: p. 441-463
Includes index
Description and Table of Contents
Description
This clear, precisely written text presents an important branch of the modern, microeconomically based theory of public finance, using only calculus. Answers are provided to some pertinent economic questions, such as the influence of rationed labour and energy markets on public pricing, and the influence of political models on denationalization. Great importance is attached to rate-of-return regulation, the peak-load problem, and the well known rules of public pricing (marginal-cost pricing, pricing under a revenue-cost restraint, and adjustments to monopolistic structures in the private economy), which are elucidated in the light of contemporary theory. The most important theoretical pricing rules are empirically tested by using data on London Transport.
Table of Contents
Introduction. The Basic Model. Essential Parts of Public Sector Pricing Models. Normative Optimum Theory. Positive Optimum Theory. Normative Piecemeal Theory. Positive Piecemeal Theory. Normative Theory: Public Pricing Policies for Welfare Maximization. A - Basic Rules. Marginal-Cost Pricing. Ramsey Pricing. Rate of Return Regulation. Pricing with Distributional Aims. B - Interdependencies With The Private Economy. Adjustment to Monopolistic Pricing in the Private Sector. Adjustment to Rationed Markets. C - Time-Dependent Pricing. Pricing Through Time and Adjustment Clauses. Peak-Load Pricing. D - Public Pricing When Quality Matters. Different Approaches Towards Optimal Quality. Positive Theory: Public Pricing Policies to Achieve Politicians' and Managers' Aims. A - Politicians and Bureaucrats. Winning Votes. Maximizing Budgets. B - Managers of Public Enterprises and Unions. Maximizing Output or Revenue, Minimizing Energy Inputs. Minimizing Price Indices. The Influence of Unions. Quality in Positive Theory Models. A Set of Axioms for Prices to Achieve a Fair Allocation of Costs. Application of the Theoretical Results: The Example of London Transport. Economic Theory and Empirical Analysis (I): Specifying Demand. Economic Theory and Empirical Analysis (II): Specifying Technology. Bus and Underground Services in London. Estimating Normative and Positive Prices for Bus and Underground in London. Appendices. References. Index.
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