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Testing Regulatory Consistency

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  • ROBERT BREUNIG
  • FLAVIO M. MENEZES

Abstract

We undertake an analysis of regulatory consistency using a database of publicly available regulatory decisions in Australia. We propose a simple exploratory model which allows us to test for regulatory consistency across jurisdictions and industries without detailed knowledge of the regulatory process. We compare two measures using our approach--the weighted average cost of capital and the proportion of firms� revenue requirement claims disallowed by the regulator. We advocate use of the second measure, but our empirical results may be interpreted as indicating that a range of measures ought to be considered when assessing regulatory consistency.
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Suggested Citation

  • Robert Breunig & Flavio M. Menezes, 2012. "Testing Regulatory Consistency," Contemporary Economic Policy, Western Economic Association International, vol. 30(1), pages 60-74, January.
    • Handle: RePEc:bla:coecpo:v:30:y:2012:i:1:p:60-74
    DOI: j.1465-7287.2010.00249.x
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    File URL: http://hdl.handle.net/10.1111/j.1465-7287.2010.00249.x
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    References listed on IDEAS

    as
    1. Timothy Besley & Stephen Coate, 2003. "Elected Versus Appointed Regulators: Theory and Evidence," Journal of the European Economic Association, MIT Press, vol. 1(5), pages 1176-1206, September.
    2. Geoff Edwards & Leonard Waverman, 2006. "The Effects of Public Ownership and Regulatory Independence on Regulatory Outcomes," Journal of Regulatory Economics, Springer, vol. 29(1), pages 23-67, January.
    3. Robert Breunig & Jeremy Hornby & Scott Stacey & Flavio Menezes, 2006. "Price Regulation in Australia: How Consistent Has It Been?," The Economic Record, The Economic Society of Australia, vol. 82(256), pages 67-76, March.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Making the case for selling off Queensland's power assets
      by Flavio Menezes, Professor of Economics at The University of Queensland in The Conversation on 2014-10-08 06:02:51

    Citations

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    Cited by:

    1. Rod Tyers, 2015. "Service Oligopolies and Australia's Economy-Wide Performance," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 48(4), pages 333-356, December.
    2. Nepal, Rabindra & Menezes, Flavio & Jamasb, Tooraj, 2014. "Network regulation and regulatory institutional reform: Revisiting the case of Australia," Energy Policy, Elsevier, vol. 73(C), pages 259-268.
    3. Flavio Menezes & Magnus Söderberg & Miguel Santolino, 2012. "Regulatory behaviour under threat of court reversal," Discussion Papers Series 472, School of Economics, University of Queensland, Australia.
    4. Söderberg, Magnus & Menezes, Flavio M. & Santolino, Miguel, 2018. "Regulatory behaviour under threat of court reversal: Theory and evidence from the Swedish electricity market," Energy Economics, Elsevier, vol. 71(C), pages 302-310.

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