Round 1: Tossup 7

It’s not a market structure, but these things cause overinvestment in capital in the Averch-Johnson Effect. These things contrast with “procurement” in Laffont and Tirole’s three-tiered 1993 model, which argues that they should be “a menu of incentive contracts.” These things are the original subject of Bruce Yandle’s theory of “Bootleggers and Baptists.” The “public interest” theory of these things is opposed by a seminal paper on “The Theory of” their “Economic” form by George (*) Stigler. These things undergo the “notice and comment” process. As an adjective, these things name a scenario in which people making them are unduly swayed by interest groups; rent-seeking ensues from that namesake type of “capture.” For 10 points, (10[1])name these administrative rules (-5[1])set by governments that limit the actions of firms. (10[1])■END■

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