This was the first article explicitly on the theory of agency published in a regular, i.e., nonproceedings, issue of a … of agency theory. The paper notes the effects of the fiduciary norm in economizing on specification and policing (agency … public regulation, this can take the form of producing a more honest or better-behaved regulatory agent in a government that …

contributeto smarter regulation, documents the current low quality of such analysis at many independentregulatory agencies, and …

George Stigler’s “The Theory of Economic Regulation” (1971) is a landmark in the economics of regulation. It used … simple public choice reasoning to set out the “capture theory” of regulation whereby “… as a rule, regulation is acquired by … central argument is the need to distinguish “acquired” from “designed and operated.” The rule that regulation is produced in …

models in one significant way: it considers the effect of regulation not only on the behavior of those subject to it … (potential wrongdoers), but also on the perceptions – and as a result, on the behavior – of those whom regulation seeks to … protect (potential victims).Normatively, the article challenges the view of regulation as a two-way tradeoff between …

of the cost associated with adopting a new regulation (the enactment cost) on agency expertise depends on what the agency …

regulation by taking all transaction costs into account which stem from the principal/agent relationship between regulatory … regulated entities – part of these costs can be regarded as the administrative burden of regulation for the private sector – but … society due to e.g. miscommunication on the aims of regulation, and are, of course, hard to quantify. A cost calculation using …

-Agent Theory (BPAT), a great deal of modern regulation can be helpfully evaluated as a hypothetical delegation. Shifting from … words, government serves as our agent. Understood in light of Principal-Agent Theory (PAT) and Behavioral Principal …

Regulation regimes subject to the influence of interest groups are compared. It is shown that the allocation of the …