Encyclopedia of Law and Economics
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Encyclopedia of Law and Economics

Edited by Gerrit De Geest

The second, expanded edition of the acclaimed Encyclopedia represents a major update of the most authoritative reference work in the field of law and economics and the nine print volumes are now released online as a single integrated product. The Encyclopedia provides balanced and comprehensive coverage of the major domain in law and economics, including: criminal law, regulation, property law, contract law, tort law, labor and employment law, antitrust law, procedural law, and the production of legal rules. Each theme or volume is overseen by a leading scholar and each of the 166 entries is prepared by an expert in the field, providing an in-depth and authoritative overview of the individual topic, combined with an exhaustive bibliography, allowing users to access and filter the entire corpus of literature in law and economics. As with the print edition, the Encyclopedia is unique in serving both as an entry point and a platform for advanced research. The online edition is enhanced with Elgaronline’s powerful search tools, facilitating the search for key terms across the entire Encyclopedia, whilst the browse function allows users to move seamlessly between the volumes. These elements combine to create a powerful research tool for any researcher or scholar in the field of law and economics.
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Index: Index

Roger J. Van den Bergh and Alessio M. Pacces

[In: Volume 9, (ed) Regulation and Economics]

  • Eckard, E. 201

  • Eckenrod, S. 121

  • economic theories of regulation 7, 89, 2595

    • agencies, regulatory policies of 6364, 6869

    • agency takeovers and private interest theories 5152

    • antimonopoly legislation 33, 6263

    • bargaining costs 43

    • benchmarking 70, 74, 76, 7881

    • bounded rationality 3843, 45

    • business cycle effect 3738

    • capture theory 5152

    • Chicago theory of regulation 5254

    • Chicago theory of regulation, and deregulation 7071

    • Chicago theory of regulation, extensions to 5460

    • Chicago theory of regulation, incompleteness of 6266

    • competition, imperfect 3335

    • competitive market equilibrium 29, 3536, 37

    • conduct regulation 27

    • contract types 7980

    • cross-subsidization 5456

    • deadweight costs and deregulation 7071

    • deregulation 49, 6364, 6972

    • economic and social regulation, distinction between 27

    • efficiency and effectiveness of regulation 4750, 5556

    • environmental regulation 30, 61

    • evaluation criteria 28

    • excessive competition 37

    • firm’s indirect costs 31

    • firm’s sunk costs and market entry 3435, 36, 37

    • franchise bidding as alternative to regulation 7879

    • future developments 8283

    • government policies, types of 26, 63, 64

    • incentive effects of redistribution 45

    • independence and accountability, tradeoff between 6769

    • industries, choosing which to regulate 61

    • industry exploitation of decision-making 52, 54, 56

    • information costs 30, 43, 47

    • information distribution 39, 42, 46

    • information market and market failures 3839

    • information problems and bounded rationality 3840

    • institutional theories of regulation 6769

    • interest group representation 5254, 6065

    • intervention costs 3032

    • legislation and regulation, distinction between 28

    • liberalization 6982

    • market failure 2930, 3238, 4647, 59, 70

    • market failure as model failure 4647

    • missing markets 3844

    • monitoring costs 6566

    • p. 751monitoring firm behavior and enforcement of regulations 31, 7879

    • monopoly inefficiencies 6667

    • monopoly power and allocation of resources 46, 59

    • natural monopolies 27, 3031, 3335, 49, 70, 72

    • natural oligopoly situation 3637

    • negative externalities 4344, 46

    • negotiation costs 4344

    • networks, access to 81

    • networks, competition among 7778, 7980

    • non-market failures 48

    • normative theories 27, 28

    • political pressure on private parties 5657, 7071

    • political support, maximization of 5456

    • positive theories 27

    • pressure groups 5759, 70

    • price regulation 27, 3031, 35, 38, 47, 49, 50, 52, 5458, 61, 70

    • price wars 37

    • price-cap regulation 7273, 7477, 80

    • private interest theories of regulation 25, 28, 5160

    • private interest theories of regulation, criticism of 6067

    • private interest theories of regulation, empirical validity and testing 6162

    • privatization, and regulatory reform 7277

    • privatization, and restructuring 26, 6972

    • profit regulation 7273, 76

    • Progressive School of Law and Economics 30

    • public choice on regulation, and political process 6266

    • public goods and externalities 44

    • public interest theories of regulation 25, 28, 2945, 66

    • public interest theories of regulation, criticism of 4651

    • public interest theories of regulation, and deregulation 70, 71

    • public interest theories of regulation, incompleteness of 5051

    • public interest theories of regulation, testing 4950

    • public utilities 26, 3031, 3335, 5152, 54, 61, 68, 74

    • quality dimensions of goods and price setting 39, 42, 46, 7576, 7879

    • quality standards, minimum 42

    • quota systems 56

    • rate of return regulation 35, 7273, 7476

    • regulation definition 2627, 28

    • regulation enforcement costs 43

    • rent-seeking analysis as positive theory 6667, 68, 77, 79

    • resource allocation 2930, 3133, 3437, 42, 4344, 46, 47

    • restructuring, competition and re-regulation 7282

    • risk and bounded rationality 4142

    • sliding scale regulation 73

    • social regulation 27, 32, 3839, 4244, 49, 5961, 69

    • structural regulation 27, 37

    • subsidies 56, 67

    • switching costs 78

    • taxation 47, 56, 67

    • transaction costs 30, 42, 4344, 46, 47

    • undesirable market results 4445

    • vertical integration and access regulation 8182

    • Virginia School of Public Choice 6667

