Regulatory Ambiguity and Corruption

Leonard F. Herk
Corruption "in the fabric" of a regulatory system refers to a situation in which a regulatory agency seeks to extract rents for itself by interpreting and enforcing its statutory authority in an ambiguous manner. Regulatory ambiguity is associated with the creation of superfluous and apparently random loopholes which affect private agents under circumstances which are difficult to predict, and hence hard to avoid. This paper examines the role of regulatory authority by means of a...
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