How to Regulate Modern Aiports?
In addition to the provision of aeronautical services, modern airports are also in charge of providing commercial services to passengers as well as investing in their infrastructure. We investigate the optimal regulation of airports and its implementation. Optimal prices for aeronautical services and commercial services follow a Ramsey-Boiteux pricing rule. Traditional price-cap regulations of aeronautical and commercial activities fail to implement the optimal regulation as they do not provide suﬃcient incentives to invest. A successful implementation must rely on a price-cap formula supplemented by a subsidy policy speciﬁc to the regulation of investment. The choice between a single-till and a dual-till approach does not change the optimal regulation. We also investigate the consequences of the nature of the airport-airline relationship and of the observability of investment on the optimal regulation.
La présentation se fera en français.