II. Recurring Issues in the Practice of Cost-Benefit Analysis and an Overview of the Ongoing Debates over the Application of Cost-Benefit Analysis to Financial Regulation | Howell E. Jackson | August 28, 2017


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II. Recurring Issues in the Practice of Cost-Benefit Analysis and an Overview of the Ongoing Debates over the Application of Cost-Benefit Analysis to Financial Regulation

by Howell E. Jackson Show/Hide
Note to Assignments in Part II of the Seminar: To begin with, please note that these assignments and reading are provisional, subject to amendment, expansion, and adjustment after the first three classes when we’ll have a better sense of the interests of seminar participants. Conceptually, we hope to accomplish two things in these six classes. First, we want to take a deeper dive into a number of recurring and important topics in cost-benefit analysis, drawing on both technical coverage of these issues from the Boardman et al. text as well as selected readings from a range of scholars in law and other disciplines. Second, we want to introduce students to the growing body of scholarship debating the efficacy and desirability of cost-benefit analysis in the field of financial regulation. Set forth below is a brief bibliography of recent scholarship on financial cost benefit analysis as well as provisional set of substantive topics to be addressed in this part of the course. As currently envisioned, each class of these classes will explore one recurring issue relevant to cost benefit analysis in a wide range of contexts plus one topic focused on financial cost benefit analysis. EDIT PLAYLIST INFORMATION DELETE PLAYLIST

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  1. 1 Show/Hide More Week 4 — October 5th: Valuation in Primary and Secondary Markets
    Original Creator: Howell E. Jackson
    Assignment: F-CBA:  Prehistory and Emergence of the Academic Debate over F-CBA
  2. 2 Show/Hide More Week 5 — October 12th: Discounting
    Original Creator: Howell E. Jackson
    Assignment: F-CBA:  Professor Coates & Principal Rejoiners:
  3. 3 Show/Hide More Week 6 — October 19th: Uncertainty
    Original Creator: Howell E. Jackson
    Assignment: F-CBA:  Institutional Responses & Independent Agencies
  4. 4 Show/Hide More Week 7 — October 26th: Willingness to Pay and Contingent Valuation
    Original Creator: Howell E. Jackson
    Assignment: F-CBA:  Reactions/Reforms Under Trump Administration & Comparative CBA
    1. 4.1 Show/Hide More Class Nine -- January 16th, 2018: Materials on Regulatory Budgeting Under the Trump Administration (And Team Assignment II)
      Original Creator: Howell E. Jackson

      The readings for Class Nine will focus on regulatory budgeting, a new concept (at least in the United States) that seeks to import budgeting principles into the area of government regulation.  To introduce the subject, the readings begin with a 2014 article from Rosen and Callanan making the basic case for regulatory budgets, as well as an overview of the subject put together by Hill staffers in the summer of 2016.  The Trump Administration's approach to the subject is presented in a series of official OMB documents, and summarized in a 2017 article by Andrea Renda (an EU expert) reporting on the Trump Administration's approach and offering some comparative perspectives.

      The second team assignment, due by 8:00 pm on Monday, January 15th, is to write a 4-5 page memorandum, addressing the strengths and weaknesses of regulatory budgeting in general and then offering, as best you can, any suggestions as to how the Trump Administration's implementation of the approach might be improved upon.

      Good luck.

  5. 5 Show/Hide More Week 8 — November 9th: Statistical Lives
    Original Creator: Howell E. Jackson
    Assignment: F-CBA:  Adapting CBA to Deal with Behavioral Economics
    1. 5.4 Show/Hide More Selected Readings on Behavior Economics in Cost Benefit Analysis
      Original Creator: Howell E. Jackson
      This playlist includes several readings discussing the use of behavioral economics in cost benefit analsyis.
      1. 5.4.3 Show/Hide More John Y. Campbell, Restoring Rational Choice: The Challenge of Consumer Financial Regulation, 106 AER Papers & Proceedings 1 (2016)
        Note: While the front end of this paper is relatively accessible, it becomes more technical later on.  Read only as far as you feel comfortable.
  6. 6 Show/Hide More Week 9 — November 16th: Case Study on Financial Regulation
    Original Creator: Howell E. Jackson
    Assignment  F-CBA and the Path Forward

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August 28, 2017

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Howell E. Jackson

James S. Reid, Jr. Professor of Law

Harvard University

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