Direction of the Direction "Droit et Economie de la Régulation" " [Edition of Law and Economics of Regulation" serie]
This collective publication is written in French
It is common to think, according to the image of the communicating vessels that regulated systems compensate for their weak legitimacy, especially democratic, for their high efficiency, including technical and expertal efficiency. Regardless of the fact that there is no certainty that regulatory mechanims are more effective than other forms of government, they rather have a legitimacy that is intrinsic. It is related to the information which the regulator controls and diffuses. The whole regulatory system fights against asymmetric information and information distortion, the capture of the regulator being a variant. This intrinsic legitimacy requires the evaluation of the effectiveness of the system to meet the purposes for which the realization of the powers and resources were given to regulators.
Complete reference : FRISON-ROCHE, Marie-Anne (ed.), Les régulations économiques : efficacité et légitimité, Série Droit et Economie de la Régulation, Presses de Sciences Po / Dalloz, 2004
To read the Marie-Anne Frison-Roche article [in French] : Réversibilité entre légitimité et efficacité dans les systèmes de régulation