Regulated Prices and Real Options

G. Guthrie
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引用次数: 14

Abstract

This paper shows how the cash flows received by an unregulated firm operating in a workably competitive market can be replicated for a regulated firm. The only change to standard regulatory practice is that each time the regulated firm invests, the amount added to its rate base is the product of its capital expenditure and a multiplier, greater than one, that captures the reduction in value of the unregulated firm's growth options that occurs whenever the firm invests. The regulated firm is allowed to earn a rate of return equal to its weighted-average cost of capital, applied to this rate base. Four possible approaches to estimating the size of the multiplier are presented, each based on an established real-options investment model.
管制价格和实物期权
本文展示了在有效竞争市场中运营的不受监管的公司所获得的现金流如何能够复制到受监管的公司。标准监管实践的唯一变化是,每次受监管的公司投资时,其利率基础上增加的金额是其资本支出和一个大于1的乘数的乘积,乘数反映了不受监管的公司在投资时出现的增长期权价值的减少。受监管的公司被允许获得等于其加权平均资本成本的回报率,应用于这个利率基数。提出了四种估计乘数大小的可能方法,每种方法都基于已建立的实物期权投资模型。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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