There has been considerable interest in access rates in Australia since the development of National Competition Policy. This paper provides a framework for analysing the different situations in which access is an appropriate policy tool. It argues that access does not necessarily raise welfare...

Principal-agent models typically rely on the assumption that the agents action has a positive and increasing marginal cost in order to explain the emergence of a moral hazard. This paper develops a model in which an agent can manipulate a projects type, and in particular the projects risk,...

At various times since Tobin floated the idea of a tax on foreign exchange transactions the concept has been revisited - particularly in times of financial market turmoil when it has been proposed as a means of reducing exchange rate volatility. Recently, Harcourt (1997) suggested a further...