Benefit-Cost Analysis for Financial Regulation
针对金融监管规则制定中缺乏配置效率研究的问题，提出三个原则：量化危机统计成本以权衡风险与增长、量化价格发现的社会价值以判断套利的社会供需、区分市场完备化的保险收益与赌博促进危害。
Calls for benefit-cost analysis in rule-making, based on the Dodd-Frank Wall Street Reform Act, have revealed a paucity of work on allocative efficiency in financial markets. We propose three principles to help fill this gap. First, we highlight the need for quantifying the statistical cost of a crisis to trade off the risk of a crisis against loss of growth during good times. Second, we propose a framework quantifying the social value of price discovery, and highlighting which arbitrages are over- and under-supplied from a social perspective. Finally, we distinguish between insurance benefits and gambling-facilitation harms of market completion.