    • wage and price regulation 38

    • wealth transfers 54, 5657, 6061

    • welfare loss control 3031, 35, 44, 47, 5556, 58, 67

    • yardstick competition 70, 74, 76, 7881

  • Economides, N. 77, 125, 126, 368

  • education levels

  • Eeckhoudt, L. 266

  • efficiency of regulation 4750, 5556

    • efficient component-pricing rule (ECPR) 124128

    • incentives, water and wastewater 467468, 479

    • p. 752medical malpractice 691692, 696697, 698

    • price-cap regulation 120

  • Ehrlich, I. 264

  • Eide, E. 231

  • Eidenmüller, H. 183

  • Einhorn, M. 112

  • Eisenberg, T. 704

  • Ekelund, R. 27, 28, 139, 141, 258

  • Ekstrom, K. 175

  • electricity industry 377405

    • behavioral indices 391

    • Californian power market reform 392394

    • climate policy commitments 392

    • collective contracting agencies 382

    • collective price strategies 390

    • equivalent availability factor programs 110

    • EU single market for electricity, institutional constraints 396400

    • exchangeable quotas and green electricity 396

    • feed-in tariffs and green electricity 396

    • future agenda 388400

    • generation capacities and long-term contracts, investment in 392395

    • government intervention and political window of opportunity, problem of 385387

    • green electricity and bidding instruments 396

    • heat-rate programs 110

    • horizontal market power 390

    • ncentive regulation 112

    • industrial restructuring problems 385387

    • infrastructure-based competition 434

    • institutional dimensions of competitive reforms 383388

    • institutional economics and reform of network industries 380383

    • institutional separation of network infrastructures 386

    • interest groups 384, 397, 398

    • liberalization and initial allocation of property rights 387388

    • local market power 390

    • long-term contracts 391, 392395

    • market power 389392

    • Meroni doctrine 399

    • microeconomic theory of rational price setting 379380

    • monopolistic industrial organization 377378, 381

    • national champions in EU 397398

    • networks 122, 383, 391

    • optimal fuel mix diversity, and long-term contracts 394

    • partial fuel pass-through programs 110

    • peaking units 394

      • private interests, problem of 384

    • rate-of-return regulation 103, 108109, 110, 112

    • reform policies, implementation period 386

    • Renewable Energy Sources in Electricity (RES-E) 395396

    • smart meters 391

    • structural indices and solutions 391

    • transmission grids, computing economic value of congestion effects 388

    • vertical market power 390, 394395

    • wholesale market power, regulation of 388392, 393

    • world electricity demand and investment decisions 392

    • see also natural gas industry

  • Eling, M. 548

  • Ellerman, D. 247, 388

  • Ellickson, R. 234

  • Elliot, D. 75

  • Elliott, E. 263

  • Ellis, H. 547

  • Ellis, R. 624

  • Emons, W. 650

  • Encinosa, W. 107

  • Endres, A. 230, 245

  • entry barriers

  • p. 753environmental concerns

    • global transport industry 498499, 501, 504506

    • green electricity and bidding instruments 396

    • natural gas industry 442

    • Renewable Energy Sources in Electricity (RES-E) 395396

    • water and wastewater 451, 456, 460

  • environmental regulation 12, 229301, 317318

    • BATNEEC (Best Available Technique Not Entailing Excessive Costs) 237238

    • best available technology (BAT) standard 238

    • climate change and emission trading 267268

    • Coase theorem on pollution 231233

    • coming to nuisance defence 234

    • command-and-control policies 240, 241, 244, 252, 258

    • commitment policy 238

    • common law remedies 245

    • compensation payments 232, 234

    • competitiveness, effect on 254, 259, 261, 262263

    • compliance costs 237

    • contingent valuation 239

    • corporate voluntary environmental investments 250

    • cost-benefit analysis, criticism of 237

    • cost-benefit analysis and environmental standard setting 235243, 251252

    • criminal sanctions 253

    • crowding in of environmental norms, and voluntary agreements 250

    • decentralization criteria 261, 262264

    • developing countries 246

    • dispute resolution 233

    • economic costs of environmental protection measures 255

    • economic theories of regulation 30, 61

    • economic versus legal instruments 243244, 246249

    • efficiency aspects 232233, 236

    • emission standards 241242, 252, 253, 258, 259

    • entry barrier lobbying 257258

    • environmental damage assessment 238240

    • and FDI 265

    • federalism 261264

    • first-use doctrine 234

    • future generations, rights of 239

    • future research 268269

    • grandfather clauses 257, 258, 268

    • harm reduction 233234

    • hedonic price technique for damage assessment 238239

    • importance of 235238

    • incentive-based policies 242, 244, 246249, 252, 267

    • instruments, choice of 251252, 269

    • insurance 251, 269

    • interest groups, influence of 256260, 269

    • intergenerational equity 239

    • Kyoto Protocol 265, 267268

    • liability law 245, 251, 252, 260, 268, 269

    • lobbying 257260

    • manufacturing industries and pollution control costs 261

    • market-oriented approach 245, 252, 258

    • monitoring and controlling procedures 250

    • moral sentiments, regard for 239

    • and national income, relationship between 254

    • nuisance law 233234

    • optimal environmental quality, determination of 236

    • optimal level of pollution, determination of 235

    • overview 229231

    • polluter pays principle 243, 268

    • pollution as externality 231234

    • pollution, instruments to control 243252

    • precautionary principle and regulation under uncertainty 264266

    • principles of environmental law 243

    • prior approval intervention 249

    • private interest theory of regulation 256260

    • p. 754private interest theory of regulation, and instrument choice 258259

    • private interest theory of regulation, interest groups and level of government action 259260

