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Hierarchical Regulatory Control

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  • Joel S. Demski
  • David E.M. Sappington

Abstract

We consider a regulatory problem in which there is a hierarchy of control. Consumers (or Congress) direct the activities of a regulator, who, in turn, oversees the activities of a monopolistic firm. Both the regulator and the firm are self-interested actors. The regulator must be motivated to acquire the expertise that allows him to control the firm's activities more effectively. The firm must be motivated to produce at minimal cost to consumers. We characterize the distortions in the firm's activities that are optimally induced to control more effectively the activities of the firm and the regulator.

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Bibliographic Info

Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 18 (1987)
Issue (Month): 3 (Autumn)
Pages: 369-383

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Handle: RePEc:rje:randje:v:18:y:1987:i:autumn:p:369-383

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Cited by:
  1. Pablo T. Spiller, 2011. "Transaction Cost Regulation," NBER Working Papers 16735, National Bureau of Economic Research, Inc.
  2. David E. M. Sappington, 1991. "Incentives in Principal-Agent Relationships," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 45-66, Spring.
  3. Jack, William, 1992. "Power sharing and pollution control : coordinating policies among levels of government," Policy Research Working Paper Series 887, The World Bank.
  4. Boyce, John R. & Hollis, Aidan, 2005. "Governance of electricity transmission systems," Energy Economics, Elsevier, vol. 27(2), pages 237-255, March.

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