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In this talk, John describes some of the differences between an economic approach to regulation - concerned with indentifying market failures - and how markets mechanisms can be best adapted to deal with them. He contrasts this with the legal style of regulation which has been the historic basis of monitoring financial services. The conclusion is that we might manage our financial services better if, in inventing the regulation, the role of economists were greater.
As John and Linda try to rendezvous at a convenient restaurant, a little game theory might suggest some strategies.
Being the fantastical story of the islands of Amer and Eur…