Tuesday, May 20, 2008

Peter Grajzl

Washington and Lee University

Peter Grajzl

The Economics of Self-Regulation: A Comparative Institutional Perspective

Abstract

Under a self-regulatory regime, rules and regulations are promulgated and enforced by the industry itself. In comparison with the government, the industry possesses better information and expertise about the regulatory issue at stake. The arrangement with industry-made rules and industry-executed enforcement, however, also entails an inherent bias toward the regulated. Employing an explicitly comparative perspective, this workshop will address both normative and positive aspects of self-regulation as exercise of delegated lawmaking and regulatory powers.