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Contracts, Administrative Law or Regulatory Specificity: Workable Regulatory Frameworks for Developing Economies

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  • Spiller, Pablo

Abstract

Three features characterize utilities: first, their technologies are characterized by large specific, sunk, investments; second, their technologies are characterized by important economies of scale and scope; and third, their products are massively consumed. The main point of this paper is to explicate how these three features of utilities imply that in the absence of regulatory commitment investment may be inefficient or not take place, and how regulatory commitment has to be implemented differently across countries. This paper analyzes the conditions under which different regulatory structures may work, and explore its implications for the design of regulatory structures. The paper develops a matrix of regulatory structure/institutional features that will allow for a better understanding of the appropriateness of regulatory structures in developing economies.

Suggested Citation

  • Spiller, Pablo, 1994. "Contracts, Administrative Law or Regulatory Specificity: Workable Regulatory Frameworks for Developing Economies," Institute for Policy Reform Working Paper Series 294854, Institute for Policy Reform.
    • Handle: RePEc:ags:iprwps:294854
    DOI: 10.22004/ag.econ.294854
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    References listed on IDEAS

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    1. Shugart,Matthew Soberg & Carey,John M., 1992. "Presidents and Assemblies," Cambridge Books, Cambridge University Press, number 9780521419628, January.
    2. Gely, Rafael & Spiller, Pablo T, 1990. "A Rational Choice Theory of Supreme Court Statutory Decisions with Applications to the State Farm and Grove City Cases," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 6(2), pages 263-300, Fall.
    3. Hill, Alice & Abdala, Manuel Angel & DEC, 1993. "Regulation, institutions, and commitment : privatization and regulation in the Argentine telecommunications sector," Policy Research Working Paper Series 1216, The World Bank.
    4. McCubbins, Mathew D & Noll, Roger G & Weingast, Barry R, 1987. "Administrative Procedures as Instruments of Political Control," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 3(2), pages 243-277, Fall.
    5. Shugart,Matthew Soberg & Carey,John M., 1992. "Presidents and Assemblies," Cambridge Books, Cambridge University Press, number 9780521429900, January.
    6. Victor P. Goldberg, 1976. "Regulation and Administered Contracts," Bell Journal of Economics, The RAND Corporation, vol. 7(2), pages 426-448, Autumn.
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