X Factor: Productivity and Incentive Regulation in the Brazilian Port Sector
Productivity, increasing returns to scale, incentive regulation, natural monopoly, data envelopment analysis (DEA)
Economic sciences still face challenges in measuring productivity, especially in sectors characterized by variable returns to scale. This thesis proposes a methodology to calculate the X factor, a regulatory indicator that ensures the monopolist's productivity gains are passed on to the consumer, encouraging innovation and efficiency. The work is structured in three chapters: (1) a theoretical model, based on game theory, on the effect of the X factor on the monopolist's behavior; (2) a literature review on productivity measurement methods considering variable returns to scale; and (3) an estimation of the X factor for Brazilian ports, using data envelopment analysis (DEA) due to its flexibility in contexts of increasing returns to scale.