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Endogenous Change and the Economic Theory of Regulation

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  • Ellig, Jerome

Abstract

This paper extends the economic theory of regulation to include endogenous regulatory change. It outlines conditions under which endogenously rising deadweight costs of regulation can alter the policy equilibrium, even if those rising costs are fully anticipated. Within this framework, alternative wealth redistribution mechanisms can alter the equilibrium path if they bias interest groups' organization costs asymmetrically. The history of natural gas regulation is broadly consistent with this theory. Copyright 1991 by Kluwer Academic Publishers

Suggested Citation

  • Ellig, Jerome, 1991. "Endogenous Change and the Economic Theory of Regulation," Journal of Regulatory Economics, Springer, vol. 3(3), pages 265-274, September.
  • Handle: RePEc:kap:regeco:v:3:y:1991:i:3:p:265-74
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    References listed on IDEAS

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    1. John Mullahy, 1998. "Much Ado About Two: Reconsidering Retransformation and the Two-Part Model in Health Economics," NBER Technical Working Papers 0228, National Bureau of Economic Research, Inc.
    2. Cutler, David M, 1995. "The Incidence of Adverse Medical Outcomes under Prospective Payment," Econometrica, Econometric Society, vol. 63(1), pages 29-50, January.
    3. Smith, Richard J & Blundell, Richard W, 1986. "An Exogeneity Test for a Simultaneous Equation Tobit Model with an Application to Labor Supply," Econometrica, Econometric Society, vol. 54(3), pages 679-685, May.
    4. Ellis, Randall P., 1998. "Creaming, skimping and dumping: provider competition on the intensive and extensive margins1," Journal of Health Economics, Elsevier, vol. 17(5), pages 537-555, October.
    5. Richard W. Blundell & Richard J. Smith, 1989. "Estimation in a Class of Simultaneous Equation Limited Dependent Variable Models," Review of Economic Studies, Oxford University Press, vol. 56(1), pages 37-57.
    6. Hagen, Kare P. & Sheshinski, Eytan, 2005. "Positive second-best theory: A brief survey of the theory of ramsey pricing," Handbook of Mathematical Economics,in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 2, volume 3, chapter 25, pages 1251-1280 Elsevier.
    7. Gerald Nordquist & S. Y. Wu, 1976. "The Joint Demand for Health Insurance and Preventive Medicine," NBER Chapters,in: The Role of Health Insurance in the Health Services Sector, pages 35-72 National Bureau of Economic Research, Inc.
    8. Baumol, William J & Bradford, David F, 1970. "Optimal Departures from Marginal Cost Pricing," American Economic Review, American Economic Association, vol. 60(3), pages 265-283, June.
    9. Selden, Thomas M., 1990. "A model of capitation," Journal of Health Economics, Elsevier, vol. 9(4), pages 397-409, December.
    10. Harris Schlesinger & Emilio Venezian, 1986. "Insurance Markets with Loss-Prevention Activity: Profits, Market Structure, and Consumer Welfare," RAND Journal of Economics, The RAND Corporation, vol. 17(2), pages 227-238, Summer.
    11. Mark V. Pauly, 1974. "Overinsurance and Public Provision of Insurance: The Roles of Moral Hazard and Adverse Selection," The Quarterly Journal of Economics, Oxford University Press, vol. 88(1), pages 44-62.
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    Cited by:

    1. David Newbery, 2004. "Privatising Network Industries," CESifo Working Paper Series 1132, CESifo Group Munich.
    2. Katrin Sobania, 2000. "Von Regulierungen zu Deregulierungen - Eine Analyse aus institutionenökonomischer Sicht -," Volkswirtschaftliche Diskussionsbeiträge 37, Universität Potsdam, Wirtschafts- und Sozialwissenschaftliche Fakultät.

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