A property rights approach to legislative delegation |
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Authors: | Peter Grajzl |
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Institution: | 1.Washington and Lee University,Lexington,USA |
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Abstract: | This paper applies the property rights theory to study both positive and normative aspects of legislative delegation in a
setup where interest groups directly influence lawmaking by initiating regulatory bargaining. A self-interested legislature
choosing between the direct exercise of its legislative authority and delegation to an administrative agency must therefore
trade off the value of bureaucratic competence against bureaucratic drift and, importantly, loss of control over bargaining.
Our analysis, first, clarifies when the legislature’s choice between delegation and no delegation is socially efficient or
socially inefficient; second, highlights the role of political bargaining and shows that precluding interest group influence
through bargaining may actually increase the scope for socially inefficient outcomes; and, third, illustrates the model’s
predictions in light of selected stylized facts and the practice of scant empirical work on legislative delegation. |
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Keywords: | |
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