We study regulation of the auditing profession in a model where audit quality is unobservable and enforcing regulation …

regulation, and not by price differences in line with the hypothesis of ‘regulatory arbitrage' …

We develop a model to discuss a government's incentives to delegate to bureaucrats the regulation of an industry. The …-based regulation policy requires the government to make use of a bureaucracy; this has a bureaucratic cost, as the bureaucracy diverts … implications for when and how a government should delegate its regulation of industry. We find that bureaucratic discretion reduces …

consumption options and show how optimal regulation evolves over time. In our base setting where social and private learning …

Strategic delegation to an independent regulator with a pure consumer standard improves dynamic regulation by …

, we contrast producer liability and minimum quality standard regulation as alternative means of social control of product … relative desirability of strict liability vis-à-vis minimum quality standard regulation from a social welfare standpoint. We … also clarify when and why joint use of strict liability and minimum quality standard regulation welfare dominates the …

We consider the regulation of national firms in a common market. Regulators can influence the production of national …

inefficiency of a household resource allocation does not however refute the hypothesis that it chooses this resource allocation as … necessary to show that the observed allocation does not represent a second best optimum. For this it will be necessary to show … the allocation does not hold …