DATA AND ARTIFICIAL INTELLIGENCE FOR BETTER AND INTELLIGENT REGULATION
Abstract
In this article we bring forward a reflection on how data technology and artificial intelligence can improve the implementation of an evidence-based, data-driven, regulation.
We start by arguing in favor of an evidence-base approach to regulation, meaning that policy making should be supported by information on the expected and observed impacts. We reach this position by acknowledging that, on one side, markets fail and public intervention will promote social welfare and economic competitiveness but, on the other, regulation also fails creating implementation and compliance costs. It follows that public intervention has to be supported by a demonstration that benefits will outweigh the costs.
In this paper we discuss the challenges presented by this evidence-base regulation and how the new tools from data technologies and artificial intelligence may provide new resources to face those difficulties. We conclude that there is an obvious match between the solutions that these new technologies present and the requirements to “better regulate” and to “regulate better”. In the end, it seems only natural that evidence-base regulation should also be data-driven.
Keywords: Regulation; Artificial Intelligence; Better Regulation; evidence-based regulation, data-driven regulation
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