| Even limited competition can reduce the need for regulation. The threat of regulatory intervention may be sufficient to prevent monopoly abuse. | |||||||||||||||||||||||
| Structural reforms to approximate more closely industry structure to that needed for competition and isolate natural monopoly elements. | |||||||||||||||||||||||
| The threat of entry limits monopoly power. Regulation seeks to remove barriers to entry (terms of access). | ||||||||||||||||||||||
| Benchmark competition reduces the monopolist's capacity to extract rent from its monopoly of information. | |||||||||||||||||||||||
| Franchising seeks to use some of the desirable incentive properties of competition to facilitate regulation. | |||||||||||||||||||||||
| Detailed and extensive regulation of prices, product and service quality, level of service, investment, etc. | |||||||||||||||||||||||
Source: adapted from World
Bank (1994a).
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