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Proprietary Norms In Corporate Law: An Essay On Reading Gambotto In The United States, Deborah A. Demott Jan 1996

Proprietary Norms In Corporate Law: An Essay On Reading Gambotto In The United States, Deborah A. Demott

Faculty Scholarship

No abstract provided.


Politics, Institutions, And Outcomes: Electricity Regulation In Argentina And Chile, William B. Heller, Mathew D. Mccubbins Jan 1996

Politics, Institutions, And Outcomes: Electricity Regulation In Argentina And Chile, William B. Heller, Mathew D. Mccubbins

Faculty Scholarship

Risk, whether market or political, is an important determinant of private investment decisions. One important risk, subject to control by the government, is the risk associated with the hold-up problem: governments can force utilities to shoulder burdensome taxes, to use input factors ineffectively, or to charge unprofitable rates for their service. To attract private investment governments must be able to make commitments to policies that are nonexpropriative (either to contracts that guarantee very high rates of return or to favorable regulatory policies). These commitments, of course, must be credible.

Judgments about the credibility of commitments to regulatory policies are based ...