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Real Options and Facilities Access Regulation

Real options achieve their value from flexible management response to signals about uncertainty. Any constraint on flexibility will obviously impair the real option value. Regulation imposes constraints on operations, but also provides taris to the regulated entity. Thus, it is not obvious that the regulated entity necessarily suers a value loss from regulation, if the taris are excessively generous. The question of whether the taris are excessively generous is a question of social optimality. We address this question in the context of facilities access, which is a popular method of “deregulating” industries that had monopoly power. The regulator determines taris for access to the production facilities of the oligopolist facility