What determines how trade in a commodity is divided between privately negotiated transactions via "middle men" (dealer/brokers) in a telephone or "dealer market" versus transactions via "market makers" (specialists) at publicly observable bid/ask prices? To address this question, we extend...

English Abstract: This working paper includes a brief theoretical legal study on market regulation. It translates economic theories of sectoral market regulation into established concepts of administrative law. The legal methods employed for sectoral regulation and the corresponding types of...

English Abstract:The paper is a theoretical study on relations between economic regulation and competition law. Based on the classical welfare economics doctrine, it starts with a presentation of premises and aims of the discussed parts of legislation, such as market failures and market...