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A cutting-edge introduction to the full range of economic, legal and political issues in regulation.
This five-day course introduces you to the central issues in regulatory strategy and aids the development of your understanding in these key areas. It is directed by Professor Robert Baldwin and has established a worldwide reputation over the last decade. Presentations are delivered by a renowned group of academics from the Law and the Government Departments at LSE and the course also involves contributions by regulatory practitioners.
The course is of great value whether you work within a regulatory organisation, or are somebody who is subject to regulation. Developing an understanding of how to frame issues in regulation will enable you to enhance your performance and your competitive advantage in the commercial context.
Case studies, presentations, group discussions and problem solving activities are all used so that you will come away with strategies to lower your costs and enable you to design, or make the case for, efficient regulatory systems and responses.
You’ll learn alongside professionals from around the world who have varying familiarity with regulation – as regulators, regulated concerns or other related parties – including:
- Regulators - whatever regulatory functions they carry out at any level
- Staff of regulated concerns
- Consultants on regulation
- Policy-makers who deal with regulatory issue
- Lawyers, accountants, economists and other advisors on regulatory matters.
The week will be of particular value to those who are moving into regulatory affairs from other areas and to those who have some regulatory experience but who wish to set their practical concerns within a broader framework of understanding. No prior knowledge of regulation, law or economics is assumed.
The course will primarily look at how regulation operates on the ground but will also cover regulatory theory and all stages of the regulatory process — from law and rule-making to institutional frameworks and enforcement. It will consider regulation from the perspectives of economists, lawyers, sociologists, political scientists and others. The utilities, financial and other sectors will be covered and supra-national issues will also be considered.
Central topics include:
- Why regulate? Economic and other rationales
- Regulatory strategies: commands and alternatives
- Enforcement: when to intervene, what which approaches to use, sanctioning issues
- Key issues in utilities regulation: price capping, structural regulation and regulating monopolies
- Measuring efficiency
- Regulation and competition law
- Regulatory networks, the European dimension and regulation across states
- Regulation and competition: using markets to achieve objectives
- What is good regulation? The hallmarks of excellent regulation
- Nudge strategies
- Risk regulation and risk-based regulation
- Precautionary approaches to risks and approaches to lower risks
- How to identify key risks and problems
- Transparency and participation in regulatory decision-making
- Cost-benefit testing, impact analysis and regulation
- How behavioural economics can be used in regulation
- Rules, standards and principle-based regulation
- Managing regulatory change
- Emissions trading and franchising
- Better regulation and smarter regulation.
The course will enable participants to:
- Identify key challenges in regulation and the array of potential responses to these
- Understand reasons for regulating and central strategic choices
- Apply risk frameworks to regulation and enforcement operations
- Select from the various approaches to enforcement
- Choose the lowest cost methods of regulating effectively
- Evaluate regulatory quality and pick out the key qualities of excellent regulators
- Pinpoint the circumstances that foster effective use of competition, markets and self-regulation
- Judge the potential of nudges as alternatives to traditional regulation
- Consider the value of regulatory review frameworks as tools to improve regulation
- Take on board the supra-national aspect of regulation.