Edited by Elizabeth E. Bailey and the late Janet Rothenberg Pack, The Wharton School, University of Pennsylvania, US

• PART ITHE EVOLVING INTELLECTUAL HERITAGEATHEORIES OF GOVERNMENT FAILURE, PROPERTY RIGHTS AND PRIVATIZATION1. Louis De Alessi (1980), ‘The Economics of Property Rights: A Review of the Evidence’2. William A. Niskanen (1975), ‘Bureaucrats and Politicians’3. David E.M. Sappington and Joseph E. Stiglitz (1987), ‘Privatization, Information and Incentives’4. Carl Shapiro and Robert D. Willig (1990), ‘Economic Rationales for the Scope of Privatization’ in Ezra N Suleiman and John Waterbury (eds)BTHEORIES OF REGULATION AND THE DEREGULATION MOVEMENT5. Harvey Averch and Leland L. Johnson (1962), ‘Behavior of the Firm under Regulatory Constraint’6. George J. Stigler (1971), ‘The Theory of Economic Regulation’7. Sam Peltzman (1989), ‘The Economic Theory of Regulation after a Decade of Deregulation’8. Richard E .Caves (1976), ‘The Kennedy Subcommittee’s Civil Aeronautics Board Practices and Procedures’CTHE THEORY OF CONTESTABLE MARKETS AND DEREGULATION9. Gerald R. Faulhaber (1975), ‘Cross-Subsidization: Pricing in Public Enterprises’10. William J. Baumol, Elizabeth E Bailey and Robert D Willig (1977), ‘Weak Invisible Hand Theorems on the Sustainability of Multiproduct Natural Monopoly’11. Michael Spence (1983), ‘Contestable Markets and the Theory of Industry Structure: A Review Article’12. Elizabeth E. Bailey (1981), ‘Contestability and the Design of Regulatory and Antitrust Policy’13. Alfred E. Kahn (1979), ‘Applications of Economics to an Imperfect World’PART IIPRIVATIZATION: THEORY AND PRACTICEAA MIXED WORLD OF PRIVATIZATION AND REGULATION14. George Yarrow (1986), ‘Privatization in Theory and Practice’; also ‘Discussion’ by Mervyn King, Jacques Mairesse and Jacques Melitz15. M. E.Beesley and S. C. Littlechild (1989), ‘The Regulation of Privatized Monopolies in the United Kingdom’16. Dieter Bos (1993), ‘Privatization in Europe: A Comparison of Approaches’17. Janet Rothenberg Pack (1991), ‘The Opportunities and Constraints of Privatization’ BCOMPARING EFFICIENCY OF PRIVATE AND PUBLIC FIRMS18. Douglas W. Caves and Laurits R. Christensen (1980), ‘The Relative Efficiency of Public and Private Firms in a Competitive Environment: The Case of Canadian Railroads’19. Scott E. Atkinson and Robert Halvorsen (1986), ‘The Relative Efficiency of Public and Private Firms in a Regulated Environment: The Case of U. S. Electric Utilities’20. David G. Davies (1971), ‘The Efficiency of Public versus Private Firms The Case of Australia’s Two Airlines’21. Anthony E.Boardman and Aidan R.Vining (1989), ‘Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed and State-owned Enterprises’PART IIIFEATURES OF THE DEREGULATED MARKETPLACE22. Gregg A. Jarrell (1984), ‘Change at the Exchange: The Causes and Effects of Deregulation’23. Severin Borenstein (1992), ‘The Evolution of U.S. Airline Competition’24. Ann F. Friedlaender (1992), ‘Coal Rates and Revenue Adequacy in a Quasi-Regulated Rail Industry’25. Clifford Winston (1993), ‘Economic Deregulation: Days of Reckoning for Microeconomists’26. Jerry Hausman, Timothy Tardiff and Alexander Belinfante (1993), ‘The Effects of the Breakup of AT&T on Telephone Penetration in the United States’27. William E. Taylor and Lester D. Taylor (1993), ‘Postdivestiture Long-Distance Competition in the United States’28. Ronald R. Braeutigam and John C. Panzar (1993), ‘Effects of the Change from Rate-of-Return to Price-Cap Regulation’

