Richard L. Schmalensee is John C. Head III Dean and Professor of Management and Economics at the MIT Sloan School of Management. He is co-editor of Management: Inventing and Delivering Its Future (MIT Press, 2003).
This is a stimulating collection.... Each [paper] makes an original
contribution to some aspect of the economics of regulation. There
is a very useful overview of the literature. The book also
includes: the development of a methodology for integrating income
distribution concerns into regulatory policy; an analysis of the
case for solvency regulation of the insurance industry; an argument
for barriers to exit rather than rate regulation as the major cause
of the poor profitability and investment performance of U.S.
railroads; an analysis of the political economy of water pollution
controls; an analysis of rate of return regulation in the context
of a multiproduct firm; and a contribution to the theory of
sustainability and cross subsidization in regulated markets. These
papers are all set in the wider context of the literature on
regulation and the impact of that literature on public policy.
—Journal of Policy Analysis and Management
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