While numerous examinations of the rule-making process have occurred at the federal level, there are fewer studies about the effects of the proceduralization of the rule-making process on state regulations. Our examination focuses on regulations promulgated in New Jersey, both before and after...

Severe limitations on antitrust enforcement officials' knowledge and the potential impact of ill-advised investigations and prosecutions on markets suggest that officials should exercise extraordinary caution in enforcement of restraints on single-firm conduct. Although it is common to depict...

Reforming regulation of the financial sector is currently among the most immediate concerns of domestic and international policymakers. Proposals for such reform are proliferating, and the official sector appears committed to adopting at least some meaningful reforms in the near-term. Broadly...

Since airlines were deregulated, shareholders, management and workers, already well organized, have suffered severe, sometimes catastrophic losses, while the benefits have been spread among unorganized consumers and the investors and managers of new entrant airlines, which themselves have had a...

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 the industry and is designed and operated...

Over the last 23 years, the U.S. Securities and Exchange Commission has required over 34,000 companies to file over 165,000 annual reports. These reports, the so-called "Form 10-Ks," contain a characterization of a company's financial performance and its risks, including the regulatory...

In the last decade regulatory reforms have focused increasingly on efforts to improve regulatory quality. As part of that development policymakers have been encouraged to consider fiscal, socio-economic and administrative effects of proposed legislation when making policy choices. The Central...

Purpose: The purpose of this study is to describe and classify each state's driver's licensing laws and then test whether the licensing laws affect the percentages of over-64 persons licensed and the proportion of older drivers involved in accidents to determine an optimal level of driving....

Numerous recent studies have addressed how the investment choices of firms depend on elite perceptions of the quality of national regulatory regimes. Likewise, other studies show that government structures can help to support credible commitments that protect market mechanisms. We provide the...

Severe limitations on antitrust enforcement officials’ knowledge and the potential impact of ill-advised investigations and prosecutions on markets suggest that officials should exercise extraordinary caution in enforcement of restraints on single-firm conduct. Although it is common to depict...