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1、ATheoryofJustRegulationLiWayLeeTheAmericanEconomicReview,Vol.70,No.5.(Dec.,1980),pp.848-862.StableURL:http://links.jstor.org/sici?sici=0002-8282%28198012%2970%3A5%3C848%3AATOJR%3E2.0.CO%3B2-JTheAmericanEconomicReviewiscurrentlypublishedbyAmericanEconomicAssociation.YouruseoftheJSTORarchi
2、veindicatesyouracceptanceofJSTOR'sTermsandConditionsofUse,availableathttp://www.jstor.org/about/terms.html.JSTOR'sTermsandConditionsofUseprovides,inpart,thatunlessyouhaveobtainedpriorpermission,youmaynotdownloadanentireissueofajournalormultiplecopiesofarticles,andyoumayusecontentintheJST
3、ORarchiveonlyforyourpersonal,non-commercialuse.Pleasecontactthepublisherregardinganyfurtheruseofthiswork.Publishercontactinformationmaybeobtainedathttp://www.jstor.org/journals/aea.html.EachcopyofanypartofaJSTORtransmissionmustcontainthesamecopyrightnoticethatappearsonthescreenorprintedp
4、ageofsuchtransmission.TheJSTORArchiveisatrusteddigitalrepositoryprovidingforlong-termpreservationandaccesstoleadingacademicjournalsandscholarlyliteraturefromaroundtheworld.TheArchiveissupportedbylibraries,scholarlysocieties,publishers,andfoundations.ItisaninitiativeofJSTOR,anot-for-profi
5、torganizationwithamissiontohelpthescholarlycommunitytakeadvantageofadvancesintechnology.FormoreinformationregardingJSTOR,pleasecontactsupport@jstor.org.http://www.jstor.orgWedMar2605:16:532008ATheoryofJustRegulationTheregulationofprices,asmosttheoriesandacash-equivalentsurrender(pricingd
6、escribeit,resultsinwinnersandlosers.'power)bytheindu~try.~ThisexchangeisBecausesomeoneisworseoffasaresultofopposedtotheoneinvolvingcashtransferregulation,theusualtheoriesofregulationtotheindustryforanin-kindpayment(in-admitanarbitraryformoftransitionalin-creasedoutput)tothepublic.Theseco
7、ndequity.Ineffect,theydenygroupsofindi-stepinvolvesthearbitrationofprice.svidualsorfirmstheabilitytoorganizeortoInthisconceptualframework,then,afindrepresentationintheregulatoryprocesstypicalregulatoractsasasocialagentper-toprotecttheirinterests.Itisimplausibletoformingtw
