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| Author: | Martimort, D. |
| Title: | The life cycle of regulatory agencies: dynamic capture and transaction costs |
| Journal: | Review of Economic Studies
1999 : OCT, VOL. 66(4):229, p. 929-947 |
| Index terms: | ECONOMICS LIFE CYCLES TRANSACTION COSTS |
| Language: | eng |
| Abstract: | The dynamics of regulation is analyzed in a model where regulatory capture comes from the repeated interaction between an interest group and a regulatory agency. Regulatory institutions offer a framework for this dynamic process. They put constraints on the interest group's influence. The dynamics of regulation and its long-run outcome depend on the political pricipal's's, the regulator's and the regulated firm's time preferences and their information. |
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