Postgraduate - UnitLAW7444 - Economics of regulation

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

Notes

Synopsis

This unit will consider economic concepts relevant to understanding the regulation of markets. Micro-economic theory will be used to highlight the impact of market failures, including market power, information imperfections, externalities and public goods. Practical tools for evaluating regulation, including the structure, conduct and performance framework and cost-benefit analysis will also be covered.

The unit will examine structure and pricing regulation, the regulation of information provision and the use of market instruments in regulation affecting the environment. It will consider both economic and social regulation, including that relating to the fairness of market transactions. The economic basis for regulatory reform initiatives will also be considered.

Practical applications of the economic concepts presented will be considered through out the course with the use of specific industry and regulatory case examples.

Outcomes

1. Understand the economic rationales for regulation and for the use of economic instruments of regulation.
2. Utilise tools of economic analysis to assess the effectiveness and efficiency of regulation.
3. Identify ways in which the performance of regulation can be improved.

Assessment

Class assignment (2,250 words): 30%
Take-home examination (4,500 words): 60%
Class participation: 10%

Chief examiner(s)

Professor David Cousins

Contact hours

24 contact hours per semester (either intensive, semi-intensive or semester long, depending on the Faculty resources, timetabling and requirements). Students will be expected to do reading set for class, and to undertake additional research and reading applicable to a 6 credit point unit.