Under incomplete contract theory the rulemaking process is itself a learning process, and incomplete contracts are the instrument that carries that learning.
Source quote, verbatim
According to incomplete con- tract theory, the rulemaking process is a learning process facilitated by in- complete contracts17.
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Kaal, Dynamic Regulation via Governmental Contracts (2014), II.1 Learning Process to Improve Regulatory Information, p. 9 · source PDF
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Kaal, Dynamic Regulation via Governmental Contracts (2014)
generalizeskaal:claim:6269518-009 The citation matrix functions as an implicit contract specifying value distribution whose precise terms cannot...
extendskaal:claim:2267560-001 Dynamic regulation is an optimization process for the learning experience in the New Institutional Economics f...
extended_bykaal:claim:5886442-030 Dynamic regulation is defined as an optimization process for the learning experience in the New Institutional ...
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