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anti-herding regulation - yale university
Anti-Herding Regulation
Ian Ayres*
and
Joshua Mitts**
Abstract: In some contexts, an individual’s choice to mimic the behavior of
others, to join the herd, can increase systemic risk and retard the production of
information. Herding can thus produce negative externalities. And in such
situations, individuals by definition have insufficient incentives to separate
from the herd. But the traditional regulatory response to externality problems
is to impose across-the-board mandates. Command-and-control regulation
tends to displace one pooling equilibrium by moving behavior to a new,
mandated pool. Mortgage regulators, for example, might respond to an
unregulated equilibrium where most homeowners start with 2% down by
imposing a requirement that causes most homeowners instead to place 10%
down. But this Article shows that society can at times be better off if
regulation induced separating behaviors by regulated entities. We evaluate a
variety of mechanisms including licenses, subsidies and regulatory variances as
well as regulatory menus and heterogeneous altering rules that can incentivize a
limited number of regulated entities to take the path less chosen. Anti-herding
regulation provides a new means to attend to ways that mimicry can both
suppress the production of information and exacerbate systemic risk.
*ian.ayres@ William K. Townsend Professor Anne Urowsky Professorial
Fellow in Law, Yale Law School.
**jo
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