Regulation and Administered Contracts Revisited: Lessons from Transaction-Cost Economics for Public Utility Regulation

Keith J Crocker and Scott Masten

Journal of Regulatory Economics, 1996, vol. 9, issue 1, 5-39

Abstract: This article reexamines the administered contracts approach to regulation in light of recent empirical research that establishes the importance of transaction-costs in the organizational choice and design decisions. After reviewing the fundamentals of transaction cost reasoning and the franchise bidding-versus-regulation debate, the study surveys the empirical literature on franchise bidding, contracting, and vertical integration. The implications of transaction-cost theories for current policies toward public utility regulation and deregulation are also addressed. Copyright 1996 by Kluwer Academic Publishers

Date: 1996
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