(a) Explain the economic rationale for regulating either the telecommunications sector or the medical profession NB Students should concentrate on explaining the economic rationale for regulation and avoid spending significant space on a description of the sector.)
(b) What are the benefits & costs of the role played by special interest groups in the formation of policy?
2. (a) Explain the key elements of the writings of Ronald Coase and
assess their contribution to the design of environmental policy.
(c) Briefly, explain the role that Behavioural Economics can play in
policy design. Use examples in your answer (30 marks)
(Total 100 mark