Cooperative investment, access, and uncertainty
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(3) European University Institute Robert Schuman Centre for Advanced Studies Florence School of Regulation. Cooperative Investment, Access, and Uncertainty. Marc Bourreau, Carlo Cambini and Steffen Hoernig. EUI Working Paper RSCAS 2016/61.
(4) This text may be downloaded only for personal research purposes. Additional reproduction for other purposes, whether in hard copies or electronically, requires the consent of the author(s), editor(s). If cited or quoted, reference should be made to the full name of the author(s), editor(s), the title, the working paper, or other series, the year and the publisher.. ISSN 1028-3625. © Marc Bourreau, Carlo Cambini and Steffen Hoernig, 2016 Printed in Italy, November 2016 European University Institute Badia Fiesolana I – 50014 San Domenico di Fiesole (FI) Italy www.eui.eu/RSCAS/Publications/ www.eui.eu cadmus.eui.eu.
(5) Robert Schuman Centre for Advanced Studies The Robert Schuman Centre for Advanced Studies (RSCAS), created in 1992 and directed by Professor Brigid Laffan, aims to develop inter-disciplinary and comparative research on the major issues facing the process of European integration, European societies and Europe’s place in 21st century global politics. The Centre is home to a large post-doctoral programme and hosts major research programmes, projects and data sets, in addition to a range of working groups and ad hoc initiatives. The research agenda is organised around a set of core themes and is continuously evolving, reflecting the changing agenda of European integration, the expanding membership of the European Union, developments in Europe’s neighbourhood and the wider world. Details of the research of the Centre can be found on: http://www.eui.eu/RSCAS/Research/ Research publications take the form of Working Papers, Policy Papers, and e-books. Most of these are also available on the RSCAS website: http://www.eui.eu/RSCAS/Publications/ The EUI and the RSCAS are not responsible for the opinions expressed by the author(s).. Florence School of Regulation The Florence School of Regulation (FSR) is a partnership between the Robert Schuman Centre for Advanced Studies (RSCAS) at the European University Institute (EUI), the Council of the European Energy Regulators (CEER) and the Independent Regulators Group (IRG). Moreover, as part of the EUI, the FSR works closely with the European Commission. The objectives of the FSR are to promote informed discussions on key policy issues, through workshops and seminars, to provide state-of-the-art training for practitioners (from European Commission, National Regulators and private companies), to produce analytical and empirical researches about regulated sectors, to network, and to exchange documents and ideas. At present, its scope is focused on the regulation of Energy (electricity and gas markets), of Communications & Media, and of Transport. This series of working papers aims at disseminating the work of scholars and practitioners on current regulatory issues. For further information Florence School of Regulation Transport Area Robert Schuman Centre for Advanced Studies European University Institute Via delle Fontanelle 19 I-50014 Fiesole (FI) Tel.: +39 055 4685 795 Fax: +39 055 4685 755 E-mail: fsr.transport@eui.eu Web: www.eui.eu/DepartmentsAndCentres/RobertSchumanCentre/Research/Programmes/FlorenceSchoolR egulation.aspx.
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(7) Abstract This paper compares the impacts of traditional one-way access obligations and the new regulatory scheme of co-investment on the roll-out of network infrastructures. We show that compulsory access leads to smaller roll-out, first because it reduces the returns from investment, and second because in the presence of uncertainty it provides access seekers with an option whose exercise hurts investors. Co-investment without access obligations leads to risk sharing and eliminates the access option, implying highest network coverage. Allowing for access on top of co-investment actually decreases welfare if the access price is low.. Keywords Co-investment; Access obligations; Next generation networks; Uncertainty JEL Classification: L96; L51.
