There has been considerable interest in access rates in Australia since the development of National Competition Policy. This paper provides a framework for analysing the different situations in which access is an appropriate policy tool. It argues that access does not necessarily raise welfare...

There has been considerable interest in access rates in Australia since the development of National Competition Policy. This paper provides a framework for analysing the different situations in which access is an appropriate policy tool. It argues that access does not necessarily raise welfare...

Existing models in which stock markets lead to corporate 'short-termism' rely on an exogenously imposed objective for top managers. This paper endogenizes both managers' concern for short-term stock prices and the resulting distortions. The authors show that, when the manager can trade on her...

National competition policy is having a major effect on Australian industry. The Hilmer committee recommendations on infrastructure access, competitive neutrality, restructuring of public enterprises and legislative review have been accepted by all Australian governments. The underlying economic...

This paper presents a simple model of a government contemplating the presale reform of a public enterprise. While the government is less efficient at such reform than the eventual owner, failure to reform may be considered an indicator of low commercial value by potential purchasers....