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- W2107912056 abstract "This article reviews both the theoretical and empirical literatures on regulatory capture. The scope is broad, but utility regulation is emphasized. I begin by describing the Stigler–Peltzman approach to the economics of regulation. I then open the black box of influence and regulatory discretion using a three-tier hierarchical agency model under asymmetric information (in the spirit of Laffont and Tirole, 1993). I discuss alternative modelling approaches with a view to a richer set of positive predictions, including models of common agency, revolving doors, informational lobbying, coercive pressure, and influence over committees. I discuss empirical work involving capture and regulatory outcomes. I also review evidence on the revolving-door phenomenon and on the impact that different methods for selecting regulators appear to have on regulatory outcomes. The last section contains open questions for future research." @default.
- W2107912056 created "2016-06-24" @default.
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- W2107912056 date "2006-06-01" @default.
- W2107912056 modified "2023-10-17" @default.
- W2107912056 title "Regulatory Capture: A Review" @default.
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- W2107912056 doi "https://doi.org/10.1093/oxrep/grj013" @default.
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