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On endogenous economic regulation

  • Stanley Reiter

This paper presents a model in which in each of a succession of time periods the State and the private economy interact to determine rules under which the private agents will operate in the next period, and rules and resources that constrain interventions of the State in the next period. The set of State institutions, called regulators, that are the instruments of State intervention is endogenously determined in each period. The model is a multiperiod game consisting of two phases. The first is a (noncooperative) game played by private economic agents in each period, the rules for which are given by the regulators in the preceding period. The second phase is political. In each period the private agents acting politically determine the legal and budgetary constraints under which the regulators will operate in the next period, and thereby determine the noncooperative game to be played in the next period. Formal entities in the model allow a wide variety of regulatory instruments and transfer payments to be represented.

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File URL: http://hdl.handle.net/10.1007/BF02499134
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Article provided by Springer in its journal Economic Design.

Volume (Year): 2 (1996)
Issue (Month): 1 (December)
Pages: 211-243

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Handle: RePEc:spr:reecde:v:2:y:1996:i:1:p:211-243
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  1. Hillman, Arye L & Ursprung, Heinrich W, 1988. "Domestic Politics, Foreign Interests, and International Trade Policy," American Economic Review, American Economic Association, vol. 78(4), pages 719-45, September.
  2. Harsanyi, John C, 1995. "Games with Incomplete Information," American Economic Review, American Economic Association, vol. 85(3), pages 291-303, June.
  3. Gene M. Grossman & Elhanan Helpman, 1993. "The Politics of Free Trade Agreements," NBER Working Papers 4597, National Bureau of Economic Research, Inc.
  4. Noll, Roger G., 1989. "Economic perspectives on the politics of regulation," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 2, chapter 22, pages 1253-1287 Elsevier.
  5. Grossman, Gene & Helpman, Elhanan, 1993. "Protection for Sale," CEPR Discussion Papers 827, C.E.P.R. Discussion Papers.
  6. Kenneth Mount & Stanley Reiter, 1973. "The Informational Size of Message Spaces," Discussion Papers 3, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  7. Stanley Reiter & Jonathan Hughes, 1980. "A Preface on Modelling the Regulated U.S. Economy," Discussion Papers 424, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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