Unlocking the Power of Administrative Agencies: Game Theory Reveals Untapped Policy Instruments
Administrative agencies have different tools to make policies, like rules and rulings. This article suggests a new theory to help agencies pick the best tool for each situation. By using a game theory framework, the article focuses on when and how broad the tools are. It shows that agencies face challenges like hold-up and leniency, and that they don't use tools like licensing and advanced rulings enough. These tools can be helpful in many areas of law.