On the Design of a Regulatory System

Patrick A. McLaughlin and Tyler Richards

Journal of Benefit-Cost Analysis, 2025, vol. 16, issue S1, 139-143

Abstract: We briefly describe the structure of a regulatory system that alleviates many of the problems that arise when elected officials delegate rulemaking authority to government agencies. These problems include principal-agent issues, monopoly provision, information asymmetry, and tragedy of the commons. This structure better aligns the incentives of regulators with those of legislators and with the well-being of the public. We intend the solutions and process structure presented here not to serve as a collection of proposed changes but as guideposts for those hoping to make any part of the regulatory system better attuned to the needs of the populace.

Date: 2025
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