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A Theory of Soft Capture
Per J. Agrell
Axel Gautier
出版
SSRN
, 2017
URL
http://books.google.com.hk/books?id=4CTgzwEACAAJ&hl=&source=gbs_api
註釋
In this paper, we propose an alternative model for capture that is based not on reciprocity but on congruence of interests between the firm and the regulator. A regulator is charged by a political principal to provide an imperfect signal for the type of a regulated firm. Only the firm can observe its type, and the production of a signal is costly. The firm can provide a costless alternative signal of lower accuracy to the regulator. In a self-enforcing equilibrium, the regulator transmits the firm-produced signal and saves information-gathering costs, and the firm enjoys higher information rents.
