Answer:
Public choice
Explanation:
The public choice theory of regulation recognizes the fact that individuals are driven by self interests so even in the case of regulators, self interests preside over public interests while framing decisions and policies.
The theory states that since the regulators themselves would be affected by the policies they frame, they will not come up with such policies and decisions which adversely affect them.
It disregards economic efficiency as the prime goal of regulatory bodies and lays emphasis on the fact that every individual first serves his own self interests and public interests take a backseat or are always secondary, while arriving at decisions or drafting policies.
