Abstract
In order to develop optimal liability rules for telecommunications carriers, it is necessary to apply the economic framework outlined in the previous chapter. This requires the definition of a social welfare function to be maximized, where policymakers identify the key goals that are to be achieved through the liability rules, as well as the constraints, if any, which exist by virtue of other policy goals. The significance of the definition of the social welfare function on determining optimal liability rules is discussed in the next chapter. The present chapter examines key characteristics of the telecommunications industry, both of providers and customers, that need to be incorporated in applying the economic framework for analyzing the likely effect of liability rules.
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