Smith, Rodney T.; Bradley, Michael; Jarrell, Greg - In: RAND Journal of Economics 17 (1986) 4, pp. 467-489
Regulations are often introduced and reformed in response to unanticipated changes in market forces. In late 1973, for example, OPEC quadrupled the world price of oil and U.S. policy makers responded by imposing oil price regulation. Such events pose a fundamental problem of interpretation for...