begins by characterizing the optimal regulation of a monopoly supplier that is better informed than the regulator about its … commitment powers are limited. The chapter then analyzes the design of practical policies, such as price cap regulation, that are …. Yardstick regulation, procedures for awarding monopoly franchises, and optimal industry structuring are analyzed. The chapter …

. Competition has an important role to play in achieving such gains. However, Korea’s development strategy has tended to weaken … competition and has left a legacy of government intervention. Strengthening competition requires upgrading competition policy …, increasing openness to international trade and foreign direct investment and improving the regulatory framework in network …

(imperfect) substitutes and can engage in lobbying activities. Under centralized regulation, a single regulator is established …, whose mandate is to maximize aggregate welfare. Under decentralized regulation, each firm is assigned to a regulator charged … with maximizing the welfare generated by that firm. With asymmetric cost information, centralized regulation results in a …

We study how competition for talent affects CEO compensation, taking into consideration that CEO decisions and CEO … contracts that generate rents for the CEO. We derive the equilibrium compensation contract, and we describe how competition … changes that contract and the outcome. Intuitively, competition increases realized CEO compensation. It also strengthens the …

following state-level legislation that ended cost-of-service regulation of electricity generation. I find that deregulated …

over time. This paper develops and estimates an equilibrium model with dynamic pricing and firm entry and uses it to … dynamic pricing regulation lowers social welfare as the benefit from improved premium stability is outweighed by the cost of … reduced insurer participation. The welfare loss from stricter dynamic pricing regulation could be mitigated if the government …