Justifications for regulation are commonly based on the identification of market failures. This is however inadequate to account for much regulation, and sees regulation as inherently second best to market allocations. This article argues that, although some regulation will be based on market...

This paper examines the application of the concept of a regulatory contract in the analysis of UK utilities regulation. It argues that there are serious problems in conceiving of regulatory relations as analogous to contracts, though particular contracts may be a useful tool in the regulatory...