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Why Johnny Can't Regulate: The Case of Natural Monopoly

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  • Henry Ergas

Abstract

This paper examines the difficulties inherent in regulation as a solution to market failure and, especially, to natural monopoly. It highlights the way regulation itself introduces new risks into the supply of natural monopoly services, including the risk of regulatory opportunism, and argues that delegating regulatory functions to 'independent' regulators does not in itself solve those risks.

Suggested Citation

  • Henry Ergas, 2013. "Why Johnny Can't Regulate: The Case of Natural Monopoly," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 20(1), pages 43-54.
    • Handle: RePEc:acb:agenda:v:20:y:2013:i:1:p:43-54
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    File URL: http://press-files.anu.edu.au/downloads/press/p247961/pdf/Why-Johnny-Can't-Regulate-The-Case-of-Natural-Monopoly-Henry-Ergas.pdf
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    Cited by:

    1. Darryl Biggar, 2013. "'Why Johnny Can't Regulate': A Reply to Henry Ergas," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 20(2), pages 105-110.

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