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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.
- Table of Contents
ForewordIntroduction: The New World Gas Regulation by Jerry Ellig and Joseph P. KaltThe Historical PerspectiveThe Distortions and Dynamics of Gas Regulation by Robert L. Bradley, Jr.Deregulation or Regulatory Change? by Michael A. CrewThe Open Access DebateThe Uneasy Case of Mandatory Contract Carriage in the Natural Gas Industry by David J. TeeceIn Defense of Open Access by Ronald N. Lafferty and Richard P. O'NeillDynamic Efficiency and Regulatory ReformIntrastate Pipeline Regulation: Lessons from the Texas Experience by Jerry ElligTexas Pipelines and Federal Regulation by J. Rodney LemonNew Transactions in the Gas MarketThe Expanding Domain of the Nonjurisdictional Gas Industry by Catherine G. AbbottReducing Risk, Shifting Risk, and Concealing Risk: Why Are There Long-Term Gas Contracts? by Robert J. MichaelsIncentive RegulationIncentive Regulation for Natural Gas Pipelines: A Positive Step in Rate Design by Adam B. Jaffe and Joseph P. KaltThe Future of Incentive Ratemaking by Kenneth W. CostelloWhen is Competition Workable?The Scope of Deregulation for Natural Gas Pipelines and the `Workable Competition' Standard by Dan AlgerMarket Structure, Measurements, and Deregulation by Wayne T. BroughPrivate Contracting and RegulationA Brave New World: Private Contracting as a Regulatory Alternative by Arthur De VanyRegulatory Reform, the Regulatory Compact, Contracting, and All That by Richard A. BilasBibliographyIndex