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Enforcing Time-Inconsistent Regulation

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  • Kleit, Andrew N
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    Abstract

    Passage of legislation enacting a regulatory program does not ensure that the program will be successfully implemented. Certain regulations require significant long-term investment by firms prior to their enforcement date. If firms do not engage in the desired investment, enforcing the regulations may generate significant welfare losses for society. Firms know this and may behave strategically by not undertaking the investment, generating the well-known time-inconsistency problem. A game-theoretic model presented here shows how the time-inconsistency problem can be alleviated using administrative procedures as a device to commit an agency to carrying out its bureaucratic mission. Copyright 1992 by Oxford University Press.

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    Bibliographic Info

    Article provided by Western Economic Association International in its journal Economic Inquiry.

    Volume (Year): 30 (1992)
    Issue (Month): 4 (October)
    Pages: 639-48

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    Handle: RePEc:oup:ecinqu:v:30:y:1992:i:4:p:639-48

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    Cited by:
    1. Elizabeth Robinson, 2004. "Land Encroachment: India`s Disappearing Common Lands," Economics Series Working Papers WPS/2004-28, University of Oxford, Department of Economics.
    2. Lee, Jaegul & Veloso, Francisco M. & Hounshell, David A., 2011. "Linking induced technological change, and environmental regulation: Evidence from patenting in the U.S. auto industry," Research Policy, Elsevier, vol. 40(9), pages 1240-1252.
    3. Lionel Nesta & Francesco Nicolli & Francesco Vona, 2012. "Determinants of renewable energy innovation: environmental policies vs. market regulation," Sciences Po publications 2012-05, Sciences Po.
    4. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09j0h0ji242 is not listed on IDEAS

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