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1423class1 - 14.23 Government Regulation of Industry Class...

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14.23 Government Regulation of Industry Class 1 1
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Outline • Definitions • Course Outline • Introduction to Social Cost Benefit Analysis • Economic Regulation in Practice • Costs and Benefits of Regulation • What do regulatory agencies do? • Concluding Remarks 2
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What is Government Regulation€ of Industry?€ Government regulation of industry is local, federal or state government control of individual or firm behavior via the mechanisms of setting the prices or controlling the quantity and quality of goods and services produced. E.g. setting rates for electricity service. • E.g. setting quality standards for auto seat belts. 3
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Economic and Social Regulation In this course we differentiate between two types of government regulation: Economic Regulation – the government control of firm behavior of industries characterized by a lack of competition (traditionally national monopolies). e.g. electricity rates. Social Regulation – the government control of individual and firm behavior with respect to the environmental and health and safety implications of the production and consumption of goods and services (traditionally externalities). e.g. emissions from power 4 plants.
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Course Outline and Key Activities± • There will be 5 homework assignments. • There will be a mid-term exam in class. • There will be a final exam during the exam period. 5
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Key Times and Dates • Class 9-10.30AM. Recitation -10AM. • First Homework due in Class #7 at 9AM. • Mid Term in Class #13 at 9AM. 6
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Outline of Course • Three Main Sections: • I. Revision of Basic Industrial Organization – Especially the implications of departures from perfect competition for social welfare. • II. Economic Regulation – How monopoly power can be mitigated in electricity, telecom, rail, truck and airline sectors. • III. Social Regulation
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1423class1 - 14.23 Government Regulation of Industry Class...

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