Kolbe 092
Biography
Publications
Personal Interests

Dr. Kolbe's work focuses on applied financial economics. His projects address risk, return, and regulatory policy for rate-regulated industries; income tax disputes; natural resource tax and royalty disputes; and firm, security, or project valuation questions in a wide variety of settings. Clients for this work have included federal, state/provincial, and local government agencies; national research institutes; industry organizations; and private firms in various industries.

Dr. Kolbe is the co-author of three books and has published a number of articles. He has served as an expert witness in many venues in North America, as well as in The Hague, London, and Melbourne.

Before co-founding The Brattle Group, where he served as President and then Chairman for a number of years, he was a Director of Putnam, Hayes and Bartlett. Before that, he was a Vice President of Charles River Associates. Earlier, he spent 14 years on active duty in the U.S. Air Force.

Representative Engagements
Article
Reducing Rate Shocks
June 2013
Published in Public Utilities Fortnightly
Article
Shale Gas and Pipeline Risk
April 2012
Published in Public Utilities Fortnightly
Article
How to Value a Lost Opportunity: Defining and Measuring Damages from Market Foreclosure
December 2007
In The Economics of Antitrust Injury and Firm-Specific Damages, edited by Kevin S. Marshall, and published by Lawyers & Judges Publishing Co. Inc.
Article
Measuring Return on Equity Correctly: Why current estimation models set allowed ROE too low
August 2005
Published in Public Utilities Fortnightly
Report
The Effect of Debt on the Cost of Equity in a Regulatory Setting
April 2005
Published by Edison Electric Institute
Book
Capital Investment and Valuation
2001
Richard A. Brealey, Stewart C. Myers, and with The Brattle Group
Published by McGraw-Hill
Article
The Impact of Stranded-Cost Risk on Required Rates of Return for Electric Utilities: Theory and an Example
1998
Published in Journal of Regulatory Economics
Article
Compensation for the Risk of Stranded Costs
January 1996
Published in Energy Policy
Article
Faulty Analysis Underlies Claims of Excess Card Profits
1995
Published in American Banker
Article
It Ain't In There: The Cost of Capital Does Not Compensate for Stranded-Cost Risk
1995
Published in Public Utilities Fortnightly
Report
The Utility Capital Budgeting Notebook
1994
A. Lawrence Kolbe, James A. Read, Jr., and Incentives Research Inc.
Published by Electric Power Research Institute (EPRI)
Book
Regulatory Risk: Economic Principles and Applications to Natural Gas Pipelines and Other Industries
1993
Published by Kluwer Academic Publishers
Article
Optimal Time Structures for Rates in Regulated Industries
1992
Published in Transportation Practitioners Journal
Article
How Far Back Should Prudence Tests Reach?
1991
A. Lawrence Kolbe and William W. Hogan
Published in Public Utilities Fortnightly
Article
The Duquesne Opinion: How Much ‘Hope' Is There for Investors in Regulated Firms?
1991
Published in Yale Journal on Regulation
Book
The Cost of Capital: Estimating the Rate of Return for Public Utilities
1984
A. Lawrence Kolbe, James A. Read, Jr., and with George R. Hall
Published by MIT Press

When not at work, Larry’s happiest times are playing with his grandchildren, Cece, 3 years old, and Ian, 1 year old. In recent years, he’s been working on his French via “field trips” to France and Québec and hopes to teach his grandchildren enough French so they can communicate when he and his wife of 43 years take them on vacation to France a few years from now. (Their parents would be welcome to come along too, of course, but the parents’ participation in the trip itself is by no means essential!)