Public choice

Public choice's application to government regulation was developed by George Stigler (1971) and Sam Peltzman (1976).

[E]ven if the model [with its rational self-interest assumptions] proves to be useful in explaining an important element of politics, it does not imply that all individuals act in accordance with the behavioral assumption made or that any one individual acts in this way at all timesĀ ... the theory of collective choice can explain only some undetermined fraction of collective action. However, so long as some part of all individual behaviorĀ ... is, in fact, motivated by utility maximization, and so long as the identification of the individual with the group does not extend to the point of making all individual utility functions identical, an economic-individualist model of political activity should be of some positive worth.