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1 1 (1994)

handle is hein.amenin/aeiaawr0001 and id is 1 raw text is: Local telephone com- panies have long been extensively regulated as natural monopolies. Technological innovation and the prospect for lifting regulatory barriers to entry, however, now expose at least some por- tions of the local exchange to competition from cable television systems. wireless telephony, and rival wire- line systems. William Baumol and Gregory Sidak examine how telecommunications regula- tion can be designed to adapt automatically as the market becomes increasingly competitive. If certain parts of local telephony remain naturally monopolistic, how can regulators protect consumers against cross-subsidy, predatory pricing. and price discrimination? How should a local exchange carrier that is a natural monopoly in some activities be permitted to price necessary inputs it sells to its competi- tors in the market for the final telecommunications products? The economic analysis that Baumol and Sidak employ to answer these questions can apply to any network industry. This book will be useful in antitrust analysis of essential facilities and in regulatory analysis of transportation, energy transmission, pipelines, and mail delivery. William J. Baunmol is Director of the CV. Starr Center for Applied Economics at New York University and Professor Emeritus at Princeton University. 3. Gregory Sidak is Resident Scholar at the American Enterprise Institute, Senior Lecturer at the Yale School of Management, and Counsel to the law ifirm of King & Spalding. The MIT Press Massachusetts Institute of Technology Cambridge, Massachusetts 02142 BAUWH 0-262-02369-5 The AEl Press Publisher for the American Enterprise institute 1150 17th Street, NW., Washington, D.C. 20036

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