Regulation Economics Research Papers - Academia.edu (original) (raw)

Abstract: This paper is one chapter of the volume “Regulation and Economics” of the second edition of the Encyclopedia of Law and Economics. The authors review the economics of banking and financial markets and the regulatory response to market failure. Market failure in finance depends on problems of information and externalities. Regulation addresses these problems through conduct of business rules

- by and +1
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- Corporate Governance, Law and Economics, Regulation Economics, Global Financial Crisis
- by Paul Joskow
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- Industrial Organization, Political Science, Energy Policy, Regulation Economics

Over the last twenty years, we have noticed the entry of profit-seeking private entities into the higher education field, motivated and induced by decisions on education policies aiming at the ideal of access to education combined with social inclusion. Therefore, private institutions established a new model of Higher Education focusing on Market, creating opportunities for the segment to grow outside of an economic regulatory procedure. Currently, the possibilities of approaching for regulation on economic sectors have been expanded, also on formats that aren’t necessarily the standard for autonomous agencies, making it possible for there to be entities which are similar to regulatory agencies, and therefore possessing regulatory function, such as the Ministry of Education and its supervised regional authorities. The so called qualitative social regulation - the offer of positions and authorization of courses - proves to be insufficient to arrange and articulate agents’ actions, in a regulatory environment of increasing social and economic complexity. The hybrid regulatory model of private schools suggests articulating/combining the well established yardsticks for social regulation with the principles of economic regulation, in a new form of regulatory approach which gathers the following dimensions: economic fundaments; implementation of public policies divided by sector, region and purpose; institutional planning that prioritizes new guidelines to the entry and maintenance on the Federal System of Education - authorizations and registrations; supervision and control; prospection, evaluation, and accountability - and access of higher education institutions to programmatic public policies, of general character, assuring public interest, effectiveness, quality, competitiveness and the social value on Private Higher Education.
Key-words: private higher education; social and economic regulation; Market; Third sector; hybrid regulatory model.

- by ENEIDA CARDOSO DE BRITTO CORREA
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- Regulation Economics

«Η εκτίμηση του ρυθμιστικού και διοικητικού βάρους και οι επιπτώσεις του στις επιχειρήσεις του Ναυτιλιακού τομέα και του ευρύτερου τομέα των μεταφορών»

The objective of this paper is to show the impact of regulation upon the start up of new businesses in the European Union. The study uses some of the components of the Ease doing business index elaborated by the World Bank. The methods used are the correlation analysis and ordinary least squares for an unbalanced data panel with 26 cross-sections (European Union member states) and time periods from 2005 to 2012. The regression equation is composed of one dependent variable, represented by the New Business Registration Density per 1000 people and 18 independent variables gathered from components of Ease of Doing Index. The results of this research show that the influence of regulatory factors is very strong. This paper is addressed to entrepreneurs, managers of public institution, specialists and all interested readers.

- by Adriana Girneata
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- Business, Entrepreneurship, Management, Business Administration

This paper aims to present an implementation of classical DEA models in R, a free software and open source, highly extensible that offers a variety of functions and graphical routines for data analysis. In this work we show both the CRS and VRS DEA models. The computational implementation is illustrated with real data from the Brazilian electric power distribution utilities.

- by José Francisco Pessanha and +1
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- Optimization (Mathematical Programming), Economics, Energy Economics, Statistics

