This paper evaluates the recent literature claiming that the US economy has generally become less competitive causing the US economy to perform poorly and that lax antitrust policy is one important reason for the decline in economic performance. Although there certainly are empirical facts...

This paper develops a model to explain and analyze the evolution of network structure (connectivity) and design (flight frequency, aircraft size, prices) in the post-deregulation U.S. airline industry. We show that legacy carriers choice of Hub-and-Spoke networks and the emergence of low cost...

This paper outlines the essentials of electricity market regulation in the United States and in California. It deals with the Federal laws (PUHCA, FPA, PURPA, EPAct) and with the regulatory policy of the Federal Energy Regulatory Commission (FERC) (particularly order 888, 889, and 2000)....

We argue that information asymmetries between regulators and firms increase the administrative decision costs of initiating new policies due to the costs of satisfying evidentiary or “burden of proof” requirements. We further contend that regulators with better information about regulated...

This paper is an empirical assessment of the comparative efficiency of governance structures in an environment marked by high uncertainty. We analyze the short-term impact of retail deregulation on the productive efficiency of electric utilities in the United States. We argue that there are...

There is a policy debate at both state and federal levels over how to facilitate consumer adoption of the Internet and, particularly, broadband technology to access the Internet. The objective of this study is to offer empirical evidence directly relevant to this debate. In so doing, we examine...

The traditionally large and sunk nature of utility investments gives rise to the possibility, if not the likelihood, of opportunistic behavior on the part of either regulators or regulated firms. In this paper, we develop a theoretical model to provide insights into this possibility, then employ...

We submit these comments to the Federal Trade Commission and the U.S. Department of Justice in their review of the Horizontal Merger Guidelines. The Agencies ask, in Question 8: “Should the Guidelines be revised to explain more fully than in the current §1.521 how market shares and market...