This chapter provides a comprehensive overview of the theoretical and empirical literature on the regulation of natural monopolies. It covers alternative definitions of natural monopoly, public interest regulatory goals, alternative regulatory institutions, price regulation with full...

This paper shows that the R&D intensity of an industry plays an important role in determining international trade patterns via its effect on scale economies. I first develop a model of trade with heterogeneous firms where firms compete with each other by spending on fixed product development...

A new wave of technological innovations, often called 'fintech,' is accelerating change in the financial sector. What impact might fintech have on financial services, and how should regulation respond? This paper sets out an economic framework for thinking through the channels by which fintech...

This chapter discusses the difference between determinants of barriers to the mobility of capital and the welfare implications of entry and exit. The first task is confined for identifying situations in which a firm that is established in an industry benefits because of its incumbency. An...