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Evaluating regulatory reform of network industries: a survey of empirical models based on categorical proxies

Andrea Bastianin, Paolo Castelnovo and Massimo Florio ()

Utilities Policy, 2018, vol. 55, issue C, 115-128

Abstract: Proxies for regulatory reforms based on categorical variables are increasingly used in empirical evaluation models. We surveyed 63 studies that rely on such indices to analyze the effects of entry liberalization, privatization, unbundling, and independent regulation of the electricity, natural gas, and telecommunications sectors. We highlight methodological issues related to the use of these proxies. Next, taking stock of the literature, we provide practical advice for the design of the empirical strategy and discuss the selection of control and instrumental variables to attenuate endogeneity problems undermining identification of the effects of regulatory reforms.

Keywords: Network industries; Regulatory reforms; Categorical variables (search for similar items in EconPapers)
JEL-codes: B41 C20 C54 D04 L98 (search for similar items in EconPapers)
Date: 2018
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