Changes

*'''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.

== <span style="color: #1F402B"><big>'''What are the benefits of regulatory experimentation?'''</big></span> ==

==='''What are the benefits of regulatory experimentation?'''===

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.