Edited by Elizabeth E. Bailey and the late Janet Rothenberg Pack, The Wharton School, University of Pennsylvania, US

• PART ITHE EVOLVING INTELLECTUAL HERITAGEATHEORIES OF GOVERNMENT FAILURE, PROPERTY RIGHTS AND PRIVATIZATION1. Louis De Alessi (1980), ‘The Economics of Property Rights: A Review of the Evidence’2. William A. Niskanen (1975), ‘Bureaucrats and Politicians’3. David E.M. Sappington and Joseph E. Stiglitz (1987), ‘Privatization, Information and Incentives’4. Carl Shapiro and Robert D. Willig (1990), ‘Economic Rationales for the Scope of Privatization’ in Ezra N Suleiman and John Waterbury (eds)BTHEORIES OF REGULATION AND THE DEREGULATION MOVEMENT5. Harvey Averch and Leland L. Johnson (1962), ‘Behavior of the Firm under Regulatory Constraint’6. George J. Stigler (1971), ‘The Theory of Economic Regulation’7. Sam Peltzman (1989), ‘The Economic Theory of Regulation after a Decade of Deregulation’8. Richard E .Caves (1976), ‘The Kennedy Subcommittee’s Civil Aeronautics Board Practices and Procedures’CTHE THEORY OF CONTESTABLE MARKETS AND DEREGULATION9. Gerald R. Faulhaber (1975), ‘Cross-Subsidization: Pricing in Public Enterprises’10. William J. Baumol, Elizabeth E Bailey and Robert D Willig (1977), ‘Weak Invisible Hand Theorems on the Sustainability of Multiproduct Natural Monopoly’11. Michael Spence (1983), ‘Contestable Markets and the Theory of Industry Structure: A Review Article’12. Elizabeth E. Bailey (1981), ‘Contestability and the Design of Regulatory and Antitrust Policy’13. Alfred E. Kahn (1979), ‘Applications of Economics to an Imperfect World’PART IIPRIVATIZATION: THEORY AND PRACTICEAA MIXED WORLD OF PRIVATIZATION AND REGULATION14. George Yarrow (1986), ‘Privatization in Theory and Practice’; also ‘Discussion’ by Mervyn King, Jacques Mairesse and Jacques Melitz15. M. E.Beesley and S. C. Littlechild (1989), ‘The Regulation of Privatized Monopolies in the United Kingdom’16. Dieter Bos (1993), ‘Privatization in Europe: A Comparison of Approaches’17. Janet Rothenberg Pack (1991), ‘The Opportunities and Constraints of Privatization’ BCOMPARING EFFICIENCY OF PRIVATE AND PUBLIC FIRMS18. Douglas W. Caves and Laurits R. Christensen (1980), ‘The Relative Efficiency of Public and Private Firms in a Competitive Environment: The Case of Canadian Railroads’19. Scott E. Atkinson and Robert Halvorsen (1986), ‘The Relative Efficiency of Public and Private Firms in a Regulated Environment: The Case of U. S. Electric Utilities’20. David G. Davies (1971), ‘The Efficiency of Public versus Private Firms The Case of Australia’s Two Airlines’21. Anthony E.Boardman and Aidan R.Vining (1989), ‘Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed and State-owned Enterprises’PART IIIFEATURES OF THE DEREGULATED MARKETPLACE22. Gregg A. Jarrell (1984), ‘Change at the Exchange: The Causes and Effects of Deregulation’23. Severin Borenstein (1992), ‘The Evolution of U.S. Airline Competition’24. Ann F. Friedlaender (1992), ‘Coal Rates and Revenue Adequacy in a Quasi-Regulated Rail Industry’25. Clifford Winston (1993), ‘Economic Deregulation: Days of Reckoning for Microeconomists’26. Jerry Hausman, Timothy Tardiff and Alexander Belinfante (1993), ‘The Effects of the Breakup of AT&T on Telephone Penetration in the United States’27. William E. Taylor and Lester D. Taylor (1993), ‘Postdivestiture Long-Distance Competition in the United States’28. Ronald R. Braeutigam and John C. Panzar (1993), ‘Effects of the Change from Rate-of-Return to Price-Cap Regulation’

