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Regulation of Several Market Failures: The Water Industry in England and Wales

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  • Cowan, Simon

Abstract

Legal services have characteristics which may cause markets for them to develop in rather idiosyncratic ways. Many consumers are inexperienced in buying legal services and may have difficulty in anticipating the cost of quality of service they can expect from lawyer. This paper explores the provision of legal services from the standpoint of developments in the economics of information and uncertainty. It argues that asymmetries of information between lawyer and client can help explain matters such as the organizational form of law firms. Changes in the legislative and regulatory environment in which law firms operate have made the market more competitive. Along with volatile property market conditions over the past decade, these changes have had an important influence on the structure of the market for legal services. Some of these trends are reviewed. The paper concludes with some comments on recent developments in the field of legal aid. Copyright 1993 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 9 (1993)
Issue (Month): 4 (Winter)
Pages: 14-23

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Handle: RePEc:oup:oxford:v:9:y:1993:i:4:p:14-23

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Cited by:
  1. Reto Foellmi & Urs Meister, 2004. "Enhancing Efficiency of Water Supply - Product Market Compoetition versus Trade," Working Papers 0025, University of Zurich, Institute for Strategy and Business Economics (ISU).
  2. Foellmi, Reto & Meister, Urs, 2011. "Enhancing the Efficiency of Water Supply – Product Market Competition versus Trade," CEPR Discussion Papers 8423, C.E.P.R. Discussion Papers.
  3. Reto Foellmi & Urs Meister, 2005. "Product-Market Competition in the Water Industry: Voluntary Non-discriminatory Pricing," Journal of Industry, Competition and Trade, Springer, vol. 5(2), pages 115-135, June.
  4. Urs Meister, 2005. "Do welfare maximising water utilities maximise welfare under common carriage?," Others 0505001, EconWPA.
  5. Dieter Helm & Najma Rajah, 1994. "Water regulation: the periodic review," Fiscal Studies, Institute for Fiscal Studies, vol. 15(2), pages 74-94, May.

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