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| dc.creator | Defilippi, Enzo | |
| dc.date | 2013-10 | |
| dc.identifier | http://hdl.handle.net/11354/431 | |
| dc.description | In theory, X-factor regulation provides better incentives for cost reduction than previously widely-used rate-of-return regulation. However, a deeper look into how this factor is effectively estimated shows the regulator enjoys a great deal of discretion, especially when selecting the methodologies used to estimate its components. This paper describes how the X-factor is estimated in Peru and analyzes the main controversies (both theoretical al practical) that arose when the X factor for the country’s main airport was estimated. Conclusions are the following: i) careful planning of the concession process reduces the probability of unnecessary controversies when the X factor is estimated retrospectively, since this methodology requires data that needs to be collected at the time of the concession; ii) cost of capital estimation is a main source of controversies due to the subjective criteria used in its calculation and its impact in the final result; and, iii) transparent procedures improve the legitimacy of regulatory decisions, especially in contexts of limited public resources and weak institutions, typical of developing countries. | |
| dc.format | application/pdf | |
| dc.format | application/pdf | |
| dc.language | eng | |
| dc.publisher | Universidad del Pacífico. Centro de Investigación | |
| dc.rights | info:eu-repo/semantics/openAccess | |
| dc.rights | Atribución-NoComercial-SinDerivadas 4.0 Internacional | |
| dc.source | Repositorio de la Universidad del Pacífico - UP | |
| dc.source | Universidad del Pacífico | |
| dc.subject | Aeropuertos--Regulación | |
| dc.title | X-factor estimation and controversies: the case of Lima´s airport | |
| dc.type | info:eu-repo/semantics/workingPaper |
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