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 ?
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Oxford University Press in its journal Journal of Law, Economics and Organization.
Volume (Year): 13 (1997)
Issue (Month): 1 (April)
Contact details of provider:
Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
Fax: 01865 267 985
Web page: http://jleo.oupjournals.org/
Other versions of this item:
- Tracy Lewis & Michel Poitevin, 1995. "Disclosure of Information in Regulatory Proceedings," CIRANO Working Papers 95s-01, CIRANO.
- 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.
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation
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.:
- Fishman, Michael J & Hagerty, Kathleen M, 1990. "The Optimal Amount of Discretion to Allow in Disclosure," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 427-44, May.
- Kreps, David M. & Wilson, Robert, 1982.
"Reputation and imperfect information,"
Journal of Economic Theory,
Elsevier, vol. 27(2), pages 253-279, August.
- Sanford Grossman & Oliver Hart, .
"Disclosure Laws and Takeover Bids,"
Rodney L. White Center for Financial Research Working Papers
23-79, Wharton School Rodney L. White Center for Financial Research.
- Reinganum, Jennifer F., 1986.
"Plea Bargaining and Prosecutorial Discretion,"
616, California Institute of Technology, Division of the Humanities and Social Sciences.
- Dye, Ronald A, 1986. "Proprietary and Nonproprietary Disclosures," The Journal of Business, University of Chicago Press, vol. 59(2), pages 331-66, April.
- I.P.L. P'ng, 1983. "Strategic Behavior in Suit, Settlement, and Trial," Bell Journal of Economics, The RAND Corporation, vol. 14(2), pages 539-550, Autumn.
- Grossman, Sanford J, 1981. "The Informational Role of Warranties and Private Disclosure about Product Quality," Journal of Law and Economics, University of Chicago Press, vol. 24(3), pages 461-83, December.
- Salant, Stephen W., 1984. "Litigation of Settlement Demands Questioned by Bayesian Defendants," Working Papers 516, California Institute of Technology, Division of the Humanities and Social Sciences.
- Joseph Farrell, 1985. "Voluntary Disclosure: Robustness of the Unraveling Result, and Comments on Its Importance," Working papers 374, Massachusetts Institute of Technology (MIT), Department of Economics.
- Cho, In-Koo & Kreps, David M, 1987.
"Signaling Games and Stable Equilibria,"
The Quarterly Journal of Economics,
MIT Press, vol. 102(2), pages 179-221, May.
- Grossman, Gene M & Katz, Michael L, 1983. "Plea Bargaining and Social Welfare," American Economic Review, American Economic Association, vol. 73(4), pages 749-57, September.
- Banks, Jeffrey S. & Sobel, Joel., 1985.
"Equilibrium Selection in Signaling Games,"
565, California Institute of Technology, Division of the Humanities and Social Sciences.
- Png, I. P. L., 1987. "Litigation, liability, and incentives for care," Journal of Public Economics, Elsevier, vol. 34(1), pages 61-85, October.
- Cooter, Robert D & Rubinfeld, Daniel L, 1989. "Economic Analysis of Legal Disputes and Their Resolution," Journal of Economic Literature, American Economic Association, vol. 27(3), pages 1067-97, September.
- Dominique Demougin & Claude Fluet, 2008.
"Rules of proof, courts, and incentives,"
RAND Journal of Economics,
RAND Corporation, vol. 39(1), pages 20-40.
- Lagerlof, Johan N.M. & Heidhues, Paul, 2005.
"On the desirability of an efficiency defense in merger control,"
International Journal of Industrial Organization,
Elsevier, vol. 23(9-10), pages 803-827, December.
- Johan Lagerlöf & Paul Heidhues, 2002. "On the Desirability of an Efficiency Defense in Merger Control," CIG Working Papers FS IV 02-08, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
- Johan N. M. Lagerlöf & Paul Heidhues, 2004. "On the Desirability of an Efficiency Defense in Merger Control," Royal Holloway, University of London: Discussion Papers in Economics 04/24, Department of Economics, Royal Holloway University of London, revised Oct 2004.
- Heidhues, Paul & Lagerlöf, Johan N.M., 2003. "On the Desirability of an Efficiency Defense in Merger Control," CEPR Discussion Papers 3841, C.E.P.R. Discussion Papers.
- Claude Fluet, 2002.
"Enforcing Contracts: Should Courts Seek the Truth?,"
Cahiers de recherche
- Claude Fluet, 2003. "Enforcing Contracts: Should Courts Seek the Truth?," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 159(1), pages 49-, March.
- Claude Fluet, 2002. "Enforcing Contracts: Should Courts Seek the Truth?," CIRANO Working Papers 2002s-76, CIRANO.
- McCannon, Bryan C., 2010. "Homicide trials in Classical Athens," International Review of Law and Economics, Elsevier, vol. 30(1), pages 46-51, March.
- Sprumont, Y., 1995.
"On the Game-Theoretic Structure of Public-Good Economies,"
Cahiers de recherche
9519, Universite de Montreal, Departement de sciences economiques.
- Yves Sprumont, 1998. "On the Game-Theoretic Structure of Public-Good Economies," International Journal of Game Theory, Springer, vol. 26(4), pages 455-472.
- Sprumont, Y., 1995. "On the Game-Theoretic Structure of Public-Good Economies," Cahiers de recherche 9519, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- Che, Yeon-Koo & Severinov, Sergei, 2007. "Lawyer Advising in Evidence Disclosure," MPRA Paper 6101, University Library of Munich, Germany.
- Claude Fluet, 2009.
"Accuracy Versus Falsification Costs: The Optimal Amount of Evidence under Different Procedures,"
Journal of Law, Economics and Organization,
Oxford University Press, vol. 25(1), pages 134-156, May.
- Emons, Winand & Fluet, Claude, 2007. "Accuracy versus Falsification Costs: The Optimal Amount of Evidence under Different Procedures," CEPR Discussion Papers 6150, C.E.P.R. Discussion Papers.
- Winand Emons & Claude Fluet, 2007. "Accuracy versus Falsification Costs: the Optimal Amount of Evidence under Different Procedures," Cahiers de recherche 0703, CIRPEE.
- Winand Emons & Claude Fluet, 2007. "Accuracy versus Falsification Costs: The optimal Amount of Evidence under different Procedures," Diskussionsschriften dp0702, Universitaet Bern, Departement Volkswirtschaft.
- Lehmann, Markus A., 2002. "Error minimization and deterrence in agency control," International Review of Law and Economics, Elsevier, vol. 21(4), pages 373-391, May.
- Froeb, Luke M. & Kobayashi, Bruce H., 2001. "Evidence production in adversarial vs. inquisitorial regimes," Economics Letters, Elsevier, vol. 70(2), pages 267-272, February.
- Turkay, Evsen, 2011. "Evidence disclosure and severity of punishments," MPRA Paper 31504, University Library of Munich, Germany.
- Sinclair-Desgagne, Bernard & Gozlan, Estelle, 2003.
"A theory of environmental risk disclosure,"
Journal of Environmental Economics and Management,
Elsevier, vol. 45(2, Supple), pages 377-393, March.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.