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After-the-Fact Regulatory Review: Balancing Competing Concerns

By Eric Blank and Stephen Pomerance


In their article, Blackmon and Zeckhauser (B\u26Z) describe the problems associated with fragile regulatory commitments and their effect on utility investment. When utilities invest in capital-intensive plants which have long lead-times and little alternative use, these investments become sunk: utilities will leave them in place as long as recovery of their relatively low marginal operating costs is possible. Under certain conditions, this provides pro-consumer regulators with the opportunity to appropriate the benefits associated with the utility\u27s investment for consumers

Topics: Law
Publisher: Yale Law School Legal Scholarship Repository
Year: 1992
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