Law and Economics of Regulation

Law and Economics of Regulation

Description

Editors: Klaus Mathis & Avishalom Tor

From the Publisher

This book explores current issues regarding the regulation of various economic sectors, theoretically and empirically, discussing both neoclassical and behavioural economics approaches to regulation. Regulation has become one of the main determinants of modern economies, and virtually every sector is subject to general laws and regulations as well as specific rules and standards. A traditional argument to justify regulatory interventions is the promotion of public interests. Fixing markets that lack competition, balancing information asymmetries, internalising externalities, mitigating systemic risks, and protecting consumers from irrational behaviour are frequently invoked to complement the invisible hand of the market with the visible hand of the state. However, regulations can lead to unintended consequences, and serve the interests of powerful private interest groups rather than the public interest and social welfare. In addition, new insights from behavioural economics question the traditional regulatory approaches, most prominently in attitudes towards consumers. Furthermore, digitalisation and technological innovation in general present new challenges in terms of both the type of regulation and the regulatory process. Part I of this book discusses various theoretical approaches to the economic analysis of regulations, while Part II looks at specific applications of the law and economics of regulation.

ISBN

9783030705299

Publication Date

2021

Publisher

Springer

Keywords

Law and Economics of Regulation, Data Flow Regulations, Digitalization, Behavioral Economics

Disciplines

European Law | Law | Law and Economics

Comments

Series: Economic Analysis of Law in European Legal Scholarship 11

Law and Economics of Regulation


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