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Testing Regulatory Consistency

  • ROBERT BREUNIG
  • FLAVIO M. MENEZES

We undertake an analysis of regulatory consistency using a database of publicly available regulatory decisions in Australia. We propose a simple exploratory model which allows us to test for regulatory consistency across jurisdictions and industries without detailed knowledge of the regulatory process. We compare two measures using our approach--the weighted average cost of capital and the proportion of firms’ revenue requirement claims disallowed by the regulator. We advocate use of the second measure, but our empirical results may be interpreted as indicating that a range of measures ought to be considered when assessing regulatory consistency.

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File URL: http://hdl.handle.net/10.1111/j.1465-7287.2010.00249.x
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Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

Volume (Year): 30 (2012)
Issue (Month): 1 (01)
Pages: 60-74

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Handle: RePEc:bla:coecpo:v:30:y:2012:i:1:p:60-74
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  1. Robert Breunig & Jeremy Hornby & Scott Stacey & Flavio Menezes, 2006. "Price Regulation in Australia: How Consistent Has It Been?," The Economic Record, The Economic Society of Australia, vol. 82(256), pages 67-76, 03.
  2. Geoff Edwards & Leonard Waverman, 2006. "The Effects of Public Ownership and Regulatory Independence on Regulatory Outcomes," Journal of Regulatory Economics, Springer, vol. 29(1), pages 23-67, 01.
  3. Stephen Coate & Timothy Besley, 2000. "Elected versus Appointed Regulators: Theory and Evidence," NBER Working Papers 7579, National Bureau of Economic Research, Inc.
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