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(46)
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(52)
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(57) Marc Bourreau, Carlo Cambini, Steffen Hoernig. %!" , " ' 77B571D5 C?391< G5<61B5 9C 79F5> 2I D85 <?31< CEB@<EC 9> 3?F5B54 =1B;5DC =9>EC D85 D?D1< 9>F5CD=5>D 3?CD D81D 9C. . "D 9C 3<51B D81D D85 B57E<1D?B 6135C 1 3?=@<931D54 DB145 ?R G85> DBI9>7 D? C5D D85 1335CC 381B75 1D D85 C?391< ?@D9=E= (> D85 ?>5 81>4 1 89785B 1335CC 381B75 <514C D? 1 <1B75B 3?F5B175 ?B 4I>1=93 25>5KDC 2ED ?> D85 ?D85B 9D B54E35C D85 <?31< CD1D93 25>5KDC . . *'
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(80)
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(102)
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(105) Marc Bourreau, Carlo Cambini, Steffen Hoernig. G85B5 6?B 1>4 6?B +9>35 D85 C53?>4 D5B= ?> D85 B978D 81>4 C945 9C @?C9D9F5 G5 81F5 9> D89C 31C5 D??. ,8EC 3? 9>F5CD=5>D G9D8 1335CC 31> ?><I 25 CDB93D<I ?@D9=1< 96
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(110) Marc Bourreau, Carlo Cambini, Steffen Hoernig. . *'
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(112) ?==9D /5 1CCE=5 D81D D89C 3?>49D9?> 9C >?D C1D9CK54 9 5 . D9>7 D? 1335CC 9C >?D 1 F912<5 ?@D9?> 1 (- 1>4 1335CC G9<< 25 B5AE5CD54 ?><I 96 D85 45=1>4 45>C9DI DEB>C ?ED D? 25 CEQ395>D<I 8978 1 *),- ,89C 1CCE=@D9?> 31@DEB5C D85 9451 D81D D85 1335CC ?2<971D9?> @B?F945C D85 5>DB1>D G9D8 1> 1335CC ?@D9?> '?G 1CCE=5 D81D KB= 31> 1C; 6?B 1335CC !- + 45=1>4 9C B51<9J54 9B= D85> 1C;C. B?= ?EB 1CCE=@D9?> 6?B 1335CC 96 1>4 ?><I 96 D81D 9C
(113) G5 81F5 /5 1CCE=5 6EBD85B=?B5 D81D
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(117) . . G85B5 D85 9>5AE1<9DI 6?<<?GC 6B?=
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(121) KB= 1C;C 6?B 1335CC 9> D85 1B51C 96 1>4 ?><I 96 . $)'$)/( %!$+ ()# $) !(!%$ D +D175 KB= 81C 3?F5B54 D85 1B51C 2ED D85 <5F5< ?6 45=1>4 9C >?D I5D ;>?G> 9B= 81C DG? 38?935C 9> 5138 1B51 "D 31> 3? 9>F5CD G9D8 KB= ?2D19>9>7 1> 5H@53D54 @B?KD ?6 . "D 31> G19D 1>4 <1D5B 1C; 6?B 1335CC "> D89C 31C5 9D G9<< <1D5B 1C; 6?B 1335CC 96 1>4 ?><I 45=1>4 9C 8978 5>?E78 9 5 1>4 9DC 5H@53D54 @B?KD 9C . . . . . . . . . . . 9B= 3? 9>F5CDC 9> 1B51 96 1>4 ?><I D81D 9C 96 1>4 ?><I 96 ,85B56?B5 D85 1335CC ?@D9?> 9>DB?4E35C 1> ?@@?BDE>9DI. ,85 5>DB1>D G?E<4 81F5 >? 9>D5B5CD D? 3?==9D >?D D? 5>D5B 1B51 C9>35 1 *),- G85> 45=1>4 9C B51<9J54 9D G9<< 25 @B?KD12<5 D? 5>D5B 9> D85 8978 CD1D5C ?6 45=1>4.
(122).
