Discussion
Papers
Statistics Norway
Research department
No. 755
October 2013
Halvor Briseid Storrøsten
Prices vs. quantities with endogenous cost
structure
•
Discussion Papers No. 755, October 2013
Statistics Norway, Research Department
Halvor Briseid Storrøsten
Prices vs. quantities with endogenous cost structure
Abstract:
Authorities often lack information for efficient regulation of the commons. This paper derives a
criterion comparing prices versus tradable quantities in terms of expected welfare, given uncertainty,
optimal policy and endogenous cost structure. I show that one cannot determine which regulatory
instrument that induces the highest expected welfare based on the relative curvatures of the cost and
benefit functions alone. Furthermore, optimal policy involves different production (or price) targets
across the regulatory instruments, and does not equalize marginal costs and expected marginal
benefits under prices. The reason is that firms choose a cost structure which induces exaggerate
fluctuations in consumption of the public good under prices, and the regulator has to compensate for
this when determining optimal policy. Because no such negative externality arises under quantities,
the relative performance of prices is deteriorated. A numerical illustration suggests significant impact.
Finally, either regulatory instrument may induce the highest technology investment levels.
Keywords: Regulation; Technology choice; Uncertainty; Investment; Welfare.
JEL classification: Q52; Q58; D81; H41.
Acknowledgements: I am grateful to Cathrine Hagem, Erling Holmøy and Knut Einar Rosendahl for
valuable comments to an earlier draft. Financial support from the Research Council of Norway is
acknowledged.
Address: Halvor Briseid Storrøsten, Statistics Norway, Research Department. E-mail: [email protected]
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Sammendrag
Myndigheter mangler ofte informasjon for effektiv regulering av kollektive goder. I denne artikkelen
sammenliknes velferdseffekter ved pris- og kvantumsbaserte virkemidler når bedriftenes
kostnadsstruktur er endogen. For eksempel kan det kollektive godet være ren luft, mens virkemidlene
kan være en avgift på utslipp (pris) og omsettbare utslippskvoter (kvantum). Jeg viser først at en ikke
kan avgjøre hvilket virkemiddel som gir høyest velferd basert på den relative krumningen til kost- og
nyttefunksjonene alene. Videre innebærer optimal virkemiddelbruk ulike forventede nivåer av det
kollektive godet under de to reguleringsformene. Jeg finner også at den forventede grensenytten av det
kollektive godet ikke er lik prisen under prisbasert regulering. Dette skyldes at bedriftene velger en
teknologi som gir for store svingninger i produksjonen av det kollektive godet, og at myndighetene
forsøker å korrigere for dette når reguleringsbeslutningen fattes. Denne negative eksternaliteten
oppstår ikke under kvantumsbasert regulering, som dermed gjør det bedre sammenliknet med
prisbasert regulering når bedriftenes kostnadsstruktur er endogen. En numerisk illustrasjon indikerer at
effekten er betydelig. Til sist viser jeg at både begge typer regulering kan gi størst investeringer
knyttet til produksjon av det kollektive godet.
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