Background
Newbery, David Michael Garrood was born on June 1, 1943 in Fulmer Chase, England. Son of Alan James and Betty Amelia (Roche) Newbery.
( Network utilities, such as electricity, telephones, and...)
Network utilities, such as electricity, telephones, and gas, are public utilities that require a fixed network to deliver their services. Because consumers have no choice of network, they risk exploitation by network owners. Once invested, however, a network's capital is sunk, and the bargaining advantage shifts from investor to consumer. The investor, fearing expropriation, may be reluctant to invest. The tension between consumer and investor can be side-stepped by state ownership. Alternatively, private ownership and consumers' political power can be reconciled through regulation. Either way, network utilities operate under terms set by the state.David Newbery argues that price-setting rules comprise only part of the policy agenda. Network utilities pose special problems of ownership and regulation. He discusses the history of ownership and regulation, privatization, and theories of regulation. Examining three network utilities in detail--telecoms, electricity, and gas--he contrasts the regulatory approaches of Britain and the United States. He also looks at liberalization in a variety of other countries.History shows that the mature forms of regulatory institutions are remarkably similar under both public and private ownership. This raises obvious questions such as: Will the forces that caused convergence to regulated vertical integration in the past reassert themselves? Can the benefits of competition be protected against the pressure to reintegrate? Will different utilities differ in their form and structure? A full understanding of the forces shaping regulatory institutions is necessary to answer these important questions.
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Newbery, David Michael Garrood was born on June 1, 1943 in Fulmer Chase, England. Son of Alan James and Betty Amelia (Roche) Newbery.
Graduate in mathematics, Cambridge University, 1963. Graduate in economics, Cambridge University, 1965. Doctor of Philosophy in Economics, Cambridge University, 1976.
Doctor of Science, Cambridge University, 2001.
Economist, Treasury of Tanzanian Government, l965-66;
assistant lecturer economics, Cambridge (England) University, 1966-1971;
University lecturer, Cambridge (England) University, l97l;
reader, Cambridge (England) University, l986;
professor applied economics, director department, Cambridge (England) University, l988-;
fellow, director studies Churchill College, Cambridge (England) University, l966-87;
professorial fellow, Cambridge (England) University, l988-. With Cowles Foundation, Yale University, l969. Associate professor Stanford (California) U., l976.
Visiting professor Princeton (New Jersey) U., l985. Ford visiting professor University of California, Berkeley, l987-88.
( Network utilities, such as electricity, telephones, and...)
Author: Privatization, Restructuring and Regulation of Network Utilities, 2000. Co-author: Project Appraisal in Practice, 1976, Theory of Commodity Price Stabilization: A Study in the Economics of Risk, l98l, The Theory of Taxation for Developing Countries, 1987, A European Market for Electricity?, 1999. Editor: Tax and Benefit Reform in Central and Eastern Europe, 1995.
Co-editor: Hungary: A Economy in Transition, 1993. Associate editor Economic Journal, l977—, European Economic Review, l989-93. Contributor articles to professional journals, chapters to books.
On my return from working in the Tanzanian Treasury, I continued my work on social cost-benefit analysis in developing countries, concentrating on the pricing of labour and investment, and using optimal growth theory as a framework. This led to wider interest in public finance and the problems of market failure — of public goods and externalities. I became interested in risk and worked on share cropping, and later on the theory of commodity price stabilisation.
If relative prices are risky, then competitive markets are typically not even constrained efficient, and it is interesting to examine the efficiency of various market institutions which evolve to handle risk, notably futures markets, credit markets, and intertemporal storage.
Participant of my work on energy explored other responses to risk, such as vertical integration, but the prime focus here was the role of market power for exhaustible resources, where I showed that many of the standard solutions proposed were dynamically inconsistent. On my recent visit to the World Bank I returned to issues of public finance, and to transport pricing and taxation, whilst continuing my interest in commodities and energy pricing. Throughout I have been interested in applying economic theory, often in the form of simple models, to problems of practical importance.
Fellow Center for Economics Policy Research. Member Royal Economics Society (county 1984-1989), European Economics Association (president 1996).
Married Terry Eve Apter. Children: Miranda, Julia M.