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Imperfect competition and competition policy
Competition Policy
Restrictive trade practices
Competition commission
CC
Office for fair trading
OFT
The competition act 1998
Dominant market position
What are the consequences for unfair trading practices?
Nationalisation
Privatisation
Deregulation
Public ownership VS privatisation
Advantages of Nationalisation
What are the disadvantages of nationalisation?
Privatisation
Privatisation takes a number of additional forms rather than the sale of nationalised industries
Advantages of Privatisation
Advantages of Privatisation
Disadvantages of Privatisation
Disadvantages of Privatisation
(2)
Disadvantages of Privatisation
(3)
Enterprise culture
Public private partnership
Private Finance initiative
Regulation
Regulation
(2)
Deregulation
The concept of Regulatory capture
Market Failure
What does market failure leads to?
What methods of government intervention are used to improve the workings of markets?
Government intervention?
Is it always good?
Negative Externalities
Positive Externalities
Environmental market failure
Negative externalities arising from production or consumption
Distributional effects
Environmental externalities
Environmental distributional effects?
What to do?
What can the government do to correct environmental market failure?
Environmental Taxation
Environmental Taxation
(2)
Carbon Tax
Arguments against the carbon tax
Other problems with environmental taxation?
Alternatives to Environmental taxation?
Pollution regulation
Problems with pollution regulation
Extending property rights to correct environmental failure
Tragedy of Commons
Alternatives for regulation or taxation?
Property Rights
Pollution Permits
Kyoto Protocol
Cost Benefit Analysis
What does Cost Benefit Analysis involve?
Stages to Cost benefit analysis
(1)
Shadow Prices
Stages to cost benefit analysis
(2)
Stages to cost benefit analysis
(3)
Stages to cost benefit analysis
(4)
What are the limitations with cost benefit analysis?
(1)
What are the limitations to cost benefit analysis?
(2)
What are the limitations of cost benefit analysis?
(3)
Terminal 5 at Heathrow Airport
