Disclosure of Information in Regulatory Proceedings
AbstractThis paper examines how different rules for presentation of evidence affect verdicts in regulatory hearings and the welfare and efficiency properties these procedures exhibit. The hearing is modeled as a game of imperfect information in which the respondent is privately informed about validity of his case. The respondent may present evidence to support his case. The commission observes whether the respondent presents evidence, and the nature of the evidence presented to update its beliefs about the validity of the case. Based on these beliefs and the standard of proof for conviction, the commission decides whether the respondent's application should be accepted or rejected. The sequential equilibria of this game are examined for their implications regarding (i) the desirability of making disclosure of evidence mandatory rather than voluntary, (ii) the burden of proof undertaken by the respondent to prove his case, and (iii) the impact of information accuracy and disclosure costs on the outcome of the hearing and the welfare of the respondents. Ce papier Ã©tudie comment diffÃ©rentes rÃ¨gles pour la production de preuves peuvent influencer la prise de dÃ©cision d'une agence de rÃ©glementation ainsi que les propriÃ©tÃ©s de bien-Ãªtre de ces rÃ¨gles. Une firme rÃ©glementÃ©e possÃ¨de une information privÃ©e quant Ã la validitÃ© de sa requÃªte et peut produire des Ã©lÃ©ments de preuve pour la soutenir. Une agence de rÃ©glementation observe la preuve prÃ©sentÃ©e par la firme et se forme alors une opinion sur la validitÃ© de la requÃªte. Les Ã©quilibres de ce jeu sont caractÃ©risÃ©s et les points suivants sont Ã©tudiÃ©s : (i) la production de certains Ã©lÃ©ments doit-elle Ãªtre obligatoire ou volontaire ? (ii) quelles sont les consÃ©quences du fardeau de la preuve que la firme doit supporter ? (iii) quel est l'impact de la prÃ©cision de la preuve et des coÃ»ts associÃ©s Ã sa produciton sur la dÃ©cision de l'agence et le bien-Ãªtre de la firme ?
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Bibliographic InfoArticle provided by Oxford University Press in its journal Journal of Law, Economics and Organization.
Volume (Year): 13 (1997)
Issue (Month): 1 (April)
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Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
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Other versions of this item:
- Lewis, T. & Poitevin, M., 1994. "Disclosure of Information in regulatory Proceedings," Cahiers de recherche 9414, Universite de Montreal, Departement de sciences economiques.
- Lewis, T. & Poitevin, M., 1994. "Disclosure of Information in regulatory Proceedings," Cahiers de recherche 9414, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- Tracy Lewis & Michel Poitevin, 1995. "Disclosure of Information in Regulatory Proceedings," CIRANO Working Papers 95s-01, CIRANO.
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
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