Resumo: O presente artigo visa apresentar o conjunto normativo que compõe a «Constituição Económica Cabo-verdiana». Face ao crescente interesse social so-bre os aspectos económicos, o estudo objectiva contribuir para elucidar as indica-ções constitucionais na matéria. Neste sentido, pretende-se analisar a) os direitos fundamentais económicos salvaguardados e o seu respectivo conteúdo; b) o papel desempenhado pelo Estado e demais entes públicos quando actuam ou intervêm na esfera económica; e c) os princípios gerais que pautam e orientam a ordem econó-mica e social, considerada em parte ou no seu todo, que condicionam a actuação dos actores ou agentes económicos mas que são também determinantes da amplitude dos poderes públicos nesse domínio. Abstract: This article aims to present the normative framework of the «Cape-Ver-dean Economic Constitution». The social concern on economic matters is increasing and this study intends to contribute to that debate, by showing the main constitutional rules on the economic and social order. In this sense, it intends to deal with a) the fundamental economic rights declared in the Constitution and their content; b) the role of the State and other public entities when they act and intervene in the economic order; and c) the main principles that guide the social and economic order , considered in whole or in part, which imply the existence of conditions to the private economic agents and to the State power in this field.

- by Frank Stephen
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- Regulation Economics, Empirical Study, Market Failure, Information Asymmetry

Cet article présente l'objet empirique de la théorie de la régulation (TR) à l'aune de son histoire et les apports de différentes disciplines scientifiques. Puis il éclaire la diversité des pratiques scientifiques observées dans ce champ théorique en intégrant les différences de positions ontologiques des chercheurs : sont ainsi caractérisées deux approches concurrentes (positiviste-injonctive vs constructiviste-procédurale) investies dans la TR. Il montre enfin comment la seconde s'inscrit dans un structurisme critique, dont l'article tire quelques propositions méthodologiques nécessaires à la réflexivité du travail de recherche et qui pourrait structurer positivement des chercheurs « hétérodoxes » -dont les « régulationnistes »- en une communauté épistémique explicite. Theory of regulation, regulations, "regulationists": elements of method and the conditions of an epistemic community This paper provides a characterization of the empiric field of the theory of social regulatory systems by scanning its history and the findings from other social sciences. Then it explains the diversity of researchers' practices within this field by taking into account ontological issues-thus specifying two opposite approaches competing within the theoretical field of the regulation (positivist-injunctive vs constructivist-procedural). We find out that the second one falls within the scope of critical structurism, providing some methodological guidelines for the necessary researcher's reflexivity and a heuristic framework to articulate an explicit epistemic community of heterodox scientists-within which 'regulationists'. Mots clefs : théorie de la régulation, structurisme critique, constructivisme, interactions symboliques, analyse institutionnaliste.

- by jp chanteau
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- Institutional Economics, Symbolism, Regulation Economics, Théorie Critique

The Financial Services and Markets Act 2000

- by Marvin Rowe
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- Critical Theory, Business, Information Systems, Marketing

This paper aims to present an implementation of the DEA cross-efficiency models in the environment R. R is a free software and open source, highly extensible that offers a variety of functions and graphical routines for data analysis. We develop R codes for both formulations aggressive and benevolent of the DEA cross-efficiency models. In order to illustrate a practical application of the R codes we use inputs and outputs from Brazilian electricity distribution utilities.

Este trabalho apresenta uma metodologia que define um índice capaz de compatibilizar a regulação da qualidade (continuidade) e a econômica, de modo a inserir as exigências de cumprimento dos padrões de qualidade no processo de revisão tarifária. A metodologia proposta baseia-se em modelos de análise envoltória de dados (DEA – Data Envelopment Analysis) para gerar um índice que expressa a eficiência das concessionárias distribuidoras no cumprimento das metas de continuidade estabelecidas pelo regulador. Define-se então uma componente de qualidade (Fator Xq) a ser inserida no cálculo do Fator X, o parâmetro do price cap que reparte com os consumidores os ganhos de eficiências das distribuidoras. Esta componente é escalonada num intervalo [-1,1], de maneira semelhante à componente Xc, que representa o Índice ANEEL de Satisfação do Consumidor - IASC

- by José Francisco Pessanha
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- Energy Economics, Energy, Utilities, Productivity
- by Paul Joskow
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- Energy Economics, Regulation Economics

