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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.

Suggested Citation

  • Cowan, Simon, 1993. "Regulation of Several Market Failures: The Water Industry in England and Wales," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 9(4), pages 14-23, Winter.
    • Handle: RePEc:oup:oxford:v:9:y:1993:i:4:p:14-23
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    Cited by:

    1. Reto Foellmi & Urs Meister, 2012. "Enhancing the Efficiency of Water Supply—Product Market Competition Versus Trade," Journal of Industry, Competition and Trade, Springer, vol. 12(3), pages 299-324, September.
    2. James A. C. Ryan & Matthew C. Ives & Ian M. Dunham, 2019. "The impact of cost of capital reductions on regulated water utilities in England and Wales: an analysis of isomorphism and stakeholder outcomes," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 23(1), pages 259-287, March.
    3. Urs Meister, 2005. "Do welfare maximising water utilities maximise welfare under common carriage?," Others 0505001, University Library of Munich, Germany.
    4. Frederico Neto, 1998. "Water privatization and regulation in England and France: a tale of two models," Natural Resources Forum, Blackwell Publishing, vol. 22(2), pages 107-117, May.
    5. 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.
    6. Dieter Helm & Najma Rajah, 1994. "Water regulation: the periodic review," Fiscal Studies, Institute for Fiscal Studies, vol. 15(2), pages 74-94, May.
    7. Karen Bakker, 2002. "From State to Market?: Water Mercantilización in Spain," Environment and Planning A, , vol. 34(5), pages 767-790, May.
    8. Jouravlev, Andrei & Lee, Terence R., 1998. "Regulating the private provision of drinking water and sanitation services," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.

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