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In some circumstances, the market may not provide the socially desired levels of continuity and Markets may be deficient not merely because competition is lacking: they may produce undesirable effects because firms behave in a manner no A temptation for some economists may be to assert that regulation is good if it is efficient in the This is because there is circularity in the assertion that one should distribute rights (e.g. to pollute or to be free from pollu More plausible than wealth maximization is an approach to regulatory evaluation that involves looking at those arguments that have general currency when regulatory arrangements an