Portugal é um dos Estados Membros da União Europeia que sanciona o denominado “abuso de dependência económica”, de acordo com o estabelecido no seu Regime Jurídico da Concorrência, consagrado na Lei n.º 19/2012, de 8 de Maio. Entende-se este conceito como implicando a exploração ‘abusiva’, por uma ou mais empresas, do estado de dependência económica em que se encontre relativamente a elas qualquer empresa fornecedora ou cliente, por não dispor de alternativa equivalente. A figura de “abuso de dependência económica” foi introduzida pela primeira vez em 1993 pelo Decreto-Lei nº 371/93, de 29 de Outubro, que estabeleceu o novo regime de geral da defesa e promoção da concorrência em Portugal. No entanto Portugal tem tido uma experiência algo limitada sobre processos iniciados contra alegados “abusos de dependência económica”, constante do Regime Jurídico da Concorrência desde 1993. O Conselho da Concorrência, anterior à atual AdC, emitiu condenações em dois processos por “abuso de dependência económica”, um iniciado em 1998 e outro em 1999, por práticas anti-concorrenciais na distribuição de cerveja pela empresa produtora Centralcer (produtora da cerveja Sagres), e pela empresa produtora Unicer (produtora da cerveja SuperBock). Em ambos os casos estava em causa a dependência de distribuidores de cerveja face a estes dois produtores de cerveja. Por outro lado, vários processos de “abuso de dependência económica” foram já iniciados, e mesmo concluídos, mas no âmbito do “private enforcement”. Para além de descrever a experiência portuguesa, o presente capítulo pretende analisar com algum detalhe a figura de dependência económica e do seu potencial abuso, bem como a figura de poder de negociação que com ela se relaciona e de assimetria entre poderes de negociação, fazendo apelo a conceitos bem estabelecidos em teoria da negociação, parte integrante da teoria de jogos não cooperativos.

This paper examines the pricing models for the use of the railway infrastructure in some European countries. A
regulatory environment shall guarantee fair access to essential facilities, specifically in presence of vertically
related markets and the existence of an essential facility provided only by one firm. This paper considers two
pricing models classified according different principles: the model of marginal cost and the model of full cost.
Given that the effective traffic does not influence the relevant fixed costs of the networks, managers will have
expected curves of marginal cost firmly under the curves of average cost, and as a result, the current trade-off
between the optimal use of the network and the optimal coverage of the costs. This paper states that countries
where a marginal cost model is in use, the railway system has a smaller impact on public spending

- by Giacomo Di Foggia and +1
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- Regulation Economics

20. yüzyıldan itibaren karasal yayınlara alternatif olarak kablolu ve uydudan yayınlar başlamış ve ilk başta analog olan televizyon yayıncılığından, dijital (sayısal) yayına doğru bir geçiş süreci başlamıştır. Uluslararası antlaşmalar ve yapılan konferanslar sonucu, hemen hemen tüm dünya ülkeleri, bu arada Türkiye, analog yayını tamamen sonlandırarak dijital yayına geçmek konusunda taahhütlerde bulunmuşlardır. Ancak karasal yayınlar üzerinden dijital yayına geçilmesi büyük ilk yatırım ve altyapı maliyetleri gerektirmiş, bunun sonucunda belirsiz bir süreç içerisinde ilk hareket eden olup, batık maliyetleri tek başına üstlenmemek için birbirlerine rakip 20 yayıncı kuruluş tarafından, karasal dijital yayına geçiş için gerekli sermaye yatırımını gerçekleştirecek Anten AŞ. kurulmuştur. Kuruluş aşamasında Rekabet Kurulu’ndan bazı faaliyetleri için süresiz, bazıları için ise beş yıllık bireysel muafiyet alan Anten AŞ., henüz tam anlamıyla faaliyetlerine başlamadan kendisini feshetmiş, böylece Türkiye’de karasal dijital yayıncılığın geleceği hakkında ciddi belirsizlik yaşanmıştır. Bu sürecin önünde regülasyon ekonomisinin konusunu oluşturan birtakım sorunların bulunması sonucu, Anten AŞ.’nin tasfiyesiyle birlikte karasal dijital yayına geçiş sürecinin sıfırdan başlatılmasının kolay olmayacağı açıktır. Bu çalışmada Rekabet Kurulu’nun Anten AŞ. hakkında verdiği karar üzerinden, Türkiye’de karasal dijital televizyon yayıncılığı pazarı incelenmiş ve söz konusu yayına geçiş sürecinde karşılaşılabilecek birtakım sorunlar, regülasyon ekonomisi perspektifinden ele alınmıştır.

