Some aspects of economic systems (eg, nonlinearity, qualitative variables) are intractable when incorporated into models. The widespread practice of excluding them (or greatly limiting their role) produces deviations of unknown size and form between the resulting models and the reality they...

Recent years have seen countries introducing reform of their utility industries with a view to promoting private ownership and competition. This paper studies the effect of the sequencing of privatisation, competition and regulation reforms in electricity generation using data from 25 developing...