Edited by Elizabeth E. Bailey and the late Janet Rothenberg Pack, The Wharton School, University of Pennsylvania, US

• PART ITHE EVOLVING INTELLECTUAL HERITAGEATHEORIES OF GOVERNMENT FAILURE, PROPERTY RIGHTS AND PRIVATIZATION1. Louis De Alessi (1980), ‘The Economics of Property Rights: A Review of the Evidence’2. William A. Niskanen (1975), ‘Bureaucrats and Politicians’3. David E.M. Sappington and Joseph E. Stiglitz (1987), ‘Privatization, Information and Incentives’4. Carl Shapiro and Robert D. Willig (1990), ‘Economic Rationales for the Scope of Privatization’ in Ezra N Suleiman and John Waterbury (eds)BTHEORIES OF REGULATION AND THE DEREGULATION MOVEMENT5. Harvey Averch and Leland L. Johnson (1962), ‘Behavior of the Firm under Regulatory Constraint’6. George J. Stigler (1971), ‘The Theory of Economic Regulation’7. Sam Peltzman (1989), ‘The Economic Theory of Regulation after a Decade of Deregulation’8. Richard E .Caves (1976), ‘The Kennedy Subcommittee’s Civil Aeronautics Board Practices and Procedures’CTHE THEORY OF CONTESTABLE MARKETS AND DEREGULATION9. Gerald R. Faulhaber (1975), ‘Cross-Subsidization: Pricing in Public Enterprises’10. William J. Baumol, Elizabeth E Bailey and Robert D Willig (1977), ‘Weak Invisible Hand Theorems on the Sustainability of Multiproduct Natural Monopoly’11. Michael Spence (1983), ‘Contestable Markets and the Theory of Industry Structure: A Review Article’12. Elizabeth E. Bailey (1981), ‘Contestability and the Design of Regulatory and Antitrust Policy’13. Alfred E. Kahn (1979), ‘Applications of Economics to an Imperfect World’PART IIPRIVATIZATION: THEORY AND PRACTICEAA MIXED WORLD OF PRIVATIZATION AND REGULATION14. George Yarrow (1986), ‘Privatization in Theory and Practice’; also ‘Discussion’ by Mervyn King, Jacques Mairesse and Jacques Melitz15. M. E.Beesley and S. C. Littlechild (1989), ‘The Regulation of Privatized Monopolies in the United Kingdom’16. Dieter Bos (1993), ‘Privatization in Europe: A Comparison of Approaches’17. Janet Rothenberg Pack (1991), ‘The Opportunities and Constraints of Privatization’ BCOMPARING EFFICIENCY OF PRIVATE AND PUBLIC FIRMS18. Douglas W. Caves and Laurits R. Christensen (1980), ‘The Relative Efficiency of Public and Private Firms in a Competitive Environment: The Case of Canadian Railroads’19. Scott E. Atkinson and Robert Halvorsen (1986), ‘The Relative Efficiency of Public and Private Firms in a Regulated Environment: The Case of U. S. Electric Utilities’20. David G. Davies (1971), ‘The Efficiency of Public versus Private Firms The Case of Australia’s Two Airlines’21. Anthony E.Boardman and Aidan R.Vining (1989), ‘Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed and State-owned Enterprises’PART IIIFEATURES OF THE DEREGULATED MARKETPLACE22. Gregg A. Jarrell (1984), ‘Change at the Exchange: The Causes and Effects of Deregulation’23. Severin Borenstein (1992), ‘The Evolution of U.S. Airline Competition’24. Ann F. Friedlaender (1992), ‘Coal Rates and Revenue Adequacy in a Quasi-Regulated Rail Industry’25. Clifford Winston (1993), ‘Economic Deregulation: Days of Reckoning for Microeconomists’26. Jerry Hausman, Timothy Tardiff and Alexander Belinfante (1993), ‘The Effects of the Breakup of AT&T on Telephone Penetration in the United States’27. William E. Taylor and Lester D. Taylor (1993), ‘Postdivestiture Long-Distance Competition in the United States’28. Ronald R. Braeutigam and John C. Panzar (1993), ‘Effects of the Change from Rate-of-Return to Price-Cap Regulation’