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Quacks, Lemons, and Self Regulation: A Welfare Analysis

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Author Info
Gehrig, Thomas
Jost, Peter-J

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Abstract

This paper provides a framework in which suppliers of experience goods may find it in their best interests to provide, and enforce, quality standards. The incentives to form self-regulatory organizations are inversely related to ex-ante monitoring costs of the organization, as well as the number of members. This self-regulatory outcome is compared to statutory price and quality regulation. Without informational asymmetries between market participants and the social planer, self-regulatory outcomes can always be replicated by statutory regulation. Even with asymmetric information, self regulation is socially desirable only if the regulator values firm's profits sufficiently highly. Copyright 1995 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Regulatory Economics.

Volume (Year): 7 (1995)
Issue (Month): 3 (May)
Pages: 309-25
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Handle: RePEc:kap:regeco:v:7:y:1995:i:3:p:309-25

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Russell Cooper & Thomas W. Ross, 1985. "Product Warranties and Double Moral Hazard," RAND Journal of Economics, The RAND Corporation, vol. 16(1), pages 103-113, Spring. [Downloadable!] (restricted)
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  1. Drusilla K. Brown & Alan V. Deardorff & Robert M. Stern, 1999. "U.S. Trade and Other Policy Options and Programs to Deter Foreign Exploitation of Child Labor," Discussion Papers Series, Department of Economics, Tufts University 9904, Department of Economics, Tufts University. [Downloadable!]
    Other versions:
  2. Drusilla K. Brown, 1999. "Can Consumer Product Labels Deter Foreign Child Labor Exploitation?," Discussion Papers Series, Department of Economics, Tufts University 9919, Department of Economics, Tufts University. [Downloadable!]
  3. Javier I.Núnez Errázuriz, 2000. "A repeated game of self regulation," Estudios de Economia, University of Chile, Department of Economics, vol. 27(1 Year 20), pages 33-54, June. [Downloadable!]
  4. Roe, Brian & Teisl, Mario F., 1998. "The Economics Of Labeling: An Overview Of Issues For Health And Environmental Disclosure," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 27(2), October. [Downloadable!]
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