Comparative Regulation & Policy

The purpose of this course is to provide students with knowledge about the foundations of regulation and how they relate to public policies. Introductory classes focus on assessing the concepts of public policy and regulation, followed by remarks on market failures and social matters as reasons for regulating certain markets. The course discusses the theory of public choice and the risks of regulatory capture as alternative explanations for regulation. After assessing the pros and cons of regulation, we discuss the merits of privatization and the different reasons for countries deciding to delegate public services under concession agreements and public-private partnerships or having them delivered by public agencies or stated-owned enterprises. A second part of the course dives into the tools available to reduce the risks of regulatory failures, such as public consultation, regulatory impact assessments, and agencies’ governance. As per the tools available for regulators to reach the outcomes envisaged by regulatory policies, besides administrative penalties, the course addresses the roles of other instruments such as information disclosure and nudge, taking into consideration the contributions of behavioral law and economics. The last part of the course is dedicated to discussing how to evaluate the results of regulatory policies; regulatory policies’ oversight; and how alternative dispute resolution mechanisms may be useful to prevent and settle regulatory conflicts. The course adopts a comparative approach.