By Michael A. Crew, David Parker
Michael group and David Parker have compiled a finished, updated and exact analytical paintings on prime learn matters within the economics of legislation. With contributions from foreign experts in monetary rules, the instruction manual presents a accomplished dialogue of significant advancements in either the speculation and perform of regulatory economics. This e-book may be an fundamental resource for either scholars and practitioners of law. The instruction manual starts by means of taking a look at the rules, background and strategies of law ahead of turning to professional topics together with: • pricing and social welfare • regulating provider caliber • customer illustration • functionality benchmarking • environmental law • calculating the price of capital • info revelation and incentives • the economics of entry charging • regulatory governance • regulatory coverage in constructing nations • specific matters within the law of the telecommunications, power, delivery and water sectors. The overseas instruction manual on fiscal rules will locate its means directly to the cabinets of researchers within the economics of law and scholars of legislation on ultimate yr undergraduate and postgraduate measure classes. As a huge reference paintings, will probably be of price and tips to economists in regulatory workplaces, regulated businesses and executive departments.
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Additional resources for International Handbook on Economic Regulation
To regulate implies the exercise of some influence on an activity that is different from total ‘control’. It is no accident therefore that the economics of regulation has become increasingly important in recent years as direct state ownership has declined. The perceived failure of central planning has not in itself discredited all government attempts to improve economic performance. Indeed, the idea that the provision of certain limited but crucial regulatory functions by the state is necessary for economic advance is a well-established part of classical liberal (as distinct from libertarian) economic and political theory.
1988) ‘Toward a Public Choice Theory of Monopoly Regulation’, Public Choice, 57(1), March, 49–67. R. and Spiegel, M. (2004) ‘Reliability, Regulation and Transmission Investment’, mimeo, Wharton Risk Management and Decision Processes Center, University of Pennsylvania, Philadelphia, May. R. and Sumpter, J. (2004) ‘Bringing Competition to Telecommunications by Divesting the RBOCs’, in Michael A. Crew and Menahem Spiegel (eds), Obtaining the Best from Regulation and Competition, Boston, MA: Kluwer Academic Publishers.
He criticizes some of the measures adopted by UK regulators when determining the cost of capital. In particular, he criticizes the way that UK regulators try to influence the level of gearing (leverage) and manipulate the cost of capital and allowed revenues to ensure that certain financial ratios remain within the perceived constraints imposed by financial markets during the price control period. This leads regulators into second-guessing the optimal capital structure for the regulated businesses, something that Tim Jenkinson rightly sees as primarily a matter for the management.