This chapter examines standardisation from a law and economics perspective. Taking efficiency as the main criterion, the advantages and disadvantages of private standardsetting will be discussed. We also discuss how legitimacy fits into this economic framework. We argue that potential problems of output legitimacy could be addressed by increasing countervailing power to strong industry lobbying groups, and we explain how increasing the legitmacy of private standardsetting may come at the expense of certain economic advantages of private standards in terms of higher flexibility and lower costs. Then the important question is addressed of whether harmonisation of standards is required from an economic perspective. Finally, we address the question of whether it is possible to enjoy the benefits of standardisation without its disadvantages, by considering hybrid forms of regulation and competition between standardsetting bodies, and by discussing the idea of applying the criteria of Article 101(3) TFEU to an analysis of standardisation.
|Title of host publication||The legitimacy of standardisation as a regulatory technique|
|Subtitle of host publication||A cross-disciplinary and multi-level analysis|
|Editors||Mariolina Eliantonio, Caroline Cauffman|
|Publisher||Edward Elgar Publishing|
|Publication status||Published - 2020|
Faure, M. G., & Philipsen, N. (2020). Standardisation from a law and economics perspective. In M. Eliantonio, & C. Cauffman (Eds.), The legitimacy of standardisation as a regulatory technique: A cross-disciplinary and multi-level analysis (pp. 156-178). Edward Elgar Publishing. https://doi.org/10.4337/9781789902952.00013, https://doi.org/10.4337/9781789902952