Rules with suboptimal characteristics are themselves the product of institutional arrangements and reinforce those suboptimal institutional arrangements and rulemaking processes, creating a self-perpetuating feedback loop.
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Rules with suboptimal characteristics are the results of institutional arrangements and reinforce suboptimal institutional arrangements and rulemaking processes.
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Wulf A. Kaal, Evolution of Law Dynamic Regulation in a New Institutional Economics Framework (2013), II.2 Feedback Effects, p. 5 https://ssrn.com/abstract=2267560 · source PDF
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Wulf A. Kaal, Evolution of Law Dynamic Regulation in a New Institutional Economics Framework (2013). SSRN: https://ssrn.com/abstract=2267560
extended_bykaal:claim:2831040-036 Rules operate as a feedback effect on the rulemaking process itself: rules with suboptimal characteristics res...
restated_bykaal:claim:2740477-032 The existing framework for optimal rules is self reinforcing: it perpetuates rulemaking processes that produce...
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