Optimal Price-Cap Regulation
研究了监管者无法观察企业研发支出时，价格上限管制比回报率管制更能激励成本降低并提高社会福利，结论在有限期和无限期模型中都成立。
The author considers the problem of a regulator who cannot observe the R&D expenditures of a firm devoted to reductions in the costs of production. It is shown, for a finite horizon model, that price-cap regulation does not only provide stronger incentives for cost reductions than does rate of return regulation, but that it is also capable of achieving a higher social welfare level, even if the costs of reviewing the current production costs are negligible. These conclusions are reinforced in an infinite horizon model. Copyright 1991 by Blackwell Publishing Ltd.