The Life Cycle of Regulatory Agencies: Dynamic Capture and Transaction Costs
通过一个动态模型分析监管俘获，说明利益集团与监管机构的重复互动如何影响监管效果，并解释监管制度如何约束利益集团的影响力，为交易成本提供理论基础。
The dynamics of regulation is analysed in a model where regulatory capture comes from the repeated interaction between an interest group and a regulatory agency. Regulatory institutions offer a framework for this dynamic process. They put constraints on the interest group's influence. The dynamics of regulation and its long-run outcome depend on the political principal's, the regulator's and the regulated firm's time preferences and their information. Some foundations for the transaction costs of side-contracting used in the standard literature on collusion are provided. Those transaction costs are linked to the precise nature of regulatory institutions.