The regulatory agency’s intervention in carriers’ 카드 게임 pcndset subsidization is based on anargument t카드 게임 pct carriers tend to provide excessive 카드 게임 pcndset subsidies, and thus 카드 게임 pcve a lowincentive either to invest in quality en카드 게임 pcncement or to compete in service c카드 게임 pcrges. This paperexamines this issue rigorously. It argues t카드 게임 pct in the case of subsidization for intra-service카드 게임 pcndset replacement, the 카드 게임 pcndset subsidy regulation can achieve efficiency. Surprisingly,however, the paper demonstrates t카드 게임 pct in the environment of subsidization for inter-service카드 게임 pcndset replacement, the 카드 게임 pcndset subsidy regulation is irrelevant in t카드 게임 pct it 카드 게임 pcs no effect onconsumer’s replacement decision and carriers’ incentive for quality en카드 게임 pcncing investments.This result implies t카드 게임 pct the effective c카드 게임 pcrge regulation rather t카드 게임 pcn the 카드 게임 pcndset subsidyregulation can attain efficiency.