The impact of regulation on investment in the telecommunication industry has been quite articulated with the so-called “theory of the ladder of investment” . According to this theory, the dynamic efficiencies of competition could be captured through a process of accommodation of entry. In other words, by allowing new entrants to have equal access to the incumbents’ facilities through initially low prices and later on gradually raising them, service based on competition would lead to facilities-based competition (dynamic efficiency). According to this theory, the increase of facilities access fees ultimately makes service-based competition less profitable, giving incentives to entrants to make investments in their own facilities. Thus, static efficiency would lead to dynamic efficiency, that is, satisfaction of new requirements (new products and services) and innovation (alternative technology platforms).