This paper is intended to present a plan for installing a network of electric vehicle charging stations in the city of Rio de Janeiro. It is important to underline the fact that this text results from a research and development project called Planning and Analysis Methodology for the Implementation of Electric Vehicles in Transport Activities in the realm of the Brazilian electric energy regulatory agency, ANEEL, carried out by the distribution power company Light S.E.S.A. in partnership with the Vehicle Propulsion Systems and Electrochemical Sources Laboratory of the Rio de Janeiro State University – UERJ.

Purpose: The aim of the study is to show the importance of financial literacy.
Methodology: The approach method was used in the analysis.
Result: The author believes that international experience should be used. Financial awareness is a subject of current research in all over the world. Consumption concept has been still widely discussed, than at any time in history. Irrational and senseless damages spending fortune and individuals the big society and the state.

- by Murad Hacıyev (Hajiyev)
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- Macroeconomics, Regulation Economics, Central Bank

The growth opportunity as well as the challenges facing the development of the Islamic financial industry in the global market have raised public policy issues in the jurisdictions in which they operate and internationally. These have led international organizations, international standard setters, national regulatory authorities, policy makers and academia to examine various aspects of Islamic banking each from their own perspective. Focus has been directed, inter alia, notably on the legal and regulatory framework that governs Islamic banking. This paper discusses the legal challenges of regulating and supervising Islamic Banking in Zambia. It argues that effective prudential regulation and supervision of Islamic Banks is just as necessary and desirable as it is in conventional banking.

- by leonard kalinde
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- Regulation Economics
- by James Walsh
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- Critical Theory, History, Modern History, Economic History

Pharmaceuticals show unique characteristics compared to most goods: they are directly related with human health, they show the features of ‘credence goods’ in that a recommendation or an opinion of a doctor or a pharmacist is required before usage, they have low price elasticity, they often constitute a large breakdown in state social security expenditures, and they are the outputs of continuous and costly efforts of research and development. This uniqueness gives them significance which constitutes a ground for their regulation. From marketing authorization to price regulation, almost every stage in the pharmaceutical sector is supervisioned and regulated by the regulatory agencies. As a governmental response to the former malpractice of pharmaceutical companies, regulations verify that pharmaceuticals are safe, effective and of good quality. In addition to regulations, patent protection plays a key role in creating incentives to further research and developments, thereby fostering innovation. This paper analyzes the current state of law, main regulations and the patent protection in the pharmaceutical sector in Turkey.

Este trabalho descreve a metodologia
definida pela ANEEL, o orgão regulador do
sistema elétrico brasileiro, para o cálculo dos
custos marginais de fornecimento de potência e
das tarifas de uso dos sistemas de distribuição.
São também apresentados alguns resultados
obtidos com a aplicação do sistema
computacional TARDIST, desenvolvido pelo
CEPEL, em um estudo de caso.

- by José Francisco Pessanha
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- Electrical Engineering, Economics, Energy Economics, Microeconomics

