Section one of this paper discusses the problem of regulatory design in general terms, but with a special focus on economics in transition. Section two reviews problems of adjustment related to the telecommunications industry and the regulatory framework in which they are being addressed....

There is much recent debate about extending the purposes of investor-owned firms to embrace the wider interests of a variety of stakeholders. Network regulatory decisions already involve extensive use of centralised social cost-benefit analysis to capture some aspects of public value. A gap...