New Horizons in Natural Gas Deregulation

by Jerome R. Ellig, Joseph P. Kalt

Overview

In the natural gas industry, competition and contracting are gradually replacing monopoly and regulation. In this volume, many leading economists who follow the gas industry present their views on current and future industry trends. To help regulators and industry leaders better understand these changes and to reform regulation, the authors apply economic theories of contestable markets, public choice, transaction costs and dynamic entrepreneurship to the gas industry. The issues addressed in this work are crucial, not just for the gas industry, but for all industries that have traditionally been treated as regulated monopolies.

Product Details

ISBN-13:	9780275951689
Publisher:	ABC-CLIO, Incorporated
Publication date:	01/19/1996
Series:	Bibliographies and Indexes in Science
Pages:	304
Product dimensions:	6.00(w) x 9.00(h) x 0.81(d)

About the Author

JERRY ELLIG is Assistant Professor of Economics at George Mason University's Program on Social and Organizational Learning and Associate Director of the Center for Market Processes. Prior to joining the faculty at George Mason, he served as Research Director at Citizens for a Sound Economy Foundation in Washington, DC. He has authored numerous articles in journals such as the Antitrust Bulletin, Journal of Regulatory Economies, Transportation Law Journal, and Contemporary Policy Issues, and is coauthor of Municipal Entrepreneurship and Energy Policy (1994).

JOSEPH P. KALT is Ford Foundation Professor in International Political Economy at the John F. Kennedy School of Government, Harvard University. He has served as codirector of the Harvard Study on the Future of Natural Gas Policy and on the staff of the President's Council of Economic Advisers. He is the author of Drawing the Line on Natural Gas Regulation (Quorum Books, 1987), The Economics and Politics of Oil Price Regulation (1981), and coauthor of Petroleum Price Regulation (1979).

Table of Contents

Foreword

Introduction: The New World Gas Regulation by Jerry Ellig and Joseph P. Kalt

The Historical Perspective

The Distortions and Dynamics of Gas Regulation by Robert L. Bradley, Jr.

Deregulation or Regulatory Change? by Michael A. Crew

The Open Access Debate

The Uneasy Case of Mandatory Contract Carriage in the Natural Gas Industry by David J. Teece

In Defense of Open Access by Ronald N. Lafferty and Richard P. O'Neill

Dynamic Efficiency and Regulatory Reform

Intrastate Pipeline Regulation: Lessons from the Texas Experience by Jerry Ellig

Texas Pipelines and Federal Regulation by J. Rodney Lemon

New Transactions in the Gas Market

The Expanding Domain of the Nonjurisdictional Gas Industry by Catherine G. Abbott

Reducing Risk, Shifting Risk, and Concealing Risk: Why Are There Long-Term Gas Contracts? by Robert J. Michaels

Incentive Regulation

Incentive Regulation for Natural Gas Pipelines: A Positive Step in Rate Design by Adam B. Jaffe and Joseph P. Kalt

The Future of Incentive Ratemaking by Kenneth W. Costello

When is Competition Workable?

The Scope of Deregulation for Natural Gas Pipelines and the 'Workable Competition' Standard by Dan Alger

Market Structure, Measurements, and Deregulation by Wayne T. Brough

Private Contracting and Regulation

A Brave New World: Private Contracting as a Regulatory Alternative by Arthur De Vany

Regulatory Reform, the Regulatory Compact, Contracting, and All That by Richard A. Bilas

Bibliography

Index

Editorial Reviews

Fourteen papers originally presented at the New Horizons on Natural Gas Deregulation Conference in Washington D.C., March 1993, by leading economists, regulators, and members of industry, examine the policy reforms of the Federal Energy Regulatory Commission and today's major gas policy issues. The discussions tackle the issues of deregulation and regulatory change and reform; the open access debates; workable competition; and private contracting. The debates indicate a shift from a regulatory predisposition to market reliance, and can be applied to similar restructuring in the electric power and telecommunications industries. Annotation c. Book News, Inc., Portland, OR (booknews.com)

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