Viscusi, W. Kip, John M. Vernon, and Joseph E. Harrington. Economics of Regulation and Antitrust. 3rd ed. Cambridge, MA: MIT Press, 2000.
This reading list is provided for completeness and contains the references for almost all of the works cited in the class handouts for the course.
Class 1 - The Role of Government.
Crews, C. W. Ten Thousand Commandments: An Annual Snapshot of the Federal Regulatory State. 2002 Edition. Washington D.C.: Cato Institute, 2002.
Available at: http://cei.org/10KC.
Class 2 - Markets.
Cowling, K., and D. C. Mueller. "The Social Costs of Monopoly Power." Economic Journal 88 (December 1978): 727-48.
Harberger, A. C. "Monopoly and Resource Allocation." American Economic Review 44 (1954): 77-87.
Leibenstein, H. "Allocative Efficiency vs. X-Inefficiency." American Economic Review 56, 3 (1966): 392-415.
Class 6 - Public Enterprise.
Alchian, A. A. "Some Economics of Property Rights." Il Politico 30 (1965): 816-829.
Baron, D. P., and R. B. Myerson. "Regulating a Monopolist with Unknown Costs." Econometrica 50 (1982): 911-930.
Boycko, M., A. Shleifer, and R. W. Vishny. "A Theory of Privatisation." Economic Journal 106 (1996): 309-19.
Domah, P. D., and M. G. Pollitt. "The Restructuring and Privatisation of Electricity Distribution and Supply Businesses in England and Wales: A Social Cost-Benefit Analysis." Fiscal Studies 22, 1 (2001): 107-146.
Gleaser, E. L. "Public Ownership in the American City." Harvard Institute of Economic Research Working Paper No. 1930. 2001.
Available at: http://www.economics.harvard.edu/
Hart, O., A. Shleifer, and R. W. Vishny. "The Proper Scope of Government: Theory and Application to Prisons." Quarterly Journal of Economics 112, 4 (1997): 1127-58.
Megginson, W. L., and J. M. Netter. "From State to Market: A Survey of Empirical Studies on Privatisation." Journal of Economic Literature 39, 2 (June 2001): 321-89.
Milgrom, P., and J. Roberts. "Bargaining Activity, Influence Costs, and the Organisation of Economic Activity." Chap. 3 in Perspectives on Positive Political Economy. Edited by J. E. Alt and K. A. Sheple. Cambridge: Cambridge University Press, 1990.
Niskanen, W. A. "The Peculiar Economics of Bureaucracy." American Economic Review, Papers and Proceedings 58 (1968): 298-305.
Parker, D., and K. Hartley. "Organisational Status and Performance: The Effects on Employment." Applied Economics 23 (1991): 403-416.
Peltzman, S. "Pricing in Public and Private Enterprises and Electric Utilities in the United States." Journal of Law and Economics 14 (1971): 109-147.
Vickers, J. S., and G. K. Yarrow. "Economic Perspectives on Privatisation." Journal of Economic Perspectives 5, 2 (1991): 111-132.
Class 7 - Regulating Natural Monopolies: Electric Power Example.
Demsetz, H. "Why Regulate Utilities?" Journal of Law and Economics 11 (1968): 55-65.
Joskow, P. "Restructuring, Competition and Regulatory Reform in the U.S. Electricity Sector." Journal of Economic Perspectives 11, 3 (1997): 119-138.
Shleifer, A. "A Theory of Yardstick Competition." Rand Journal of Economics 16 (1985): 319-327.
Class 8 - Franchise Bidding: The Case of Cable Television.
Pollitt, M. G. "The Declining role of the State in Infrastructure Investments in the UK." Chap. 8:1 in Private Initiatives in Infrastructure: Priorities, Incentives and Performance. Edited by M. Tsuji, S. V. Berg, and M. G. Pollitt. Aldershot: Edward Elgar, 2002.
Available at: http://www.econ.cam.ac.uk/.
Williamson, O. E. Markets and Hierarchies, Analysis and Antitrust Implications: A Study in the Economics of Internal Organization. New York: Free Press, 1975.
Williamson, O. E. "Franchise Bidding for Natural Monopolies – In General and with Respect to CATV." Bell Journal of Economics 7 (Spring 1976): 73-104.
Class 10 - Dynamic Issues in Natural Monopoly Regulation: Telecommunication Example 2.
Funk, J. L. "Competition between Regional Standards and the Success and Failure of Firms in the World-Wide Mobile Communication Market." Telecommunications Policy 22, 4/5 (1998): 419-441.
Binmore, K., and P. Klemperer. "The Biggest Auction Ever: The Sale of the British 3G Telecom Licences." Economic Journal 112 (Mar. 2002): C74-C96.
Class 11 - Transportation Regulation.
Morrison, S. A., and C. Winston. The Evolution of the Airline Industry. Washington D.C.: Brookings Institution, 1995.
Class 15 - Problems of Regulation: The Case of UK Railway Privatisation.
Evans, A. W. "Fatal Train Accidents on Britain’s Mainline Railways." Journal of the Royal Statistical Society A 163 (2000): 99-119.
Evans, A. W. "Are Train Accident Risks Increasing?" Modern Railways 59 (August 2002): 49-51.
Jones, L. P., P. Tandon, and I. Vogelsang. Selling Public Enterprise. A Cost-Benefit Methodology. Cambridge, Mass.: MIT Press, 1990.
