BRITISH UTILITY REGULATION: THEORY, PRACTICE, AND REFORM
分析了英国公用事业新监管体制的设计与表现，描述了RPI-X价格上限，探讨了监管自由裁量权与被俘获的风险，并提出了五项改革论据及具体改革建议。
The paper considers the design and performance of the new regulatory regime for U.K. utilities. It describes the RPI-X price caps and considers the scope for regulatory discretion and capture. Particular attention is paid to the informational requirements for the determination of prices, the scope for intervention between periods, the independence of regulators, and the promotion of competition. Five arguments for regulatory reform are identified: regulatory arbitrage; capture; administrative costs; investment, sunk costs, and regulatory hold-up; and political instability. A number of reforms are then proposed. These include: merging regulatory bodies; a common set of financial rules; a common basis for efficiency comparisons; and reforming the MMC and judicial review.