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In practice, a regulator might experiment with:  

In practice, a regulator might experiment with:  

* '''A regulated product or service.''' This includes new products, services and business models that create regulatory uncertainty. These may be unregulated or prohibited in some way by existing regulation. The experiment might be designed to understand the implications of those innovations if they were used in the real world or assess how easy they would be to regulate using existing mechanisms.  

*'''A regulated product or service.''' This includes new products, services and business models that create regulatory uncertainty. These may be unregulated or prohibited in some way by existing regulation. The experiment might be designed to understand the implications of those innovations if they were used in the real world or assess how easy they would be to regulate using existing mechanisms.

* '''A new approach to regulating.''' In some cases, regulators may want to trial a new version of a regulation under controlled conditions in order to monitor its effects. For example, regulators could test proposed regulations with a specific group of regulated entities to assess their effectiveness before being formally implemented.

* '''A new approach to regulating.''' In some cases, regulators may want to trial a new version of a regulation under controlled conditions in order to monitor its effects. For example, regulators could test proposed regulations with a specific group of regulated entities to assess their effectiveness before being formally implemented.

* '''A regulatory process.''' This covers a broad range of activities. For example, a regulator could test different ways of consulting stakeholders on the design of new regulations, such as co-development, or it could run an experiment to understand if a new process for compliance or enforcement is better than the current procedures in place.  

*'''A regulatory process.''' This covers a broad range of activities. For example, a regulator could test different ways of consulting stakeholders on the design of new regulations, such as co-development, or it could run an experiment to understand if a new process for compliance or enforcement is better than the current procedures in place.

The core reason to undertake regulatory experimentation is to provide evidence or information to inform regulatory decision making. Experimentation can complement other approaches such as post-implementation evaluation, or research and theory to make decisions. Experimentation and experiments can be useful to regulators for several reasons:  

The core reason to undertake regulatory experimentation is to provide evidence or information to inform regulatory decision making. Experimentation can complement other approaches such as post-implementation evaluation, or research and theory to make decisions. Experimentation and experiments can be useful to regulators for several reasons:  

# They provide a structured approach to systematically generate high quality evidence to inform regulators’ decisions. Experimentation provides a way in which valuable new information (e.g. how well a new regulatory approach works) can be generated through a structured process. Building a robust evidence base is an essential component of better regulation.  

#They provide a structured approach to systematically generate high quality evidence to inform regulators’ decisions. Experimentation provides a way in which valuable new information (e.g. how well a new regulatory approach works) can be generated through a structured process. Building a robust evidence base is an essential component of better regulation.

# They are a powerful way to test alternative approaches and to identify potentially better approaches to achieving regulatory objectives. This might include new regulatory approaches (e.g. for a new technology, product or service) or improvements to existing regulatory approaches (e.g. to reduce the compliance burden without increasing compliance risk).

#They are a powerful way to test alternative approaches and to identify potentially better approaches to achieving regulatory objectives. This might include new regulatory approaches (e.g. for a new technology, product or service) or improvements to existing regulatory approaches (e.g. to reduce the compliance burden without increasing compliance risk).

#Experiments help regulators to reduce the risk and uncertainty associated with a new regulatory approach prior to implementing it at scale. An experiment may be the only chance to observe, control and learn before a regulatory approach is fully implemented and may lead to irreversible consequences.

#Experiments help regulators to reduce the risk and uncertainty associated with a new regulatory approach prior to implementing it at scale. An experiment may be the only chance to observe, control and learn before a regulatory approach is fully implemented and may lead to irreversible consequences.

#Experiments allow policy makers and regulators to generate information in a controlled and purposeful way. Experiments allow for a much greater degree of control and more effective monitoring to isolate aspects of particular interest than is possible in a ‘real world’ setting (where there is greater complexity).

#Experiments allow policy makers and regulators to generate information in a controlled and purposeful way. Experiments allow for a much greater degree of control and more effective monitoring to isolate aspects of particular interest than is possible in a ‘real world’ setting (where there is greater complexity).

#Experiments can generate information in complex, changing systems. They can be particularly useful in rapidly changing circumstances where previous research and theory may become quickly outdated or offer little guidance.

#Experiments can generate information in complex, changing systems. They can be particularly useful in rapidly changing circumstances where previous research and theory may become quickly outdated or offer little guidance.

#By building a more robust evidence base they help to build consensus around a particular regulatory option or issue that may otherwise be contested.

# By building a more robust evidence base they help to build consensus around a particular regulatory option or issue that may otherwise be contested.

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