    • private interest theory of regulation, interest groups and lobbying 256258

    • production (specification) standards 241

    • property rights 245, 247, 251

    • public choice analysis 269

    • public interest criteria 252255

    • public interest criteria, effectiveness 253254

    • public interest criteria, enforcement 253

    • public interest criteria, influence on firm behaviour 254255

    • public policy and cost-benefit analysis 236

    • quality standards 240241

    • quantity regulations for private enforcers 252

    • race to the bottom argument, and decentralization 261, 262264

    • rent-seeking behaviour 256257, 258, 260

    • responsive regulation and technology investment 250

    • RIO Declaration 243

    • risk regulation 264266

    • standard setting 235, 240243, 249, 251, 264

    • subsidiarity and race to the bottom rationale 262264

    • superfund clean-ups 237

    • target standards 240241

    • taxation 232, 235, 244, 248249, 250, 251, 252, 258

    • theory 252260

    • tradable permits 246248, 259, 267268

    • and trade liberalisation 255

    • transboundary pollution 269

    • travel cost studies 239

    • voluntary compliance through moral persuasion 249250, 251252

    • willingness to accept (WTA) measure 239240

    • willingness to pay (WTP) test 237, 239240

  • Epple, D. 253

  • Epstein, A. 610, 613, 629, 632

  • Epstein, R. 171, 233, 234, 344, 345, 690, 691, 697, 698, 735

  • Ergas, H. 346

  • Esteva, C. 540

  • Esty, D. 254

  • EU

    • accountants 723724, 726727, 729730

    • Agency for the Cooperation of Energy Regulators (ACER) 398400

    • Alternative Investment Fund Management Directive 592

    • banking and financial markets 577, 585, 592, 600, 601, 602

    • biopharmaceutical industry 610, 613, 620

    • Capital Requirement Directive (CRD) 585

    • cartel prohibition 726

    • climate change policy 268

    • competition policy and insurance regulation 531533, 540, 542

    • convergence between fixed and mobile telecommunications 360361

    • cost-based access charges 123124

    • cross-border financial transactions 601

    • Deutsche Telekom 439

    • DONG/Elsam 430

    • electricity industry, institutional constraints 396400

    • Emission Trading Directive 247, 268

    • ENI 440441

    • environmental regulation 243, 247, 248249, 257, 259260, 264, 268, 387388

    • environmental regulation, polluter pays principle 243, 268

    • European Medicines Evaluation Agency (EMEA) 610, 613

    • Exxon-Mobil 430

    • gas access regulation 433

    • Gas Directives 431, 438, 439

    • Gas Natural/Endesa 440

    • gas price regulation 415, 419, 421, 426427

    • gas regulation, liberalized gas market model case study 438441

    • p. 755gas sector competition 439442

    • gas storage regulation 430432

    • Gazprom 440

    • GDF Suez 440

    • generic drug marketing 620

    • global transport industry at EU level 514522

    • Hackberry 431

    • insurance regulation 548

    • insurance regulation, block

    • exemption regulation 540541

    • insurance regulation, common risk premium tariffs 541

    • insurance regulation, home control of 532, 551553

    • insurance regulation, information exchange in EU decisions 539542

    • insurance regulation and interstate trade 532

    • insurance regulation, single authority 551553

    • Internal Energy Market Directive 386

    • liner conferences 520522

    • Marathon 440

    • Market in Financial Instruments Directive (MIFID) 577

    • Meroni doctrine 399

    • mobile markets, calling-party-pays (CPP) 354

    • mobile markets, spectrum management and allocation, 3G auctions 358359

    • mobile markets, waterbed effect 355

    • natural monopolies, regulation of 35

    • next generation access networks, bill and keep (BaK) model 360

    • Next Generation Access (NGA) 351

    • Open Skies agreement 501502, 503, 511514

    • Own Funds Directive for Banking 585

    • Port Package Deals 515517

    • privatization and restructuring of state-owned enterprises 26

    • public service reforms, problems with 384

    • rail market liberalization 517519

