Independent regulatory agencies face increasing pressure to conduct high-quality economic analysis of regulations, similar to the regulatory impact analysis conducted by executive branch agencies. Such analysis could be required by evolving judicial doctrines, regulatory reform statutes, or...

Independent regulatory agencies face increasing pressure to conduct high-quality economicanalysis of regulations, similar to the regulatory impact analysis conducted by executive branchagencies. Such analysis could be required by evolving judicial doctrines, regulatory reformstatutes, or...

We present solutions to each of the major delegation problems that arise when elected officials delegate rulemaking authority to government agencies. These problems include principal-agent issues, monopoly provision, information asymmetry, and tragedy of the commons. Rather than presenting our...