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Negotiated Settlements: The development of economic and legal thinking

  • Doucet, J.
  • Littlechild, S.

The Federal Power Commission pioneered the use of negotiated settlements in the early 1960s as a means of coping with an increased workload and backlog. Legal scholars have emphasized the importance of settlements in coping with the regulatory load, and in saving time and money, albeit with some concern about transparency and the treatment of non-unanimous settlements. More recently, however, they suggest that settlements better serve the needs of the parties, allow greater flexibility and innovation, and can achieve results that lie beyond traditional regulatory authority. Recent economic research has indicated the high proportion of regulatory cases dealt with by settlements in the US and Canada and confirmed that settlements are not simply a more efficient way of doing the same thing as regulation. Rather, they involve considerable innovation, notably the introduction of price caps and other incentive mechanisms that otherwise would not have been likely or even possible.

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File URL: http://www.electricitypolicy.org.uk/pubs/wp/eprg0604.pdf
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Paper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 0622.

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Length: 17
Date of creation: Mar 2006
Date of revision:
Handle: RePEc:cam:camdae:0622
Note: IO
Contact details of provider: Web page: http://www.econ.cam.ac.uk/index.htm

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  1. Cooter, Robert D & Rubinfeld, Daniel L, 1989. "Economic Analysis of Legal Disputes and Their Resolution," Journal of Economic Literature, American Economic Association, vol. 27(3), pages 1067-97, September.
  2. Joskow, Paul L, 1974. "Inflation and Environmental Concern: Structural Change in the Process of Public Utility Price Regulation," Journal of Law and Economics, University of Chicago Press, vol. 17(2), pages 291-327, October.
  3. Stephen Littlechild, 2009. "Stipulated settlements, the consumer advocate and utility regulation in Florida," Journal of Regulatory Economics, Springer, vol. 35(1), pages 96-109, February.
  4. Paul W. MacAvoy & Robert S. Pindyck, 1973. "Alternative Regulatory Policies for Dealing with the Natural Gas Shortage," Bell Journal of Economics, The RAND Corporation, vol. 4(2), pages 454-498, Autumn.
  5. P. L. Joskow & R. G. Noll, 1978. "Regulation in Theory and Practice: An Overview," Working papers 218, Massachusetts Institute of Technology (MIT), Department of Economics.
  6. Stephen Breyer, 1971. "The Ash Council's Report on the Independent Regulatory Agencies," Bell Journal of Economics, The RAND Corporation, vol. 2(2), pages 628-637, Autumn.
  7. Zhongmin Wang, 2004. "Settling Utility Rate Cases: An Alternative Ratemaking Procedure," Journal of Regulatory Economics, Springer, vol. 26(2), pages 141-163, 09.
  8. Daniel F. Spulber, 1989. "Regulation and Markets," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262192756, June.
  9. Paul L. Joskow, 1973. "Pricing Decisions of Regulated Firms: A Behavioral Approach," Bell Journal of Economics, The RAND Corporation, vol. 4(1), pages 118-140, Spring.
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