    • rent-seeking behaviour in environmental regulation 257

    • RWE 440441

    • shipping cartels, breaking 519522

    • Solvency Ratio 585

    • subsidiarity principle 262264

    • Systemic Risk Board 601

    • telecommunications, access price setting 350351

    • telecommunications, essential facilities doctrine 347348, 349350

    • telecommunications, investment ladder model 347348, 350

    • telecommunications Open Network

    • Provisions (ONP) 343

    • Total GDF 430431

    • tradable pollution rights 247, 248

    • Trans-European Transport Network

    • program (T-TEN) 514

    • transport privatization 500

    • universal banking system 582, 583

    • Water Framework Directive 455457, 459

    • see also individual countries

  • EU, consumer protection 163228

  • adverse selection risk 185, 193, 196

  • alternative dispute resolution (ADR) 197

  • Article 153 EC 204

  • asymmetrical paternalism 175

  • behavioural economics 167169, 170171, 174175, 177178, 186, 187, 195, 211, 215216

  • bounded rationality 168, 174175

  • British American Tobacco v. The Queen 206207

  • Cassis de Dijon 208

  • centralization/decentralization

  • argument 209210

  • choice architectures and consumer

  • decision-making 169, 177178

  • Club-Tour 190191

  • competition, effects on 171, 189, 201, 210

  • compliance programmes 202

  • confusopoly (oversupply of

  • information) 177

  • consumer law enforcement 191203

  • consumer learning effects 171, 175

  • consumer protection legislation, adoption of 204, 206

  • p. 756consumer responsibility, emphasis on 204205

  • consumer sovereignty 170

  • consumer status 173174

  • consumer, understanding notion and definition of 172174, 204

  • contracts, formation of 178181, 214

  • contracts, free riding on efforts of other consumers 179

  • contracts, and procedural unconscionability 180181

  • contracts, signing without reading 180, 196

  • cooling-off periods 181184, 196

  • cost-blind consumer protection 165166, 183

  • country of origin principle and competition between legal systems 208

  • credence goods 195

  • criminal sanctions 201202

  • cross-border purchases, lack of consumer confidence in 205206

  • damages claims 200201

  • default and mandatory rules, balance between 165, 213214

  • directives, implementation costs of 190191

  • dispute resolution, collective actions for 197, 198, 201

  • Distance Contracts Directive 191

  • distributional effects 188191

  • diverging preferences, problem of 215

  • Doorstep Selling Directive 182, 196

  • Draft Common Frame of Reference (DCFR) 172

  • Easy Car 191

  • economic function of EU rules 205207

  • economic models of consumer behaviour 169176

  • economics of consumer protection 164169

  • EU model 203217

  • experience goods 195

  • fairness of standard contract terms, doubts over 184187, 190, 192

  • fines, deterrent effect of 200

  • free movement of goods and services 208

  • free-riding and under-enforcement of law 192

  • freezing of assets 202

  • GB-INNO-BM Parliament and Council v. Confédération du commerce luxembourgeois 205

  • Germany v. Parliament and Council 205206

  • government intervention through mandatory rules 164165, 176, 177, 189

  • harmonization of default rules 213214

  • harmonization economics 209212

  • harmonization of mandatory rules 213217

  • harmonization of private law 207

  • harmonization, voluntary 212213, 217

  • individual consumer action 197198

  • information disclosure 176178

  • information disclosure by

  • government 168169

  • information disclosure and

  • withdrawal rights 182

  • information economics 166167, 185

  • information search costs 176177

  • information-processing skills 168169, 170171, 177, 178, 185186

  • Injunctions Directive 197

  • institutional involvement in law enforcement 167, 212213

  • intervention timing 202203

  • Keck and Mithouard 208

  • labelling and contract terms 181

  • legal diversity, problem of 216217

  • litigation costs 193, 194, 216

  • market failure and information asymmetry 166, 172174, 177, 178, 184, 185186, 187, 195

