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Innovative behavioral regulatory agencies as second generation commitment devices

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  • Francesc Trillas

Abstract

This article analyzes how the commitment problem in economic regulation, and a solution based on strategic delegation, are affected by the non-standard rationality of agents that participate in the regulatory interaction. As a result, on the one hand, independent regulators are seen as part of a potentially more robust innovative regulatory system, and, on the other hand, their contribution to this system can be based on a wider range of instruments. Second generation commitment mechanisms that take this into account may be a key ingredient of reforms in the regulation of those industries that require a long run perspective.

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  • Francesc Trillas, 2020. "Innovative behavioral regulatory agencies as second generation commitment devices," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 23(1), pages 83-99, January.
    • Handle: RePEc:taf:jecprf:v:23:y:2020:i:1:p:83-99
    DOI: 10.1080/17487870.2019.1609358
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