Abstract

http://ssrn.com/abstract=1533446
 
 

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Optimization and its Discontents in Regulatory Design: Bank Regulation as an Example


William H. Simon


Columbia University - Law School; Stanford University - Stanford Law School

January 8, 2010

Columbia Public Law Research Paper No. 10-224

Abstract:     
Economists and economically-trained lawyers tend to speak about regulation from a perspective organized around the basic norm of optimization. By contrast, an important managerial literature espouses a perspective organized around the basic norm of reliability. The perspectives are not logically inconsistent, but the economist’s view sometimes leads in practice to a preoccupation with decisional simplicity and cost minimization at the expense of complex judgment and learning. Drawing on a literature often ignored by economists and lawyers, I elaborate the contrast between the optimization and reliability perspectives. I then show how it illuminates current discussions of the reform of bank regulation.

Number of Pages in PDF File: 33

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Date posted: January 8, 2010  

Suggested Citation

Simon, William H., Optimization and its Discontents in Regulatory Design: Bank Regulation as an Example (January 8, 2010). Columbia Public Law Research Paper No. 10-224. Available at SSRN: http://ssrn.com/abstract=1533446 or http://dx.doi.org/10.2139/ssrn.1533446

Contact Information

William H. Simon (Contact Author)
Columbia University - Law School ( email )
435 West 116th Street
Jerome Greene Hall, Mailbox A-18
New York, NY 10027
United States
212-854-9215 (Phone)
212-854-7946 (Fax)
Stanford University - Stanford Law School ( email )
559 Nathan Abbott Way
Stanford, CA 94305-8610
United States
(650) 723-4605 (Phone)
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