Fiocco, Raffaele; Scarpa, Carlo - 2011
(centralization) or two (decentralization) regulatory authorities, when the regulator(s) can be partially captured by industry. Under … that centralized regulation is preferable. Under asymmetric information about the firms' costs, lobbying induces a unique … between the goods is high enough, the firms' lobbying activity may be so strong that decentralizing the regulatory structure …