  • media role and adverse publicity 202

  • mutual recognition principle 208

  • and neoclassical economics 163, 166, 167, 171, 176177, 195, 209210, 211

  • opportunistic behaviour 182, 190, 199

  • Package Travel Directive 190191, 196

  • paternalism 169, 170171, 175, 178

  • p. 757private enforcement of consumer law 192193, 194, 195196, 197199

  • private and public consumer interests, conflict between 192193

  • product comparison modalities 176177

  • prospect theory 168

  • public enforcement of consumer law 192193, 195197, 202

  • quality assessment 181, 182, 195

  • rational apathy 177, 179, 191192, 196

  • rational choice theory 167168, 169170, 171, 174175, 177, 185

  • Regulation 2006/2004 and national enforcement systems 196197, 199, 217

  • regulatory tools 176187

  • remedies and sanctions, choice of 199202

  • right of withdrawal 181184

  • sellers and consumer biases, reaction to 171172

  • sellers’ pass-on rates 189190

  • shrinkwrap contracts 180

  • software licence agreements 180, 186

  • subsidiarity and proportionality principles 207208, 217

  • Tobacco Advertising Directive 206207

  • transaction costs, reduction, and harmonization 210, 214215

  • Type I and Type II errors 173

  • unfair contract terms 184187

  • Unfair Contract Terms Directive on English law 216

  • vulnerable versus average consumers 174176

  • welfare-enhancing contract terms 179180

  • European Court of Justice (ECJ)

    • British American Tobacco v. The Queen 206207

    • Bronner v Mediaprint 349

    • Cassis de Dijon 208

    • Club-Tour 190191

    • country of origin principle and competition between legal systems 208

    • Easy Car 191

    • EU, consumer protection, cross-border purchases, lack of consumer confidence in 205206

    • free movement principle 208

    • GB-INNO-BM Parliament and Council v. Confédération du commerce luxembourgeois 205

    • Germany v. Parliament and Council 205206

    • IMS Health 349

    • Keck and Mithouard 208

    • liberal consumer image, use of 204205

    • telecommunications essential facilities doctrine 349

  • Evans, D. 363

  • Evans, J. 389

  • Evans, R. 649, 651, 652, 656

  • Gibson, Colm 447494

  • Gilbert, R. 617

  • Gillanders, D. 669

  • Gillette, C. 184

  • Gilson, R. 669, 718

  • Glachant, J.-M. 383, 387, 389, 390, 392, 397

  • Glaeser, E. 43, 72, 252

  • global transportindustry 495526

  • cabotage 513, 518

  • Chicago Convention and air transport regulation 512513

  • competition levels 501, 503

  • Container Security Initiative (CSI) 507

  • container technology, effects of 510511

  • Customs Trade Partnership Against

  • Terrorism (C-TPAT) 507, 508

  • deregulation, reasons for 500503

  • environmental issues 498499, 501, 504506

  • EU level 514522

  • EU Port Package Deals, failure of 515517

  • EU rail market liberalization 517519

  • p. 759EU shipping cartels, breaking 519522

  • financial crises, effects of 499

  • and geographical distances 497

  • Hague-Visby and Hamburg Rules for international shipping 509510, 511

  • health and safety issues 499, 500, 502503

  • ICT and e-commerce, effects of 510511

  • and infrastructure 497, 498

  • institutional account of regulation 495496

  • International Convention for the

  • Prevention of Pollution by Ships (MARPOL) 505506

  • International Convention for the Safety of the Seas (SOLAS) 508

  • International Ship and Port Facilities Security Code (ISPS) 508

  • international shipping contracts 508511

  • international-level regulation 504514

  • liner conferences 520522

  • logistics practices 501

  • market power 497, 498, 499500

  • modal shift policies 501

  • negative externalities 497, 501

  • oil pollution 504505

  • Open Skies agreement 501502, 503, 511514

  • and privatization 498

  • reasons for 497500

  • regional economic policy goals 499500

  • Rotterdam Rules for international shipping 511

  • security regulation post 9/11 506508

  • social policy goals 499500, 503

  • subsectors within 496

  • tariff levels and deregulation 501502, 503, 512

  • trade barriers, removal of 504

  • UNCTAD Convention on a Code of Conduct for Liner Conferences 520521, 522

  • Iizuka, T. 638

  • incentive regulation 45

    • electricity industry 112

    • environmental regulation 242, 244, 246249, 252, 267

    • natural gas industry 112

    • p. 761price regulationsee price regulation,incentive regulation

  • Indonesia, trade liberalisation 255

  • information and advertising 138160

    • advertising substantiation and burden of proof 145

    • cease and desist orders 156157

    • celebrity endorsements 145

    • Central Hudson Test 140

    • cigarette advertising 154, 155156

    • comparative price advertising 141

    • compliance, and contracts with agencies 157

    • consent decree settlement 143

    • constitutional issues 139140

    • consumer deception 141142

    • corrective advertising 157

    • credence characteristics of goods 143, 144

    • deception by admission 153156

    • deceptive pricing 138, 140143

    • direct-to-consumer (DTC) advertising of prescription drugs, benefits of 149152

    • experience characteristics of goods 143, 144

    • “false uniqueness” claim 156

    • and Federal Trade Commission (FTC) 139140, 142, 145, 149, 157, 158

    • First Amendment challenge 140

    • Food and Drug Administration (FDA) 146148

    • Food and Drug Administration (FDA), historical examples of decision-making 148153

