Encyclopedia of Law and Economics

Living Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Regulatory Impact Analysis Meets Economic Analysis of Law: Differences and Commonalities

Living reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7883-6_750-1

Definition

Regulatory Impact Assessment is a tool for law-making, which makes use of economic criteria and techniques, such as Pareto-efficiency and cost-benefit analysis. It has been developed from the mid-seventies of the twentieth century and until now is in use worldwide, mainly pushed by OECD and the European Union. RIA reflects pragmatism.

The economic analysis of law, although having early roots in Europe at the age of enlightenment, has become a worldwide renown scientific approach and a vast field of interdisciplinary research at the intersection of economics and the law. It meets highest standards of sophisticated research and at the same time serves as methodology for policy recommendations.

For decades the two fields developed without explicit reference to each other. So the question emerges, what they have in common and what are the differences. This is shown and complementary use is advocated.

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Recommended Reading

  1. Kirkpatrick C, Parker D (eds) (2007), Regulatory impact assessment – towards better regulation? Edward Elgar, CheltenhamGoogle Scholar
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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2018

Authors and Affiliations

  1. 1.Faculty of Business, Economics and Statistics, Department of Economics and Joseph von SonnenfelsCenter for the Study of Public Law and Economics, University of ViennaViennaAustria