In this paper we examine the unique in Europe case of WIND Hellas (at that time known as TIM Hellas) & Q-Telecom, 3rd and 4th -in market share- mobile telecom operators in Greece and the impact that had on them a specific regulatory intervention by NTPC (Greek NRA for the telecom sector).
Both, WIND Hellas, parent company and sole shareholder of Q-Telecom and the latter, were regulated on 2006 according to the procedure provided under article 7 of the EC Framework Directive for voice call termination into their respective networks. The base for the aforementioned regulatory intervention and remedies imposed was the NTPC’s finding -during a market analysis / public consultation- that WIND Hellas & Q-Telecom jointly held Significant Market Power (SMP) in market 16 (voice call termination in mobile networks) of the EC Recommendation on telecom markets that must be ex ante regulated.
The legal base for such a finding was the European Commission’s final decision that cleared the buy out of Q-Telecom by private equity funds that were controlling at that time WIND Hellas, as well. According to the decision the buy out of Q-Telecom constituted a concentration under article 3(1)(b) of the EU Merger Regulation. Following this evaluation, NTPC decided to treat both companies as a single company and awarded them joint SMP in the relevant market. This conclusion was followed by the imposition on them of the same regulatory remedies, considering them as a single network.
The aforementioned regulatory intervention that followed the concentration of the two companies, in relation with the remedies imposed to the remaining other two mobile networks (Cosmote and Vodafone) and the high level of competition in the mobile telecom sector in Greece, which was already at that time a mature one, introduced market wide a significant regulatory risk, which mostly effected the concentrated companies. Moreover the lack of an effective appeal mechanism in Greece where NTPC’s decision could be confronted made it inevitable for the two companies to proceed with the implementation of the remedies imposed. This compliance exercise was evaluated as having a major impact on certain business assumptions and plans that had been laid down.
As a response WIND Hellas fine-tuned its strategy. Firstly, expanded synergies with its subsidiary at every business/operational level and ultimately merged with Q-Telecom by absorbing the latter in its entirety. At the same time the two companies initiated a full scale commercial campaign targeting the entire mobile market (high & low / retail & wholesale level / expanding distribution network) with an ultimate goal to benefit at the maximum from the “waterbed effect” (especially in unregulated sub markets with low beta they where operating in), meaning to cut costs, maximize efficiencies, gain market share and at the same time to improve all financial indicators, keeping a two digits growth on a year basis.
A year after, all indicators show that the strategy was correct and ultimately the turnaround was complete. The two companies which now are one and under a new corporate name (former TIM Hellas was rebranded to WIND Hellas), overcame successfully every regulatory obstacle, gained significantly in market share, arpu, revenues & ebitda, minimized churn, succeeded a record in new subscribers for the 1st trimester of 2007 and increased immensely their value triggering world wide interest that ultimately concluded to the buy out by Weather Investments at a value of 3,4bil., making WIND Hellas’ previous LBO by APAX Partners & TPG, almost a year ago, the most successful LBO Europe wide.

- by Daniel Antal
- •
- Transportation Studies, Railway Transport, Regulation Economics, Hungary

The global intellectual property (IP) regime is in the midst of a paradigm shift in favor of greater access to protected work. Current explanations of this paradigm shift emphasize the agency of transnational advocacy networks, but ignore the role of academics. Scholars interested by global IP politics have failed to engage in reflexive thinking. Building on the results from a survey of 1,679 IP experts, this article argues that a community of academics successfully broke the policy monopoly of practitioners over IP expertise. They instilled some skepticism concerning the social and economic impacts of IP among their students as well as in the broader community of IP experts. They also provided expert knowledge that was widely amplified by NGOs and some intergovernmental organizations, acting as echo chambers to reach national decision makers. By making these claims, this article illustrates how epistemic communities actively collaborate with other transnational networks rather than competing with them, and how they can promote a paradigm change by generating rather than reducing uncertainty.

