Definition
Regulatory Impact Assessment is a tool for law-making, which makes use of economic criteria and techniques, such as Pareto-efficiency and cost-benefit analysis. It has been developed from the mid-seventies of the twentieth century and until now is in use worldwide, mainly pushed by OECD and the European Union. RIA reflects pragmatism.
The economic analysis of law, although having early roots in Europe at the age of enlightenment, has become a worldwide renown scientific approach and a vast field of interdisciplinary research at the intersection of economics and the law. It meets highest standards of sophisticated research and at the same time serves as methodology for policy recommendations.
For decades the two fields developed without explicit reference to each other. So the question emerges, what they have in common and what are the differences. This is shown and complementary use is advocated.
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Websites
http://ec.europa.eu/smart-regulation/impact/key_docs/key_docs_en.htm. 17 Aug 2017
http://ria-studies.net/en. 17 Aug 2017
http://www.oecd.org/regreform/. 17 Aug 2017
https://ec.europa.eu/info/law/law-making-process/better-regulation-why-and-how_en. 17 Aug 2017
Recommended Reading
Kirkpatrick C, Parker D (eds) (2007), Regulatory impact assessment – towards better regulation? Edward Elgar, Cheltenham
Morgenstern RD (ed) (1997) Economic analyses at EPA. Ressources for the Future Inc, Washington, DC
Nijsen A et al (2009) Business regulation and public policy. Springer, New York
Weigel W (2008) Economics of the law. Routhledge, London/New York
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Weigel, W. (2019). Regulatory Impact Analysis Meets Economic Analysis of Law: Differences and Commonalities. In: Marciano, A., Ramello, G.B. (eds) Encyclopedia of Law and Economics. Springer, New York, NY. https://doi.org/10.1007/978-1-4614-7753-2_750
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DOI: https://doi.org/10.1007/978-1-4614-7753-2_750
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