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Testing Regulatory Consistency

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  • ROBERT BREUNIG
  • FLAVIO M. MENEZES

Abstract

We undertake an analysis of regulatory consistency using a database of publicly available regulatory decisions in Australia. We propose a simple exploratory model which allows us to test for regulatory consistency across jurisdictions and industries without detailed knowledge of the regulatory process. We compare two measures using our approach--the weighted average cost of capital and the proportion of firms’ revenue requirement claims disallowed by the regulator. We advocate use of the second measure, but our empirical results may be interpreted as indicating that a range of measures ought to be considered when assessing regulatory consistency.

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File URL: http://hdl.handle.net/10.1111/j.1465-7287.2010.00249.x
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Bibliographic Info

Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

Volume (Year): 30 (2012)
Issue (Month): 1 (01)
Pages: 60-74

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Handle: RePEc:bla:coecpo:v:30:y:2012:i:1:p:60-74

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References

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  1. Besley, Timothy J. & Coate, Stephen, 2000. "Elected Versus Appointed Regulators: Theory And Evidence," CEPR Discussion Papers 2381, C.E.P.R. Discussion Papers.
  2. Geoff Edwards & Leonard Waverman, 2006. "The Effects of Public Ownership and Regulatory Independence on Regulatory Outcomes," Journal of Regulatory Economics, Springer, vol. 29(1), pages 23-67, 01.
  3. Robert Breunig & Jeremy Hornby & Scott Stacey & Flavio Menezes, 2006. "Price Regulation in Australia: How Consistent Has It Been?," The Economic Record, The Economic Society of Australia, vol. 82(256), pages 67-76, 03.
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Cited by:
  1. Rabindra Nepal & Flavio Menezes & Tooraj Jamasb, 2014. "Network Regulation and Regulatory Institutional Reform: Revisiting the Case of Australia," Discussion Papers Series 510, School of Economics, University of Queensland, Australia.
  2. Magnus Söderberg & Flavio Menezes & Miguel Santolino, 2013. "Regulatory behaviour under threat of court reversal," Working Papers hal-00874878, HAL.

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