Regulation, public value, and policymaking

Abstract

Good regulation underpins well-functioning markets. But there are inevitably risks of regulatory failure, chiefly ineffectiveness and unintended consequences. A high-level framework that is appropriate for analysing many public policy issues is one that balances the twin risks of market failure and regulatory failure.• Allocating radio spectrum to uses where it has the highest economic value is central to a rational-comprehensive approach to designing auctions. But some issues bring in broader values (such as equity and social cohesion) that are reflected in 'public value', especially questions of universal mobile coverage.