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Enforcing Time-Inconsistent Regulation

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  • Kleit, Andrew N

Abstract

Passage of legislation enacting a regulatory program does not ensure that the program will be successfully implemented. Certain regulations require significant long-term investment by firms prior to their enforcement date. If firms do not engage in the desired investment, enforcing the regulations may generate significant welfare losses for society. Firms know this and may behave strategically by not undertaking the investment, generating the well-known time-inconsistency problem. A game-theoretic model presented here shows how the time-inconsistency problem can be alleviated using administrative procedures as a device to commit an agency to carrying out its bureaucratic mission. Copyright 1992 by Oxford University Press.

Suggested Citation

  • Kleit, Andrew N, 1992. "Enforcing Time-Inconsistent Regulation," Economic Inquiry, Western Economic Association International, vol. 30(4), pages 639-648, October.
    • Handle: RePEc:oup:ecinqu:v:30:y:1992:i:4:p:639-48
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    Cited by:

    1. Lee, Jaegul & Veloso, Francisco M. & Hounshell, David A., 2011. "Linking induced technological change, and environmental regulation: Evidence from patenting in the U.S. auto industry," Research Policy, Elsevier, vol. 40(9), pages 1240-1252.
    2. Francesco Nicolli & Francesco Vona & Lionel Nesta, 2012. "Determinants of Renewable Energy Innovation: Environmental Policies vs. Market Regulation," Working Papers 201204, University of Ferrara, Department of Economics.
    3. Jin, Chenfei & Tsai, Fu-Sheng & Gu, Qiuyang & Wu, Bao, 2022. "Does the porter hypothesis work well in the emission trading schema pilot? Exploring moderating effects of institutional settings," Research in International Business and Finance, Elsevier, vol. 62(C).
    4. Skeete, Jean-Paul, 2018. "Level 5 autonomy: The new face of disruption in road transport," Technological Forecasting and Social Change, Elsevier, vol. 134(C), pages 22-34.
    5. Elizabeth J. Z. Robinson, 2004. "Land Encroachment: India’s Disappearing Common Lands," CSAE Working Paper Series 2004-28, Centre for the Study of African Economies, University of Oxford.
    6. repec:hal:spmain:info:hdl:2441/eu4vqp9ompqllr09j0h0ji242 is not listed on IDEAS
    7. Skeete, Jean-Paul, 2017. "Examining the role of policy design and policy interaction in EU automotive emissions performance gaps," Energy Policy, Elsevier, vol. 104(C), pages 373-381.
    8. Puller, Steven L., 2006. "The strategic use of innovation to influence regulatory standards," Journal of Environmental Economics and Management, Elsevier, vol. 52(3), pages 690-706, November.
    9. repec:hal:wpspec:info:hdl:2441/eu4vqp9ompqllr09j0h0ji242 is not listed on IDEAS
    10. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09j0h0ji242 is not listed on IDEAS
    11. repec:spo:wpmain:info:hdl:2441/eu4vqp9ompqllr09j0h0ji242 is not listed on IDEAS

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