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Regulation and Administered Contracts Revisited: Lessons from Transaction-Cost Economics for Public Utility Regulation

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  • Crocker, Keith J
  • Masten, Scott E

Abstract

This article reexamines the administered contracts approach to regulation in light of recent empirical research that establishes the importance of transaction-costs in the organizational choice and design decisions. After reviewing the fundamentals of transaction cost reasoning and the franchise bidding-versus-regulation debate, the study surveys the empirical literature on franchise bidding, contracting, and vertical integration. The implications of transaction-cost theories for current policies toward public utility regulation and deregulation are also addressed. Copyright 1996 by Kluwer Academic Publishers

Suggested Citation

  • Crocker, Keith J & Masten, Scott E, 1996. "Regulation and Administered Contracts Revisited: Lessons from Transaction-Cost Economics for Public Utility Regulation," Journal of Regulatory Economics, Springer, vol. 9(1), pages 5-39, January.
    • Handle: RePEc:kap:regeco:v:9:y:1996:i:1:p:5-39
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