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Evaluating regulatory reform of network industries: a survey of empirical models based on categorical proxies

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  • Andrea Bastianin
  • Paolo Castelnovo
  • Massimo Florio

Abstract

Proxies for regulatory reforms based on categorical variables are increasingly used in empirical evaluation models. We surveyed 63 studies that rely on such indices to analyze the effects of entry liberalization, privatization, unbundling, and independent regulation of the electricity, natural gas, and telecommunications sectors. We highlight methodological issues related to the use of these proxies. Next, taking stock of the literature, we provide practical advice for the design of the empirical strategy and discuss the selection of control and instrumental variables to attenuate endogeneity problems undermining identification of the effects of regulatory reforms.

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  • Andrea Bastianin & Paolo Castelnovo & Massimo Florio, 2018. "Evaluating regulatory reform of network industries: a survey of empirical models based on categorical proxies," Papers 1810.03348, arXiv.org.
    • Handle: RePEc:arx:papers:1810.03348
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    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General
    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • L98 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Government Policy

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