Long-Term Contracts and Asset Specificity Revisited: An Empirical Analysis of Producer–Importer Relations in the Natural Gas Industry

Asset specificity, Econometric analysis, Contracts, Natural gas, Transaction costs, Institutions,

THE EXTENT OF SOCIAL REGULATION: HAZARDOUS WASTE CLEANUP AND THE REAGAN IDEOLOGY

Social regulation resolves the conflict over who will bear the costs of production-related harm to public health, safety, and the environment. The extent of social regulation reflects the political power of affected interests, the economic consequences of control, and the prevailing regulatory ideol- ogy. In this paper, I analyze the impact of the Reagan deregulatory ideology on implementation of the Superfund program to cleanup hazardous waste sites. Itesolution of the conflict over enabling legislation is examined to gauge the relative political power of Superfund Act supporters. Resolution of the ronflict over implementation is examined to determine the extent to which these same political forces limited the success of the Reagan ideology in promoting regulatory inaction. Copyright 1988 by The Policy Studies Organization.