A worldwide trend began in the 1980s in both developed and developing countries to restructure their power sectors and reform their regulatory framework. The motivation in developed countries to restructure and reform was mainly to improve sector efficiency, while in the developing countries, it...

Transition economies are going through a process of changing the role of the state, allowing a greater role for the private sector. This is consistent with the market-oriented approach of the WTO. Remaining state agencies and enterprises will need to adapt their ways of doing business, including...

We analyze the consequences of activism in a regulated industry where the regulator has been captured by the industry. Unlike ordinary economic agents, activists are insensitive to monetary incentives. Moreover, they are less well informed than regulators and their actions generate dead-weight...