Abstract and Keywords
This article examines how regulatory governance is related to voluntary regulation. It discusses the classic collective action problems that plague governments and firms when faced with market failures, and describes how high transaction costs feed into these problems. The article examines the environmental regulatory governance in the 1970s and 1980s to illustrate the problem of transaction costs, explains the motivations for both governments and firms to adopt voluntary regulatory policies, and analyses the institutional design of modern voluntary governance.
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