Public Enterprise And Regulation Paper Essay

Public Enterprise and regulation Paper

· This exam paper contains five questions.

· Answer two questions only.

· Please write your answer to each question in separate documents, note on the coversheet the question number you have answered and submit your answer to the correct submission link.

· The word limit for each question is 1,000 words. Equations are not included in the word count for this assessment.

· All questions are worth equal marks.

· You should allow a minimum of 30 minutes to upload/submit your work.

Answer two questions only.

The word limit for each question is 1,000 words.

Exam 1

1. Outline the different public and private theories of regulation and their theoretical predictions. Using relevant examples, explain which of the theories you think best fits with reality.

2. The theory of contestable markets seems to offer substantial benefits in terms of preventing abuse of monopoly power without the need for regulation or actual competition. Can these benefits be realised in practice? Your answer should draw on both theory and empirical examples.

3. Explain the role of competition for the market in bringing about desirable outcomes in markets where competition in the market is not desirable or possible. Can it work, and in what circumstances? Your answer should draw on both theory and empirical examples.

4. Can privatisation, combined with market opening and / or strong economic regulation, solve the problems associated with state ownership? Do you agree that state ownership is a problem in need of a solution or that more state ownership is now needed to solve the problems of private ownership? Your answer should draw on both theory and empirical examples.

5. How can economic regulation be used to ensure a “fair” balance between incentivising firms to improve efficiency and make a reasonable return, whilst also delivering a good deal for tax payers and consumers? Are some regulatory mechanisms more suited than others to achieving these objectives? Your answer should draw on both theory and empirical examples.

Exam 2

6. Explain the motivation for adopting “high powered” regulatory incentive mechanisms such as RPI-X as compared to more traditional rate-of-return regulation approaches to economic regulation of private monopolists. Was RPI-X the right choice for the UK and does it remain fit for purpose? You should draw on both theory and empirical examples.

7. “What is owned by everyone is perceived to be owned by no-one”

(Parker and Saal, 2003).

Do you agree that state ownership is a fundamentally flawed ownership model for which privatisation, combined with associated regulatory and market opening reforms is the best solution? Justify your answer by reference to both theory and relevant empirical cases.

8. Based on evaluation of the theory and evidence from the US and the UK, do you believe that economic regulators exist to service the interests of the public, private interest groups or even themselves?

9. Explain the theoretical benefits of ‘ex ante competition’ (also referred to as ‘competition for the market’) as compared to the alternatives of economic regulation or ‘competition in the market’. What are the potential pitfalls of ex ante competition, and what are the factors that are critical to its success? Your answer should refer to empirical examples.

10. Do any markets come close enough to meeting the assumptions of the theory of contestable markets to warrant policy makers designing reforms based on this theory? Discuss your answer based on theory and evidence.

Exam 3

11. Outline the assumptions and predictions of the theory of contestable markets. How far does contestability guarantee good outcomes for consumers without the need for actual competition or regulation? Justify your answer by reference to both theory and relevant empirical cases

12. Evaluate the available public and private interest theories of regulation, explaining their assumptions and theoretical predictions, and discussing their relative strengths from a theoretical perspective. Making reference to empirical examples, which theory do you think is mist accurate in explaining actual regulatory practice

13. What are the relative merits of RPI-X regulation as compared to the rate of return (1 word..) that has typically applied in the US? Has RPI-X regulation been a success in the UK and if so who have been the winners (or losers)?

14. What do the different theoretical contributions predict about the likely impact of privatization on productive efficiency? Discuss the evidence on the success of privatization internationally, taking into account of the impact of associated restructuring regulatory reform and market opening that is often implemented simultaneously

15. Explain the concept and theoretical benefits of ‘ex ante competition’ (also referred to as ‘competition for the market’) as compared to regulation or ‘competition in the market’. Assess whether competition for the market been a successful policy internationally, and what factors are critical to its success or failure. Your answer should refer to specific empirical examples.

Exam 4

16. To what extent does economic theory predict that privatization will lead to greater productive efficiency compared with state-owned enterprises? How far does the empirical evidence show that privatization on its own, or combined with institutional reforms and market opening, delivers such efficiency gains in practice?

17. Discuss the relative advantages and disadvantages of RPI-X regulation as compared with rate of return regulation. Taking into account of the impact on efficiency, prices and also distributive justice, do you think RPI-X regulation has been a success in the UK? How do you see regulatory policy evolving in the future?

18. Define natural monopoly … To what extent is ‘ex ante competition’ (also referred to as ‘competition for the market’) a preferred policy tool for dealing with natural monopoly compared with either regulation or ‘competition in the market’? Your answer should consider both theory and empirical evidence.

19. Describe the assumptions and predictions of public and private interests theories of regulation. Explain which theory you consider to be most theoretically (1 word..). Which do you think best explains actual regulatory practice in Europe and the US?

20. Outline the underlying assumptions and predictions of the theory of contestable markets. Does the theory have any relevance for policy makers? Justify your answer by reference to relevant empirical cases

Public Enterprise And Regulation Paper Essay

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