    • fraud, redress for 157, 158

    • health claims for foods 148149

    • investments in non-salvageable firm-specific capital 145

    • Kellogg’s All-Bran example and fiber content of breakfast cereals 149

    • ‘lemons’ problem 144145, 154155

    • Magnuson-Moss FTC Improvements Act 157

    • mandated disclosures 153156

    • market equilibrium, effect of 141, 155

    • monetary penalties 157, 158

    • negative characteristics of products, incentives for advertising 154155

    • off-label uses of prescription drugs 152153

    • price advertising regulation 140143

    • prosecutorial discretion, cost-benefit criterion 145

    • quality guarantees, problems of 144145

    • remedies for deception 156158

    • reputation as protection against deception 144, 145

    • search characteristics of goods 143144

    • trade associations and deceptive pricing 142

    • true claims about characteristics other than price 146148

    • Type I and Type II errors in policy decision-making 146147, 148

    • types of goods 143145

    • uncertain claims 146148

    • welfare reduction 143

  • information disclosure 39, 42, 46

  • information problems 5, 6, 8, 9

    • banking and financial markets 563, 566570, 571

    • and bounded rationality 3840

  • Ingberman, D. 243

  • Innes, R. 250

  • insolvency risk

    • banking and financial markets 577, 578, 580

    • insurance regulation 542

  • institutional dimensions 6769

    • banking and financial markets 592

    • electricity industry 380383, 383388

    • EU, consumer protection 167, 212213

    • global transport industry 495496

    • institutional investors, banking and financial markets 564, 569, 571

  • p. 762insurance coverage banking and financial markets 591592

  • biopharmaceutical industry 615, 624625

  • insurance regulation 529557

  • adverse selection, and insurance cost increases 534, 535

    • asset holding and margin of solvency 547, 548549

    • asymmetric regulation issues 533542

    • competition safeguard regulation 530533, 542, 543

    • consumer protection and rate control 543546

    • corporate governance 550

    • EU competition policy and insurance regulation 531533, 540, 542, 550551

    • EU insurance regulation, common risk premium tariffs 541

    • EU insurance regulation, home control of 532, 551553

    • EU interstate trade and insurance regulation 532

    • EU single authority 551553

    • and financial market crisis 552

    • Guaranty Funds 547

    • information exchange 536542, 546

    • information exchange, in EU decisions 539542

    • insolvency risk 542

    • Insurance Core Principles 548

    • International Association of Insurance Supervisors (IAIS) 547548, 549, 550

    • licensing conditions 547

    • long-tail nature and solvency insurance 546547

    • mandatory insurance 544545

    • moral hazard 533534

    • portfolio choices and solvency regulation 549550

    • premium cross-subsidies 545

    • pricing requirements 544, 545

    • RC Auto 537

    • risk classification 529, 534536, 542, 549550

    • self-regulation 543544

    • solvency regulation 546550

    • technical provisions and solvency regulation 549

    • technical reserve requirements 547

  • interest group representation 5254, 5765, 70

  • Internet see telecommunications

  • Ippolito, P. 149

  • Ireland, legal profession fees 659, 661

  • Isaac, R. 117

  • Israel, B. 312

  • Italy

    • accountants 723724, 726, 729

    • biopharmaceutical industry 627628, 629

    • gas storage regulation 429

    • insurance regulation 537

    • RC Auto 537

    • water and wastewater services 453

  • Rabin, M. 40

  • Rachlinsky, J. 178, 179

  • Radin, M. 326, 329

  • Raffensperger, C. 320

  • Rakoff, T. 185

  • Ramsay, I. 165, 195, 204

  • Ramser, H. 62

  • Ramsey, F. 123, 126, 127, 425, 623, 629630

  • Rasmussen, E. 73

  • rate of return regulation 35, 7273, 7476

    • p. 772electricity industry 103, 108109, 110, 112

    • price regulationsee price regulation,rate of return regulation

    • telecommunications 341

  • Rea, S. 536

  • Reekie, W. 626

  • Rees, R. 74, 116

  • regulation costs 43 definition 37 forms of 79

  • Reich, N. 203

  • Reisch. L. 165

  • Rekaiti, P. 183, 188

  • Renda, Andrea 200, 341376

  • Renn, O. 309

  • rent-seeking behaviour accountants 720, 723

  • environmental regulation 256257, 258, 260

  • as positive theory 6667, 68, 77, 79

  • Repetto, R. 263

  • Requate, T. 246

  • Revesz, R. 8, 13, 231, 239, 247248, 257, 259, 261, 262264, 303, 311, 313, 321, 322, 325, 329, 333334

