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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/22331

    Title: Time delay and the extraction of Information Rent in Regulation
    Authors: 翁仁甫;楊建成
    Keywords: time delay;rent extraction;regulation
    Date: 2005-02
    Issue Date: 2009-01-06 15:24:42 (UTC+8)
    Abstract: A crucial idea in Laffont and Tirole (1993) is the extraction of costly information rent through production distortion. In this paper we augment the Laffont-Tirole model with time delay, highlighting the possibility of further rent extraction through consumption distortion due to the delayed implementation of a public project. This consumption distortion through delay in essence relaxes the incentive constraint in the presence of asymmetric information. We show that a positive but finite delay can be optimal in regulation, and provide a condition differentiating welfare-improving delays from welfare-worsening ones. This condition generalizes the shutdown condition of an inefficient firm in the Laffont-Tirole model.
    Relation: Journal of Economics,184(1),1-26
    Data Type: article
    Appears in Collections:[財政學系] 期刊論文

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