This paper examines optimal price (i.e. ‘sliding scale’) regulation of a monopoly when productivity and managerial effort are not observed. We show how to operationalise this model of incentive regulation and use actual data from electricity distribution in England and Wales to make welfare...

This paper examines optimal price (i.e. lsquo;sliding scale') regulation of a monopoly when productivity and managerial effort are not observed. We show generally how to operationalize this model of incentive regulation and use actual data from electricity distribution in England and Wales to...

The UK gas industry has undergone major changes since it was privatised in 1986 as a fully integrated monopoly. The most significant of these has occurred not as a result of the privatisation legislation but by the intervention of the ordinary competition authorities in support of an active...

The UK gas industry has undergone major changes since it was privatised in 1986 as a fully integrated monopoly. The most significant of these have occurred not as an outworking of the privatisation legislation but by the intervention of the ordinary competition authorities in support of an...

Recent developments in econometrics provide robust estimators for cointegrated series where sample sizes are small. We estimate the demand for energy in Jordan over the period 1968-1997 using the dynamic OLS method developed by Stock and Watson, and compare the results with conventional forms of...

This paper examines optimal price (i.e. 'sliding scale') regulation of a monopoly when productivity and managerial effort are not observed. We show generally how to operationalize this model of incentive regulation and use actual data from electricity distribution in England and Wales to...