mechanism and Shleifer's yardstick Regulation. Unfortunately, in practical applications of these simple mechanisms the regulated … regulator must be extremely well-informed if he wants to apply this sort of regulation: except for the actual realizations of a … regulated public utility. This is the main reason why in practice the simple $RPI - X$ regulation prevails. Finally, in this …

impedes productivity more at higher levels of regulation. The analysis finds that there is a significant negative relationship … between corruption and firm productivity when regulation is high and an insignificant relationship when it is low. These …