Abstract
Economic regulation injects the state into firms' pricing, entry, investment, and product decisions. The empirical study of economic regulation has evolved considerably since George Stigler's seminal work in 1962. An extensive literature analyzes the effects of regulation in both natural monopoly and structurally competitive industries. This work suggests that regulation can have significant effects on prices, rent creation and distribution, costs, and technological innovation. Current policy and research activity focuses on restructuring and market design in traditional natural monopoly sectors and on the shift toward market-based or incentive regulation. Myriad worldwide policy experiments provide a rich set of observations for empirical analysis. Early results suggest some unanticipated consequences, and highlight the importance of institutional detail in market design.
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