{"title":"A model of competitive self-regulation","authors":"Krzysztof Szczygielski","doi":"10.1016/j.irle.2022.106045","DOIUrl":null,"url":null,"abstract":"<div><p>We model a market for professional services such as those offered by lawyers, auditors or conveyancers. Initially the market is served by a single profession with a self-regulatory organization that sets the quality standard for all the members of the profession. We then introduce a second competing profession (e.g. solicitors vs. licensed conveyancers in England) and compare the market outcomes. It is demonstrated that with two professions the prices of the services fall and so does the quality offered by an average supplier. On the other hand, the total supply of quality might actually rise. When the market is served by two professional groups, then the quality of services offered by the higher-tier profession and the total supply of quality are increasing in the size and in the quality of the lower-tier profession.</p></div>","PeriodicalId":47202,"journal":{"name":"International Review of Law and Economics","volume":null,"pages":null},"PeriodicalIF":0.9000,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Law and Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0144818822000011","RegionNum":3,"RegionCategory":"社会学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 1
Abstract
We model a market for professional services such as those offered by lawyers, auditors or conveyancers. Initially the market is served by a single profession with a self-regulatory organization that sets the quality standard for all the members of the profession. We then introduce a second competing profession (e.g. solicitors vs. licensed conveyancers in England) and compare the market outcomes. It is demonstrated that with two professions the prices of the services fall and so does the quality offered by an average supplier. On the other hand, the total supply of quality might actually rise. When the market is served by two professional groups, then the quality of services offered by the higher-tier profession and the total supply of quality are increasing in the size and in the quality of the lower-tier profession.
期刊介绍：
The International Review of Law and Economics provides a forum for interdisciplinary research at the interface of law and economics. IRLE is international in scope and audience and particularly welcomes both theoretical and empirical papers on comparative law and economics, globalization and legal harmonization, and the endogenous emergence of legal institutions, in addition to more traditional legal topics.
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