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Under conditions of natural monopoly, private contracts or government regulation may attempt to avoid inefficiency by setting up a pricing formula. Once the capital stock is chosen, the right price to charge the buyer is marginal cost. But the point of this paper is that marginal-cost pricing provides the wrong incentives + or the choice of the capital stock by thedoi:10.3386/w1347 fatcat:ywv2yf3c5nbohl2eh7w3yezxte