Jump to ContentJump to Main Navigation
The Government of RiskUnderstanding Risk Regulation Regimes$
Users without a subscription are not able to see the full content.

Christopher Hood, Henry Rothstein, and Robert Baldwin

Print publication date: 2001

Print ISBN-13: 9780199243631

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0199243638.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 October 2019

Exploring the ‘Market Failure’ Hypothesis

Exploring the ‘Market Failure’ Hypothesis

Chapter:
(p.70) 5 Exploring the ‘Market Failure’ Hypothesis
Source:
The Government of Risk
Author(s):

Christopher Hood (Contributor Webpage)

Henry Rothstein (Contributor Webpage)

Robert Baldwin (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199243638.003.0005

Explores how far variety amongst risk regulation regimes can be explained by ‘market failure’ explanations of risk regulation. A ‘market failure’ approach assumes that state activity will consist of the minimal level of intervention needed to correct for specific failures in market or tort‐law processes created by risks—i.e. where the costs of individuals informing themselves about risks or opting out of risks through market or civil law methods are very high. This chapter analyses the market failure characteristics of the nine case‐study risks and then compares theoretical expectations with what is observed in practice. Analysis suggests that ‘market failure’ explanations can go some way in explaining observed regime variety, and certainly take us beyond superficial ideas of the ‘nanny state’ or its converse, but cannot predict a substantial proportion of observed features and paradoxes.

Keywords:   civil law, costs, information, intervention, market failure, nanny state, regulation, risk, tort law

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .