ABSTRACT
The policymaking process has been permanently changed by a major event over the last thirty years: the veritable explosion in the amount and complexity of information fed into the process. There seems to be a mismatch between the dynamics of the policymaking process and the promise of quantitative techniques, in terms of analytical capability versus real-world requirements. It is important to note that there is a distinction between the government's policymaking activities and its other activities. Market Regulation Framework is the framework of laissez-faire. Environmental and safety problems are resolved through the market. The market is therefore left to regulate the problem, albeit in an imperfect fashion. Regulatory budget framework is a variant of cost-effectiveness analysis, modified in an attempt to circumvent certain tendencies in bureaucratic regulatory conduct. In application of cost-effectiveness analysis, agencies sometimes ignore costs that the subject regulations impose on others.
