We ask whether regulation can usefully supplement litigation in a model of optimal social control of harmful …. We show that regulation can, in some circumstances, improve resource allocation. Regulatory preemption of litigation may …

Regulation of economic activity is ubiquitous around the world, yet standard theories predict it should be rather … uncommon. I argue that the ubiquity of regulation is explained not so much by the failure of markets, or by asymmetric … accounts for the ubiquity of regulation, for its growth over time, as well as for the fact that contracts themselves are …