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(129) %$"*(!%$(. ">F5CD=5>DC 9> >5G 9>6B1CDBE3DEB5C 1B5 3BE391< 9> >5DG?B; 9>4ECDB95C 1C G5<< 1C D85 @B5C5B F1D9?> ?6 1 3?=@5D9D9F5 5>F9B?>=5>D 2ED D85 @B5C5>35 ?6 G8?<5C1<5 B57E<1D9?> 9>D5B65B5C G9D8 9>F5CD=5>D 9>35>D9F5C +?=5 >1D9?>1< B57E<1D?BC 81F5 9>DB?4E354 C@539K3 ?2<971D9?>C D? 3? 9>F5CD 9> @<135 ?6 ?B ?> D?@ ?6 CD1>41B4 1335CC ?2<971D9?>C /5 81F5 CDE4954 D85 B?<5 ?6 CE38 1> ?2<971D9?> D? 1<<?G 3? 9>F5CD=5>D 1>4 9DC 9>D5B@<1I G9D8 1335CC ?2<971D9?>C 9> 1 C5DD9>7 G85B5 1> 9>3E=25>D 9>F5CDC 9> 9>6B1CDBE3DEB5 3?F5B175 1>4 1> 5>DB1>D 31> EC5 D85 9>3E=25>DLC 9>6B1CDBE3DEB5 F91 1335CC 1>4 ?B 3? 9>F5CD=5>D. /5 81F5 C8?G> D81D 3? 9>F5CD=5>D @5B6?B=C 25DD5B 9> D5B=C ?6 D?D1< 3?F5B175 D81> D85 CD1>41B4 1335CC B579=5 (R5B9>7 1335CC D? D85 5>DB1>D D?? <514C D? 2?D8 <?G5B D?D1< 3?F5B175 1>4 <?G5B 3? 9>F5CD=5>D 3?F5B175 2531EC5 D85 1335CC ?@D9?> 3?>CD9DED5C 1> ?@@?BDE>9DI 3?CD D81D =1;5C 3? 9>F5CD=5>D <5CC 1DDB13D9F5 +D1BD9>7 6B?= 1 CD1>41B4 1335CC B579=5 G5<61B5 9C CDB93D<I 9>3B51C54 96 1 3? 9>F5CD=5>D ?2<971D9?> 9C 14454 ?> D85 ?D85B 81>4 1449>7 1335CC D? 3? 9>F5CD=5>D B54E35C G5<61B5 96 D85 1335CC @B935 9C B5<1D9F5<I <?G ,8EC E><5CC D85 B57E<1D?B 9C G9<<9>7 D? C5D 1 @?D5>D91<<I F5BI 8978 1335CC @B935 @EB5 3? 9>F5CD=5>D <514C D? 89785B G5<61B5. /5 81F5 1<C? 3?>C945B54 D85 9=@13D ?6 45=1>4 E>35BD19>DI ?> 9>6B1CDBE3DEB5 3?F5B175 1>4 C8?G> D81D D?D1< 3?F5B175 9C 9>C5>C9D9F5 D? D85 457B55 ?6 E>35BD19>DI E>45B @EB5 3? 9>F5CD=5>D .
(130) Cooperative Investment, Access, and Uncertainty. G85B51C 9> D85 CD1>41B4 1335CC B579=5 1>4 G9D8 2?D8 1335CC 1>4 3? 9>F5CD=5>D D?D1< 3?F5B175 453B51C5C G9D8 D85 457B55 ?6 E>35BD19>DI B?= 1 @?<93I @5BC@53D9F5 ?EB B5CE<DC D85B56?B5 CE775CD D81D 1 @EB5 3? 9>F5CD=5>D B579=5 C8?E<4 25 @B565BB54 D? 1 @EB5 1335CC B579=5 ?B 1 B579=5 G9D8 3? 9>F5CD=5>D 1>4 1335CC 9> @1BD93E<1B G85> 45=1>4 E>35BD19>DI 9C 8978. EBD85B B5C51B38 G9<< 5H@<?B5 D85 5R53DC ?6 1CI==5DB95C 25DG55> 3? 9>F5CD?BC 9 5 9>3E= 25>3I 5R53DC 1>4 D85 38?935 ?6 BE<5C 6?B C81B9>7 9>F5CD=5>D 3?CDC 1>4 1335CC @B?KDC DG? 9>D5B5CD9>7 AE5CD9?>C D81D G5 81F5 >?D 3?>C945B54 9> D89C @1@5B. ' $ ( ?EBB51E & 1=29>9 1>4 ?S 71> )
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(173) Marc Bourreau, Carlo Cambini, Steffen Hoernig. /5 1<C? 1CCE=5 D81D 9C CEQ395>D<I 8978 CE38 D81D
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(191) Author contacts:. Marc Bourreau Telecom ParisTech Department of Economics and Social Sciences, and CREST-LEI Paris Email: marc.bourreau@telecom-paristech.fr. Carlo Cambini Politecnico di Torino, DIGEP Corso Duca degli Abruzzi, 24 I-10129 Torino. EUI - Florence School of Regulation Email: carlo.cambini@polito.it Steffen Hoernig Nova School of Business and Economics Universidade Nova de Lisboa Campus de Campolide 1099-032 Lisbon Portugal Email: shoernig@novasbe.pt.
(192)
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