This paper reviews current regulatory approaches designed to correct market failures and distribute the benefits of liberalization to consumers in recently liberalised network industries. Present evaluations of the liberalisation process show that opening up markets to more competition has not...

As markets change due to new technologies, shifts in consumer preferences or other conditions, the legal and policy framework need to adjust, too. The dilemma legislators and policy makers face when such changes take place is whether and how to intervene in such market situations and if they...