British Utility Regulation: Theory, Practice, and Reform
Abstract
The paper considers the design and performance of the new regulatory regime for U.K. utilities. It describes the RPI-X price caps and considers the scope for regulatory discretion and capture. Particular attention is paid to the informational requirements for the determination of prices, the scope for intervention between periods, the independence of regulators, and the promotion of competition. Five arguments for regulatory reform are identified: regulatory arbitrage; capture; administrative costs; investment, sunk costs, and regulatory hold-up; and political instability. A number of reforms are then proposed. These include: merging regulatory bodies; a common set of financial rules; a common basis for efficiency comparisons; and reforming the MMC and judicial review. Copyright 1994 by Oxford University Press.Download Info
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Bibliographic Info
Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.
Volume (Year): 10 (1994)
Issue (Month): 3 (Autumn)
Pages: 17-39
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Web page: http://oxrep.oupjournals.org/
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- World Bank, 2006. "Approaches to Private Participation in Water Services : A Toolkit," World Bank Publications, The World Bank, number 6982, May.
- Andrea Goldstein & Nicoletti Giuseppe, 1996. "Italian Privatizations in International Perspective," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 33(100), pages 425-451.
- Galiani, Sebastian & Petrecolla, Diego, 1996. "The changing role of the public sector: An ex-post view of the privatization process in Argentina," The Quarterly Review of Economics and Finance, Elsevier, vol. 36(2), pages 131-152.
- Johnstone, Nick & Wood, Libby & Hearne, Robert R., 1999. "The Regulation of Private Sector Participation in Urban Water Supply and Sanitation: Realising Social and Environmental Objectives in Developing Countries," Discussion Papers 24142, International Institute for Environment and Development, Environmental Economics Programme.
- Fumitoshi Mizutani & Hideo Kozumi & Noriaki Matsushima, 2009. "Does yardstick regulation really work? Empirical evidence from Japan’s rail industry," Journal of Regulatory Economics, Springer, vol. 36(3), pages 308-323, December.
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