Any procedure of social choice makes use of some types of information and ignores others. For example, the method of majority decision concentrates on people's votes, but pays no direct attention to, say, their social standings, or their prosperity or penury, or even the intensities of their...

Conventional capture models rely on the idea that regulator is induced to lenient behavior by the regulated firm through offers of monetary transfers, the bribery model, or future employment, the revolving doors model. To avoid socially costly capture, the political principal should then either...