1423class25

1423class25 - 14.23 Government Regulation of Industry Class...

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14.23 Government Regulation ± of Industry± Class 25: Conclusion and Exam Syllabus 1
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General Conclusions Economic regulation is concerned with control price and quantity sold and using economic instruments (e.g. tradeable permits) to control ‘quality’. A lot of good economic analysis of regulation exists which suggests how profit maximising firms can be efficiently incentivised to achieve social goals. Actual regulation has often yielded perverse effects and hence moves towards deregulation. Social cost benefit analysis of regulation is very important but surprisingly rare in US. • Any other lessons from the course? 2
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Go through all numeric problems that were covered in classes and the problem sets and be sure that you are comfortable with how to solve those models. One numeric question will be taken directly from the problem sets. 1/3 of the marks will go to pre-mid term material. For each of the industries that we have covered ensure that you know: – The basic outline of the industry – Why it was regulated – Why it was deregulated (if that happened to be the case) – How it was regulated (e.g. price controls, entry controls) The economic consequences of the regulation (in terms of efficiency, ability to do what it was supposed to do, profits, etc.). – The level of detail required is that discussed in class.
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1423class25 - 14.23 Government Regulation of Industry Class...

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