The assessment of the value of capital performs an essential function in incentive regulation; at the same time, it involves considerable uncertainties and intricacies. The article discusses the three main available alternatives, i.e. historical (accounting) value, market value, and substitution value. A preference is expressed in favour of the last alternative -- as the alternative which embodies a concept of capital in line with the economic logic of regulation, and is also largely isolated by the problem of circularity between value of capital and level of profitability.
Valore del capitale e regolamentazione incentivante: una nota
PIACENTINO, Diego
2004-01-01
Abstract
The assessment of the value of capital performs an essential function in incentive regulation; at the same time, it involves considerable uncertainties and intricacies. The article discusses the three main available alternatives, i.e. historical (accounting) value, market value, and substitution value. A preference is expressed in favour of the last alternative -- as the alternative which embodies a concept of capital in line with the economic logic of regulation, and is also largely isolated by the problem of circularity between value of capital and level of profitability.File in questo prodotto:
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