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British Utility Regulation: Theory, Practice, and Reform

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Author Info
Helm, Dieter

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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.

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Publisher 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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Handle: RePEc:oup:oxford:v:10:y:1994:i:3:p:17-39

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  1. Andrea Goldstein & Nicoletti Giuseppe, 1996. "Italian Privatizations in International Perspective," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 33(100), pages 425-451. [Downloadable!]
  2. Johnstone, Nick & Wood, Libby & Hearne, Robert, 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. [Downloadable!]
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This page was last updated on 2009-12-4.


This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.