This is a very good collection of important papers, that represent a judicious mix of those that will appeal to theoretical economists and those that are relevant in the real world. Paul Joskow s introduction is a fascinating, balanced and informative survey of work and thinking in this area. The book can be strongly recommended to students and to all those involved in the practice of regulation, whether as regulated or regulator. Stephen Littlechild, University of Cambridge, UK This major volume presents a collection of classic articles on economic regulation and its reform. The topics covered include the political economy of regulation, efficient pricing for regulated firms, incentive regulation, the empirical effects of economic regulation in practice and network access pricing for competitive entrants. Economic Regulation will be an essential source of reference for scholars and students of industrial organization, including natural monopoly regulation, regulatory reform and deregulation.
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Journal of Law and Economics XVII 2 October 291327
Mathew D McCubbins Roger G Noll and Barry R Weingast
Sam Peltzman 1989 The Economic Theory of Regulation after
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administrative procedures airline analysis AT&T average costs behavior benefits Brookings Papers cable cable television capacity capital changes common carrier competitive constraint consumer surplus consumers contract cost function curve customers deadweight losses decisions decline demand deregulation distribution Econ effects efficient electric utilities entry equilibrium example expected Federal FERC firm's groups important incentive regulation input interest internal subsidies Jean Tirole Joskow JOURNAL OF LAW labor Law and Economics legislation marginal cost maximize Microeconomics 1989 moral hazard natural monopoly nonunion operating optimal output Peltzman period plant price discrimination problem profits Proposition public utility railroad rate of return rate structure record carriers regulated firms regulated industries regulatory agencies regulatory commissions regulatory policy regulatory process regulatory review rents result return reviews revenue second-order condition sectors social welfare function Stigler subadditivity supply surplus taxation theory of regulation tion union variable wage welfare