- by Jean-Frederic Morin
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- Law, International Economics, Macroeconomics, International Relations
- by Cristiane Rauen
- •
- Telecommunications, Regulation Economics

"In its third round of tariff review, the Brazilian Electricity Regulatory Agency (Aneel) adopted a methodology based
on data envelopment analysis (DEA) to define efficient levels of operational expenditure. This work presents proposals
to improve Aneel’s methodology. In particular, we propose the segmentation of the set of distribution utilities using
cluster analysis techniques to establish fair comparisons between utilities. Additionally, we propose a cross evaluation
model using the definition of efficient operational expenditure levels to achieve an efficiency index that accounts
for peer evaluations"

- by José Francisco Pessanha
- •
- Business, Business Administration, Electrical Engineering, Economics

This paper shows the efficiency measurements of 40 Brazilian electricity distribution companies. The efficiency scores are obtained using the data envelopment analysis (DEA) and stochastic frontier analysis (SFA) models, techniques that can reduce the information asymmetry and improve the regulator skills to compare the performance of the electricity companies, which are fundamental aspects of regulatory regimes. The two approaches are described, and the main results obtained from the different models are compared.

- by Marcus Vinicius Pereira de Souza and +1
- •
- Economics, Energy Economics, Operations Research, Data Analysis
- by Pablo Leurquin and +1
- •
- Regulation, Regulation Economics, Direito Administrativo, Direito Econômico
- by Paul Joskow
- •
- Regulation Economics, Incentives and Regulation

The antitrust exemptions provided by the McCarran-Ferguson Act are often identified as the cause of a variety of problems that have plagued the property-liability insurance industry in the last decade. In particular, proponents of repeal of the Act suggest that it has facilitated anticompetitive behavior by insurers, which in turn contributed to the liability and auto insurance crises of the 1980s. We examine industry structure, behavior, and performance and assess possible market imperfections that may justify price regulation and special antitrust treatment. We find that the major barrier to effective competition is state rate regulation rather than anticompetitive behavior. We examine evidence on the causes of the liability and auto insurance crises and conclude that they are readily explained by changes in market conditions and regulatory constraints rather than anticompetitive behavior. While there is no need for the broad antitrust exemptions contained in the Act, there is a danger that repeal will lead to more inefficient price regulation unless reform of the Act includes restrictions on state rate regulation. We propose reform legislation that both narrows the industry's antitrust exmption and promotes competition.

- by Raffaele Grimaldi and +1
- •
- Privatisation, Regulation Economics, Highway and Transportation systems

Показать взаимоотношение между медицинской грамотностью и государственными расходами на здравоохранение. Не остаточная медицинская грамотность приводит к негативным последствиям, а также повышает государственные расходы на... more

Показать взаимоотношение между медицинской грамотностью и
государственными расходами на здравоохранение. Не остаточная медицинская грамотность приводит к негативным последствиям, а также повышает государственные расходы на здравоохранение. Метод сравнительного анализа

Este trabalho analisa as economias de escala e a eficiência do mercado de geração de energia elétrica no Brasil. Utiliza-se painel de 21 firmas no período 2000/2010. Após capítulo introdutório, o segundo trata das economias de escala, estimando função custo translog por meio do modelo Seemingly Unrelated Regression. Indica-se a existência de economias de escala substanciais, suportando a visão de que indivisibilidades tendem a restringir ganhos de eficiência da livre concorrência. A última ampla reestruturação do setor elétrico, que criou os mercados livre (ACL) e regulado (ACR), amparou-se na referida visão.
O terceiro capítulo investiga a eficiência de custo por meio de fronteira estocástica de coeficientes variáveis. As ineficiências de custo diminuíram ao longo do período avaliado, mas foi o progresso técnico o principal promotor de reduções de custo. O quarto capítulo continua o estudo de eficiência, aplicando modelo semi-paramétrico para avaliar a
fronteira de produção. Testes paramétricos e não paramétricos apontam que a eficiência técnica das firmas não foi alterada pela mais recente e ampla reforma regulatória dosetor. Entre as características observadas das companhias, a gerência estatal é a que consistentemente ocasiona perda significativa de eficiência técnica.

