Toward an Even More General Theory of Regulation

William Brennan

Enterprise Hall, 318
October 26, 2005, 08:00 PM to 07:00 PM


"This dissertation offers new insights into the creation and behavior of regulatory agencies. Congress can and does choose among a variety of policy options and creates independent regulatory commissions to enhance the durability of legislative bargains. The Economic Theory of Regulation associated with Peltzman (1976) is shown to be a special case of the Even More General Theory advanced here. Finally, the history of the Interstate Commerce Commission and the behavior of the U.S. freight railroad industry are examined and provide additional support for my hypothesis."