  • Rey, P. 354

  • Rhoads, T. 233

  • Richards, C. 236

  • Richardson, G. 230, 240, 253

  • Richter, R. 596

  • Rickman, Neil 647677

  • Riley, J. 38, 545

  • Riordan, M. 113114, 118, 624

  • Rischkowsky, F. 167

  • risk

  • risk regulation 302338

    • Bayesian updating and uncertainty 324325

    • carcinogenic risk assessment example 320

    • contingent valuation method (CVM) 316319, 321

    • contingent valuation method (CVM), biases in 318

    • contingent valuation method (CVM), comparison with revealed preference methods 318319

    • credence goods 304

    • culture and risk preferences 332

    • damage resource assessment 317318

    • discounting rate 322, 331

    • economic methodologies to calculate benefits of 313319

    • environmental regulation 264266

    • extended concept of rationality 309310

    • General Electric Co. v. US

    • Department of Commerce 317

    • government intervention costs 306307

    • hedonic methods 314316

    • human life, assessing worth of 315316

    • information asymmetry and product quality 304

    • information regulation, problems with 304

    • institutionalization of risk assessment

    • and cost-benefit analysis 311313

    • irrational-weigher model 310

    • Large Hadron Collider (LHC) 302

    • law and economics theories 304310

    • market failure 304, 305, 307

    • migratory birds example 318

    • nuclear power safety 340, 342343

    • paternalism 310

    • Pigou vs. Coase 305307

    • precautionary principle 324

    • psychometric paradigm 309, 332

    • rational behavior, deviations from 307310

    • rationalizing, and cost-benefit analysis 310319

    • revealed preference methods 314315, 316319

    • risk assessment and monetization 320

    • rival-rationality model 308310

    • Sancho v. US Department of Energy et al. 302

    • State ofOhio v. US Department of Interior 317

    • technological risk 302303

    • p. 773traditional paradigm 304306

    • transaction costs 306, 307

    • travel cost methods (TCMs) 314, 319

    • value of a statistical life (VSL) 315316, 321322

    • willingness to pay and scope effect 318

    • willingness to pay and willingness to accept, differences between 323324

  • risk regulation, cost-benefit analysis

  • alleged neutrality of 328330

  • and deregulatory process 329

  • monetization risks 319325

  • pricing the priceless 326328

  • risks of 325332

  • and uncertainty 324325

  • undemocratic bias 330332

  • Rizzo, J. 657, 682

  • Rizzolli, M. 345

  • Robbins, L. 45

  • Robinson, G. 692, 697

  • Rochet, J. 355, 363, 579

  • Rodrigue, J.-P. 499

  • Rogers, J. 45

  • Rogers, R. 120

  • Rogerson, W. 657

  • Rohlfs, J. 363

  • Rohrmann, B. 309

  • Romer, P. 625

  • Romer, T. 62

  • Rönnau, A. 717

  • Roques, F. 394

  • Rose, N. 48, 389

  • Rose-Ackerman, S. 30, 236, 247, 305

  • Rosen, S. 315

  • Rosenthal, A. 320

  • Rosenthal, H. 62

  • Rosenthal, M. 637, 638

  • Rothschild, M. 42, 534, 545

  • Roubini, N. 575

  • Rousseau, S. 252

  • Rowley, C. 48, 66, 67

  • Rubin, Paul H. 138160, 725

  • Rubinfeld, D. 40, 238, 653, 662

  • Ruckelshaus, W. 311

  • Ruegg, M. 237

  • Rungsuriyawiboon, S. 109

  • Runhaar, H. 501

  • Russell, C. 253

  • Ubachs, S. 248, 259

  • UK

    • accountants 728, 731

    • biopharmaceutical industry 630631, 632, 636

    • British American Tobacco v. The Queen 206207

    • cost-based access charges 123124

    • Deregulation Initiative and cost-benefit analysis 329

    • drinking water quality 459460

    • Easy Car 191

    • electricity, long-term contract restrictions 392, 393

    • electricity wholesale market reforms 389

    • gas industry regulation, liquid trading hub 424

    • p. 777gas price regulation 419, 426427

    • gas storage regulation 429

    • legal professionsee legal profession

    • liquefied gas terminals 431432

    • medical malpractice 695

    • mobile markets, spectrum

    • management and allocation 357

    • National Institute for Clinical Excellence (NICE) 631, 632

    • Prescription Price Regulation Scheme (PPRS) 630631, 636

    • price-cap regulations 112, 116, 117, 119, 120121, 128

    • privatized utilities 74, 120121

    • profit-sharing incentives 117

    • telecommunications price-cap

    • regulation 341

    • transport privatization 500

    • water and wastewater see water and wastewater

  • Ulen, T. 169, 170, 171, 177, 231, 252, 530, 689, 690, 716

  • UN

    • International Telecommunications Union (ITU) 358

    • UNCTAD Convention on a Code of Conduct for Liner Conferences 520521, 522

  • Unberath, H. 190, 191, 208

  • uncertainty see risk regulation

