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The Institutional Foundations of Regulatory Commitment in the UK: The Case of Telecommunications

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  • Pablo T. Spiller
  • Ingo Vogelsang

Abstract

This paper tries to solve the following puzzle. Given that UK governments have, in principle, so much administrative discretion, how were the Conservative governments of the 1980s able to privatize the telecommunications, electricity, water, gas, and airport sectors so prone for administrative expropriation? The answer resides in the subtle use of processes and other institutional arrangements that limit regulatory discretion. We model these processes and contrast the workings of our model to the evolution of regulation in te UK telecommunications sector. Under simple assumptions about preferences of the relevant players, the model is consistent with the evolution of telecommunications regulation.

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Bibliographic Info

Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 153 (1997)
Issue (Month): 4 (December)
Pages: 607-

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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(199712)153:4_607:tiforc_2.0.tx_2-n

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Cited by:
  1. Jamison, Mark A., 2005. "Leadership and the independent regulator," Policy Research Working Paper Series 3620, The World Bank.
  2. Perez, Yannick & Ramos-Real, Francisco Javier, 2009. "The public promotion of wind energy in Spain from the transaction costs perspective 1986-2007," Renewable and Sustainable Energy Reviews, Elsevier, vol. 13(5), pages 1058-1066, June.
  3. Paul Levine & Paul Levine & Jon Stern & Francesc Trillas, 2003. "Independent Utility Regulators: Lessons from Monetary Policy," School of Economics Discussion Papers 0403, School of Economics, University of Surrey.
  4. F. Andrew Hanssen, 2004. "Is There a Politically Optimal Level of Judicial Independence?," American Economic Review, American Economic Association, vol. 94(3), pages 712-729, June.
  5. Santiago Urbiztondo & Fernando Navajas & Daniel Artana, 1998. "La autonomía de los entes reguladores argentinos: Agua y cloacas, gas natural, energía eléctrica y telecomunicaciones," IDB Publications 7589, Inter-American Development Bank.
  6. Frank Bickenbach & Lars Kumkar & Rüdiger Soltwedel, 1999. "The New Institutional Economics of Antitrust and Regulation," Kiel Working Papers 961, Kiel Institute for the World Economy.
  7. Glachant, Jean-Michel & Dubois, Ute & Perez, Yannick, 2008. "Deregulating with no regulator: Is the German electricity transmission regime institutionally correct?," Energy Policy, Elsevier, vol. 36(5), pages 1600-1610, May.
  8. Pablo T. Spiller, 2011. "Transaction Cost Regulation," NBER Working Papers 16735, National Bureau of Economic Research, Inc.
  9. Michel, GHERTMAN, 1998. "Applications pratiques de la théorie des coûts de transaction," Les Cahiers de Recherche 636, HEC Paris.
  10. Finon, D. & Roques, F., 2008. "Financing arrangements and industrial organisation for new nuclear build in electricity markets," Cambridge Working Papers in Economics 0850, Faculty of Economics, University of Cambridge.
  11. Shane M. Greenstein & Pablo T. Spiller, 1996. "Estimating the Welfare Effects of Digital Infrastructure," NBER Working Papers 5770, National Bureau of Economic Research, Inc.

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