- by Mauricio Machado
- •
- Energy Economics, Regulation Economics

This paper is based on a keynote address given at the 2004 International Industrial Organization Conference in Chicago, April 2004. I draw selectively on the literature from the past 25 years on regulation/deregulation to provide... more

- by Paul Joskow
- •
- Industrial Organization, Regulation Economics, Deregulation

- by Ana- Potcovaru and +2
- •
- Entrepreneurship, Management, Business Administration, Economics

Os contratos de concessão, firmados entre a ANEEL e as concessionárias de distribuição
após 1995, estabeleceram um regime de regulação tarifária do tipo price cap, como forma de evitar a
prática de preços de monopólio pelas concessionárias. Entretanto, a existência de um preço teto para
incentivar o aumento da produtividade tende a inibir os investimentos para a melhoria de qualidade.
Portanto, para que o price cap tenha êxito é necessário um aparato regulatório complementar que fixe
padrões mínimos de qualidade a serem observados pelas concessionárias, sob risco de sanções e
penalidades. Ciente desta necessidade, a ANEEL emitiu a Resolução no 024/2000 que introduziu a
análise comparativa dos desempenhos dos conjuntos de unidades consumidoras, como meio de
definição das metas para os indicadores de continuidade DEC e FEC. Recentemente, com a finalidade
de agilizar as atividades da ANEEL, o Centro de Pesquisas de Energia Elétrica -CEPEL desenvolveu o
ANABENCH, um sistema computacional para definição das metas de continuidade dos conjuntos de
unidades consumidoras. Neste trabalho são apresentados o sistema ANABENCH e a metodologia
usada na definição das metas de continuidade. Também são apresentados os resultados obtidos pelo
ANABEHCH em um estudo para definição das metas de 5750 conjuntos de unidades consumidoras.

- by Valk Castellani and +1
- •
- Electrical Engineering, Statistics, Multivariate Statistics, Quality Management
- by Pablo Leurquin and +1
- •
- Development Economics, Transport Economics, Competition Law, Antitrust (Law)
- by ivana paniccia and +1
- •
- Transport Economics, Public Transport, Regulation And Governance, Corporate Governance
- by Subhasish M . Chowdhury and +1
- •
- Telecommunications Policy, Dispute Resolution, Telecommunications, Regulation Economics

Regulatory economics examines public policies for dealing with problems arising in markets in which competitive forces are weak. The focus is on monopolies, oligopolies, cartels, and other environments where market mechanisms are unlikely to produce outcomes that benefit consumers more than the alternatives involving costly government intervention. The two main areas examined are competition policy and economic regulation. Competition policy refers to laws that define certain market behaviour as illegal because it is harmful to competition or fails to provide consumer benefits that justify its costs to consumers. Economic regulation refers to policies in which government controls prices and/or decides the terms and conditions under which firms can participate in a market. A growing area of study and policy design is the introduction of market mechanisms into formerly regulated industries such as: telecommunications, electricity, airlines, railroads, postal delivery services and environmental regulation. By and large, the economic legal system provides a fair, equitable, and transparent framework for both employers and employees. The Indian Contract Act and the Negotiable Instruments Act are both considered top of the legal charts. A fair understanding of at least these two laws is essential for doing business in India. Economic regulation, a form of government intervention designed to influence the behaviour of firms and individuals in the private sector. Other forms include public expenditures, taxes, government ownership, loans and loan guarantees, tax expenditures, equity interests in private companies and moral suasion.

- by Sparsh Mehra
- •
- International Economic Relations, Regulation Economics

Revista de Derecho Público, 2017-2, Rubinzal Culzoni, p. 161-227.

- by Santiago Maqueda and +1
- •
- Constitutional Law, Regulation, Regulation Economics, Administrative Law

In this paper, we theoretically discuss volume and share quotas in the market where firms engage in Cournot competition. We show the equivalence between specific taxes, and volume quotas and share quotas with respect to equilibrium quantities. By using these results, we analyze comparative statics effects of volume and share quotas. Further, we apply the results to the examination of an international oligopoly model with tariffs, import volume quotas, and import share quotas. Finally, we extend the model to endogenize the set of firms and derive a non-equivalence result of volume quotas and specific taxes.

- by Yasunori Okumura
- •
- Industrial Organization, Regulation Economics, Cournot market