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The Pre-commitment Advantage of Having a Slow Legislative System

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Author Info
Paul Frijters () (Vrije Universiteit Amsterdam)
Alexander F. Tieman () (Vrije Universiteit Amsterdam)

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Abstract

In this paper it is argued that the slowness of the legislative system implies pre-commitment of legislation for at least the period it takes to change a law. A simple model illustrates the benefit of this pre-commitment.

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Publisher Info
Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 01-008/3.

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Date of creation: 17 Jan 2001
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Handle: RePEc:dgr:uvatin:20010008

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Web page: http://www.tinbergen.nl/

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Related research
Keywords: time-inconsistency legislation irreversible investments

Find related papers by JEL classification:
D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General

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