Regulatory Markets: The Future of AI Governance

Gillian K. Hadfield and Jack Clark

Papers from arXiv.org

Abstract: Appropriately regulating artificial intelligence is an increasingly urgent policy challenge. Legislatures and regulators lack the specialized knowledge required to best translate public demands into legal requirements. Overreliance on industry self-regulation fails to hold producers and users of AI systems accountable to democratic demands. Regulatory markets, in which governments require the targets of regulation to purchase regulatory services from a private regulator, are proposed. This approach to AI regulation could overcome the limitations of both command-and-control regulation and self-regulation. Regulatory market could enable governments to establish policy priorities for the regulation of AI, whilst relying on market forces and industry R&D efforts to pioneer the methods of regulation that best achieve policymakers' stated objectives.

Date: 2023-04, Revised 2023-04
New Economics Papers: this item is included in nep-big, nep-law, nep-mac and nep-reg
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