Public Policy: Using Market-Based Approaches - Department for ...

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DTI Economics Papers The reviews of the DTI in Autumn 2001 placed analysis at the heart of policymaking. As part of this process the Department has decided to make its analysis and evidence base more publicly available through the publication of a series of DTI Economics Papers that will set out the thinking underpinning policy development. Previous titles include: 1 Bundling, Tying and Portfolio Effects, Professor Barry Nalebuff (Yale University), February 2003 2 A Comparative Study of the British and Italian Clothing and Textile Industries, Nicholas Owen (DTI), Alan Canon Jones (London College of Fashion), April 2003 3 UK Competitiveness: Moving to the next stage, Professor Michael Porter and Christian H M Ketels (Institute of Strategy and Competitiveness, Harvard Business School), May 2003 4 Options for a Low Carbon Future, June 2003 5 DTI Strategy – The Analysis, November 2003 6 UK Productivity and Competitiveness Indicators 2003, November 2003 7 Competing in the Global Economy – The Innovation Challenge, November 2003 8 Raising UK Productivity – Developing the Evidence Base for Policy, March 2004 9 The Benefits from Competition – some Illustrative UK Cases, Professor Stephen Davies, Heather Coles, Matthew Olczak, Christopher Pike and Christopher Wilson (Centre for Competition Policy, University of East Anglia), July 2004 10 Liberalisation and Globalisation: Maximising the Benefits of International Trade and Investment, July 2004 11 R&D Intensive Businesses in the UK, March 2005 12 The Empirical Economics of Standards, May 2005 13 Corporate Governance, Human Resource Management and Firm Performance, August 2005 The views expressed within DTI Economics Papers are those of the authors and should not be treated as Government policy. We welcome feedback on the issues raised by the DTI Economics Papers, and comments should be sent to dti.economics@dti.gsi.gov.uk ii
Contents Acknowledgements vi Foreword 1 PART I INTRODUCTION AND SUMMARY 3 Section 1 Introduction and summary 4 Introduction 4 How we carried out this study 4 Key lessons 5 Case studies 6 Structure of the report 12 PART II LESSONS AND GUIDANCE FOR POLICY MAKERS 13 Section 2 Using market mechanisms 14 Continuing role for the public sector Market-based mechanisms produce benefits compared to 14 traditional policy designs 18 Market-based mechanisms require creative thinking 19 Importance of design and implementation 19 Section 3 Lessons for the design and implementation of specific mechanisms 22 Competitive tendering 22 User choice 25 Tradable permits 27 Conclusion 29 PART III LITERATURE REVIEW 31 Section 4 Introduction 32 Section 5 Market failures and the role of the public sector 33 Markets and market failures 34 Social objectives and inequality 37 Section 6 Government Failure 39 iii
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Page 9: Foreword There is increasing intere
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SECTION 8 Framework for assessing m
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Part IV Case Studies 73
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● the Green and White papers behi
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A prison failing to deliver on its
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Table 9.3 Companies providing priso
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Section 9 - Competitive Tendering o
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detect any deviation from a collusi
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at HMPS began as an equal mix of th
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(e.g. lighting). This impact could
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MARKET POWER The full benefits of c
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However, it should be noted that te
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on competition is uncertain. The ab
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Controlling for problems of asymmet
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Procurement process design One way
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however, financial deductions are m
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The Independent Monitoring Board at
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Figure 9.1: Difference between the
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‘While there were staff in the pu
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design the invitation to tender and
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and demand conditions. Second, we d
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DEMAND Anyone can apply to a local
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● Rent deposit guarantee by the l
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The Green Paper stated the Governme
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It was not an objective of ODPM or
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DESCRIPTION OF MARKET MECHANISM The
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Once the outcome is determined, fee
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DEVELOPMENTS OVER TIME The major mo
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Concerns about capacity constraints
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from those already located within t
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In several areas, registrations by
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Controlling for information problem
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extent though, it was competition b
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Section 10 - Choice-Based Letting i
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levels are reducing and new tenants
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desired effect of limiting points-c
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efficiency savings in some areas. T
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SECTION 11 Emissions Trading Introd
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Section 11 - Emissions Trading coex
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Section 11 - Emissions Trading emis
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A more detailed and diagrammatic de
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The costs of monitoring and reporti
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INITIAL ALLOCATION OF PROPERTY RIGH
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only 242 in the second year. The di
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COST-EFFICIENT EMISSIONS REDUCTIONS
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consultants to Defra of £11 per to
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Participation has helped us to rais
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Section 11 - Emissions Trading emis
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SECTION 12 Issues in the implementa
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