Elected versus Appointed Regulators: Theory and Evidence
对比了监管者的直接选举与政治任命两种方式，发现选举产生的监管者更倾向于亲消费者政策，并用美国各州面板数据提供了新证据。
This paper contrasts direct election with political appointment of regulators. When regulators are appointed, regulatory policy becomes bundled with other policy issues the appointing politicians are responsible for. Because voters have only one vote to cast and regulatory issues are not salient for most voters, there are electoral incentives to respond to stakeholder interests. If regulators are elected, their stance on regulation is the only salient issue so that the electoral incentive is to run a pro-consumer candidate. Using panel data on regulatory outcomes from U.S. states, we find new evidence in favor of the idea that elected states are more pro-consumer in their regulatory policies. The authors are grateful to Yun Ho Chung, Tarcisio DaGraca, Heather Tookes, Silvia Pezzini and Imran Rasul for valuable research assistance, to Doug Jones and Dick