We study the investment incentives of a regulated, incumbent firm in a deregulation process. The regular cannot commit to a long-term regulatory policy, and investment decisions are taken before optimal regulatory policies are imposed.

Profit maximization is not a well defined objective when markets are incomplete. Several criteria of investment choice have therefore been put forward in the literature, some of which crucially hinge upon aggregation of shareholders' preferences, as is the case with the criteria proposed by...

This research work treats formalization of the knowledge of decision makers of SME. It aims at identifying their diagram of reasoning when they make financial decisions. When they prepare the investment plan, these decision makers make an approximation of the distribution of interests and...