This collection of important previously published articles reflects the vigorous implementation of privatization in Europe and the deregulation in the United States over the last quarter century. The evolution of the movements is described, both intellectually and politically. Deregulation and...

The revenue-maximizing firm presumably has an internal return requirement that is at least as large as the maximum return permitted by a regulatory agency. In this case, which is the only one that seems economically meaningful, the undercapitalization result of Bailey-Malone holds throughout the...

The analysis seeks to determine the impact of lagged regulation on a profit-maximizing firm subject to a rate-of-return constraint. We are particularly interested in the effect of lag on the accomplishment of two regulatory goals: minimum-cost production, and an output greater than that of an...