La régulation en pratique
This article summarizes, in a non technical fashion, the main contributions of Jean-Jacques Laffont and Jean Tirole to the analysis of regulation, with a particular emphasis on their practical implications. We show how their idea of using accounting measures of production costs allows improving upon the regulation of natural monopolies. We also show how their rigorous analysis of access pricing in network industries has completely renewed the terms of policy discussions. This allows us to illustrate several characteristics of the scientific approach of Jean-Jacques Laffont, in particular his desire to stress the initial contributions of the great economists of the past, to fully grasp the technical and institutional features of the industries under study, and finally to renew the analysis by introducing new policy instruments.
Volume (Year): 115 (2005)
Issue (Month): 3 ()
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