How To Regulate: A Guide for Policymakers

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Cambridge University Press, Aug 18, 2017 - Law - 278 pages
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Markets sometimes fail. But so do regulatory efforts to correct market failures. Sometimes regulations reach too far, condemning good activities as well as bad, and sometimes they don't reach far enough, allowing bad behavior to persist. In this highly instructive book, Thomas A. Lambert explains the pitfalls of both extremes while offering readers a manual of effective regulation, showing how the best regulation maximizes social welfare and minimizes social costs. Working like a physician, Lambert demonstrates how regulators should diagnose the underlying disease and identify its symptoms, potential remedies for it, and their side effects before selecting the regulation that offers the greatest net benefit. This book should be read by policymakers, students, and anyone else interested in understanding how the best regulations are crafted and why they work.
 

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Contents

Defining Our Subject
1
The Overarching Model
7
The Private Ordering Ideal
16
Externalities
22
Public and QuasiPublic Goods
60
Agency Costs
91
Market Power
135
Information Asymmetry
185
Cognitive Limitations and Behavioral Quirks
218
Closing Thoughts on Open Questions
250
Index
257
Copyright

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About the author (2017)

Thomas A. Lambert holds the Wall Family Chair in Corporate Law and Governance at the University of Missouri Law School. He is the author of more than twenty legal articles, mostly focused on regulation, and is co-author of a leading antitrust casebook.

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