We Test”
An Imagined Regulatory Future
Bibliographic Data
| ID | 13037247 |
|---|---|
| Authors | Cass R Sunstein (0000-0003-4194-3008, Harvard University Press, corresponding author) |
| Year | 2022 |
| Volume | 13 |
| Issue | 3 |
| Pages | 269-280 |
| Publication date | 2022-01-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Benefit-Cost Analysis (JOURNAL) |
| Journal identifiers | ISSN: 2152-2812 • E-ISSN: 2194-5888 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/bca.2022.23 |
| OpenAlex | W4312853892 |
| Language | EN |
| Citations received | 2 |
There can be a serious tension between the commitment to cost-benefit analysis and a realistic appreciation of the limits of official knowledge. Without significant efforts to reduce those limits, that analysis might be inadequately informed. Whenever regulators face significant informational deficits, or what is sometimes called “the knowledge problem,” it is important to explore tools that take advantage of what the private sector knows; market-friendly tools, such as economic incentives, have important advantages on that count. An advanced regulatory system should also try to reduce the knowledge problem through three routes: (i) creative use of notice-and-comment rulemaking; (ii) retrospective analysis of regulations and their costs and benefits; and (iii) advance testing, as a way of informing ex ante analysis. For the future, the most promising approach is (iii)
Business · Cost–benefit analysis · Economics · Ex-ante · Incentive · Law and economics · Microeconomics · Notice · Political science · Public economics · Risk analysis (engineering · Rulemaking · Test (biology · Law · Regulation and Compliance Studies
| Citations per year | 0.67 |
|---|---|
| Citation span | 2023 - 2025 (3) |
| Highly cited | No |