  • Urban, N. 42, 61

  • Urbany, J. 142

  • Ursprung, G. 256

  • US

    • accountants 724725, 727, 728729, 734, 735

    • anti-competitive behaviour 532

    • banking regulation 560, 583, 592

    • Bayh Dole Act 633

    • benzine decision 311312

    • biopharmaceutical industry see biopharmaceutical industry

    • broadband communications regulation 343

    • Cable Consumer Protection and Competition Act (1992) 133

    • Californian power market reform 392394

    • Carriage of Goods by Sea Act 509

    • chemical industry and FDI 261

    • Clean Air Act 247

    • Comprehensive Environmental Response Compensation and Liability Act (CERCLA) 317

    • Container Security Initiative (CSI) 507

    • contracts, and procedural unconscionability 180181

    • cost-benefit analysis of risk assessment, use of 328329

    • criminal sanctions and environmental regulation 253

    • Customs Trade Partnership Against Terrorism (C-TPAT) 507, 508

    • damage resource assessment 317318

    • decentralization argument 213

    • direct-to-consumer advertising 635636

    • efficient component-pricing rule (ECPR) access charges 124

    • electricity, long-term contract restrictions 392393

    • electricity wholesale market reforms 389, 393

    • Emission Reduction Credit (ERC) system 247

    • Environmental Protection Agency (EPA) and VSL figures 321322

    • environmental regulation 253254, 255, 259, 317318

    • environmental standard setting 264

    • environmental taxation 248, 261

    • federalization of environmental law 263264

    • Financial Stability Oversight Council 583, 592

    • Food and Drug administration (FDA) 608609, 610, 611, 612, 613, 615616, 619, 621, 635, 636

    • gas regulation 419421, 426, 431, 433, 434, 435437

    • General Electric Co. v. US Department of Commerce 317

    • Glass-Steagall Act 582, 583

    • Hackberry 431

    • Hazard Communication Standard 316

    • human life, assessing worth of 316

    • insurance regulation 548

    • insurance sector regulation 532533

    • Intel v. Intergraph 362

    • p. 778Kaiser Aetna v. United States 344

    • legal profession fees 660, 665

    • legal profession regulation, contingent fee contracts 661

    • limited liability law firms 668669

    • LinkLine 346347

    • Madison River 367

    • medical professions, regulation of see medical professions

    • Medicare Modernization Act 618

    • Microsoft 362

    • mobile markets, receiving-party-pays (RPP) 354

    • mobile markets, spectrum management and allocation, 3G auctions 359

    • Montreal Protocol implementation costs 255

    • natural monopolies, regulation of 35

    • net neutrality and telecoms-IT interface 367

    • New State Ice Corp. v. Liebmann 213

    • Nuclear Regulatory Commission 330

    • Occupational Safety and Health Administration (OSHA) 311312

    • Oil Pollution Act (OPA) 317318

    • Open Skies agreement 501502, 503, 511514

    • Orphan Drug Act (ODA) 609

    • Patent Term Restoration and Competition Act (Hatch Waxman) 617, 618, 619

    • Phillips Petroleum Co v. Wisconsin 420

    • Prescription Drug User Fee Act (PDUFA) 610, 614

    • price-cap regulation 112, 121, 128

    • Quality of Life Review program 329

    • rate-of-return regulation 103, 119, 120, 121

    • Regulatory Impact Analysis (RIA) 312

    • rent-seeking behaviour in environmental regulation 257

    • Riensche v. Cingular Wireless 180181

    • risk regulationsee risk regulation Sancho v. US Department of Energy et al. 302

    • Sarbanes-Oxley Act 727

    • security regulation post-9/11 506508

    • Sherman Act 131, 132, 532

    • shrinkwrap contracts 180

    • SO2 cap and trade programme 247

    • Specht v. Netscape 180

    • State of Ohio v. US Department of Interior 317

    • supply chain security 507508

    • subsidiarity principle 263

    • telecommunications, access price setting 350351

    • Telecommunications Act (1996) 131, 132133

    • telecommunications, common carrier obligations 346

    • telecommunications, essential facilities doctrine 346347

    • telecommunications markets, problems in defining 362363

    • telecommunications Rate-of-Return (RoR) regulation 341

    • telecommunications unbundling and liberalization 343

    • telecommunications unbundling policy 343344

    • too-big-to-fail financial institutions 581

    • tradable pollution rights 247248

    • transport privatization 500

    • Trinko 131133, 346347

    • Tunkl v. Regents of the University of California 698

    • Vaccine Injury Compensation Program (VICP) 616

    • Verizon v. MCI 346

    • Volkers Rule, Dodd-Frank Act 583

    • water and wastewater services 454

  • Utton, M. 47