PAP3902 Lecture Notes - Lecture 8: Natural Monopoly, Monopolistic Competition, Advantageous

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November 12th 2015: ofsi and others, the way they view various economic factors. Framework about how you think about risks: think about it in 3 categories: vul(cid:374)e(cid:396)a(cid:271)ilit(cid:455). It has(cid:374)"t tu(cid:396)(cid:374)ed i(cid:374)to a (cid:396)isk (cid:455)et (cid:271)ut its (cid:448)ul(cid:374)e(cid:396)a(cid:271)le, a soft po(cid:272)ket. So (cid:449)e (cid:373)o(cid:374)ito(cid:396) it very closely (at a minimum), and you identify it as needing more information on it. Trying to understand that particular vulnerability: risk. Risk has turned into a trigger, all hands on deck, allocate many resources to tackle the issue, and you also have to manage the psychology and communications aspects, ex. This is the evidence you need when you create new regulatory standards. Need to get the facts straight as to what actually happened. This is not where you want to be. In most cases, utilities start off as being a natural monopoly: we accept it because it is in fact the right way, it is most efficient.

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