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Co-investment, uncertainty, and opportunism

2021-09Artigo científico Acesso aberto
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dc.contributor.authorBourreau, Marc
dc.contributor.authorCambini, Carlo
dc.contributor.authorHoernig, Steffen
dc.contributor.authorVogelsang, Ingo
dc.contributor.institutionNOVA School of Business and Economics (NOVA SBE)
dc.contributor.pblElsevier
dc.date.accessioned2021-01-29T23:36:17Z
dc.date.available2023-01-03T01:32:47Z
dc.date.embargoedUntil2023-01-02
dc.date.issued2021-09
dc.description
dc.description.abstractCaused largely by the recent technological changes towards digitalization, infrastructure investment in network industries has become the main issue for regulatory intervention. In this paper, we study the impact of co-investment between an incumbent and an entrant on the roll-out of network infrastructures under demand uncertainty. We show that if the entrant can wait to co-invest until demand is realized, the incumbent's investment incentives are reduced, and total coverage can be lower than in a benchmark with earlier co-investment. We consider two remedies to correct these distortions: (i) co-investment options purchased ex ante by the entrant from the incumbent, and (ii) risk premia paid ex post by the entrant. We show that co-investment options cannot fully reestablish total coverage, while premia can do so in most cases, though at the cost of less entry. Finally, we show that an appropriate combination of ex-ante and ex-post remedies can improve welfare.en
dc.description.versionauthorsversion
dc.description.versionpublished
dc.format.extent504173
dc.identifier.doi10.1016/j.infoecopol.2021.100913
dc.identifier.issn0167-6245
dc.identifier.otherPURE: 27754485
dc.identifier.otherPURE UUID: 04f6f832-ec83-490a-8a59-6e23787f9249
dc.identifier.otherScopus: 85099575610
dc.identifier.otherORCID: /0000-0003-1461-0048/work/99271411
dc.identifier.urihttp://hdl.handle.net/10362/110968
dc.identifier.urlhttps://www.scopus.com/pages/publications/85099575610
dc.language.isoeng
dc.peerreviewedyes
dc.relationFunding agencies
dc.relationMinistero dell’Istruzione, dell’Università e della Ricerca
dc.relationaward TESUN-83486178370409
dc.relationfinanziamento dipartimenti di eccellenza
dc.relationCAP. 1694 TIT. 232 ART. 6
dc.relationFCT-Fundação para a Ciência e a Tecnologia
dc.relationUID/ECO/00124/2013
dc.relationNova School of Business and Economics
dc.relationNova School of Business and Economics
dc.relationand Social Sciences DataLab
dc.relationLISBOA-01-0145-FEDER-022209
dc.relationPOR Lisboa
dc.relationLISBOA-01-0145-FEDER-007722
dc.relationLISBOA-01-0145-FEDER-022209)
dc.relationand POR Norte
dc.relationLISBOA-01-0145-FEDER-022209
dc.subjectCo-investment
dc.subjectOpportunism
dc.subjectOptions
dc.subjectRisk premia
dc.subjectUncertainty
dc.subjectEconomics and Econometrics
dc.subjectManagement, Monitoring, Policy and Law
dc.subjectSDG 9 - Industry, Innovation, and Infrastructure
dc.titleCo-investment, uncertainty, and opportunismen
dc.title.subtitleex-Ante and ex-Post remediesen
dc.typejournal article
degois.publication.titleInformation Economics and Policy
degois.publication.volume56
dspace.entity.typePublication
oaire.awardNumberUID/ECO/00124/2013
oaire.awardNumberUID/ECO/00124/2019
oaire.awardTitleNova School of Business and Economics
oaire.awardTitleNova School of Business and Economics
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UID%2FECO%2F00124%2F2013/PT
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UID%2FECO%2F00124%2F2019/PT
oaire.fundingStream6817 - DCRRNI ID
oaire.fundingStream6817 - DCRRNI ID
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
project.funder.nameFundação para a Ciência e a Tecnologia
rcaap.rightsopenAccess
relation.isProjectOfPublication644a3f4f-817b-4d0d-aba6-f98cdca28bc7
relation.isProjectOfPublicationcbde310d-fc8e-4b67-a0dd-e61df619ea3d
relation.isProjectOfPublication.latestForDiscoverycbde310d-fc8e-4b67-a0dd-e61df619ea3d

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