第六章完全垄断市场解析.ppt

A Regulated Monopoly Quantity Price and costs (dollars) Qm Qf Qr Pm Pf Pr 0 ATC MC A C B Monopoly Price P=AC P=MC MR A Regulated Monopoly Quantity Price and costs (dollars) Qm Qf Qr Pm Pf Pr 0 ATC MC A C B Monopoly Price MR A Regulated Monopoly Quantity Price and costs (dollars) Qm Qf Qr Pm Pf Pr 0 ATC MC A C B Monopoly Price P=AC MR An Important Rule P=ATC This rule has been used for decades to regulate prices in natural monopoly industries ranging from electricity, gas, and water to the railroads, telephone, and even cable TV. Not A Perfect Solution There is never any free lunch in economics, only hard choices. 因为虽然 P = AC这一定价原则似乎解决了垄断产生的问题，但是它却又产生了新问题。 X-Inefficiency Average Total Costs--Efficient Production Quantity Unit costs (dollars) Average Total Costs--Inefficient Production P1 Q P=AC P2 X-Inefficiency Average Total Costs Quantity Unit costs (dollars) P1 Q P=AC Cost Plus Pricing Under the P equals AC rule, you are basically guaranteed the recovery of any costs that you incur. In fact, that’s why this type of regulation is known as cost-plus pricing. Do You See The Problem? Under cost-plus pricing, regulated industries no longer have the incentive to minimize costs and therefore maximize profits. Instead, there is a perverse incentive to increase costs for the benefit of the executives operating the firm. The X-inefficiency Theory Predicts Executives in regulated industries will tend to hire more staff, buy thicker carpets, build larger offices, and engage in more business travel than they otherwise would under strict profit maximization. What do you think such behavior would do to the observed average total cost curve AND the regulated price? X-Inefficiency Average Total Costs--Efficient Production Quantity Unit costs (dollars) Average Total Costs--Inefficient Production P1 Q P=AC P2 The Punch Line妙句妙语 在某种程度上，因对垄断的管制导致的配置效率的提高小于