A Graphical Exposition of the Economic Theory of Regulation
Abstract
This article provides a novel graphical exposition of the economic theory of regulation. In particular, we show--within a single graphical construct--a number of features that emerge from the theory. Through a variety of applications we are able to provide an improved understanding of many questions that have vexed economists, including the markets likely to be chosen for regulation, the propensity of regulatory benefits to be spread across interest groups, the symbiotic nature of regulation and cross-subsidization, and the economics of deregulation. We also are able to depict graphically the relationship between the economic theory of regulation and the traditional normative model of regulation, which assumes that regulators maximize social welfare. (JEL D72, L51) Copyright 2003, Oxford University Press.Download Info
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Bibliographic Info
Article provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 41 (2003)
Issue (Month): 4 (October)
Pages: 592-606
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Related research
Keywords:Find related papers by JEL classification:
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
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Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Larry Blank & John Mayo, 2009. "Endogenous Regulatory Constraints and the Emergence of Hybrid Regulation," Review of Industrial Organization, Springer, vol. 35(3), pages 233-255, November.
- Johan den Hertog, 2010. "Review of Economic Theories of Regulation," Working Papers 10-18, Utrecht School of Economics.
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