Class 16 - Problems of Regulation: The Case of Californian Electricity Deregulation
Hogan, W. Competitive Electricity Market Design: A Wholesale Primer. Cambridge, Mass.: Kennedy School, 1998.
Available at: http://www.hks.harvard.edu/fs/whogan/empr1298.pdf.
Joskow, P. "California's Electricity Crisis." Oxford Review of Economic Policy 17, 3 (2001): 365-388.
Sweeney, J. The California Electricity Crisis. Stanford: Hoover Institution, 2002.
Available at: (PDF)
Class 17 - Externalities.
Viscusi, W. K. Risk by Choice: Regulating Health and Safety in the Workplace. Cambridge MA: Harvard University Press, 1983.
Class 18 - The Value of Life.
Beattie, J., J. Covey, L. Dolan, M. Hopkins, M. Jones-Lee, G. Lommes, N. Pidgeon, A. Robinson, and A. Spencer. "On the Contingent Valuations of Safety and the Safety of Contingent Valuations: Part 1 – Caveat Investigator." Journal of Risk and Uncertainty 17, 1 (1998): 5-25.
Brookshire, D., M. Thayer, W. Schulze and R. d’Arge. "Valuing Public Goods: A Comparison of Survey and Hedonic Approaches." American Economic Review 72 (1982): 165-77.
Dardis, R. "The Value of Life: New Evidence from the Marketplace." American Economic Review 70, 5 (1980): 1077-1082.
Class 20 - Environmental Regulation 2 – Markets for Clean Air.
Burtraw, D., A. Krupnick, E. Mansur, D. Austin, and D. Farrell. "Costs and Benefits of Reducing Air Pollutants Related to Acid Rain." Contemporary Economic Policy 16, 4 (Oct. 1998): 379-400.
Ellerman, A. D. "Ex Post Evaluation of Tradable Permits: The U.S. SO2 Cap-and-Trade Program." Center for Energy and Environmental Policy, MIT, Research WP-2003-003.
Available at: http://web.mit.edu/ceepr/www/publications/emissions.html.
Ellerman, A. D., P. L. Joskow, and D. Harrison, Jr. Emissions Trading in the U.S.: Experience, Lessons and Considerations for Greenhouse Gases. Report for Pew Center on Climate Change. Arlington, VA, 2003.
Sweeney, J. The California Electricity Crisis. Stanford: Hoover Institution, 2002.
Available at: http://www.hoover.org/publications/books/8325.
Class 21 - Environmental Regulation 3 – Regulating the Global Commons.
Jacoby, H. D., R. S. Eckaus, A. D. Ellerman, R. G. Prinn, D. M. Reiner, and Z. Yang. CO2 Emissions Limits: Economic Adjustments and the Distribution of Burdens. Report No.9, MIT Joint Program on the Science and Policy of Global Change. 1996.
Available at: http://web.mit.edu/globalchange/www/rpt9.html.
Reilly, J. M., H. D. Jacoby, and R. G. Prinn. Multi-Gas Contributors to Global Climate Change: Climate Impacts and Mitigation Costs of Non-CO2 Gases. Report for Pew Center on Climate Change. Arlington, V.A., 2003.
Tol, R. S. J. "The Marginal Costs of Greenhouse Emissions." Energy Journal 20, 1 (1999): 61-81.
Webster, M., C. Forest, J. Reilly, M. Babiker, D. Kicklighter, M. Mayer, R. Prinn, M. Sarofim, A. Sokolov, P. Stone, and C. Wang. Uncertainty Analysis of Climate Change and Policy Response. Report No. 95, MIT Joint Program on Science and Policy of Global Change. 2002.
Available at: http://web.mit.edu/globalchange/www/MITJPSPGC_Rpt95.pdf.
Class 22 - The Regulation of Workplace Safety.
Akerlof, G. A. "The Market for Lemons: Qualitative Uncertainty and the Market Mechanism." Quarterly Journal of Economics 84 (1970): 488-500.
Hersch, J., and W. K. Viscusi. "Cigarette Smoking, Seatbelt Use, and Differences in Wage-Risk Tradeoffs." Journal of Human Resources 25, 2 (1990): 202-27.
Moore, M. J., and W. K. Viscusi. "Doubling the Estimated Value of Life: Results Using New Occupational Fatality Data." Journal of Policy Analysis and Management 7 (1990): 476-90.
Ruser, J., and R. S. Smith. "The Effect of OSHA Records Check Inspections on Reported Occupational Injuries in Manufacturing Establishments." Journal of Risk and Uncertainty 1, 4 (1988): 415-35.
Viscusi, W. K., and M. J. Moore. "Workers’ Compensation: Wage Effects, Benefit Inadequacies, and the Value of Health Losses." Review of Economics and Statistics 69 (1987): 249-61.
Viscusi, W. K., and C. O’Connor. "Adaptive Responses to Chemical Labelling: Are Workers Baysian Decision Makers?" American Economic Review 74, 5 (1984): 942-56.
Class 23 - Pharmaceuticals.
Congressional Budget Office. How Increased Competition from Generic Drugs has affected Prices and Returns from the Pharmaceutical Industry. July 1998.
Available at: http://www.cbo.gov.
Nordhaus, W. D. Invention, Growth and Welfare. Cambridge, Mass.: MIT Press, 1969.
Class 24 - Regulation of the Internet: Should the State have Protected Napster?
Landes, W. M., and R. A. Posner. "An Economic Analysis of Copyright Law." Journal of Legal Studies 18, 2 (1989): 325-36.