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We model consumer choices for cannabis in a risky environment and determine the supply of cannabis under prohibition and legalization. While introducing a legal market reduces the profits of illegal providers, it increases cannabis consumption. We show that this trade-off can be overcome by...
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Power market integration is analyzed in a two countries model with nationally regulated firms and costly public funds. If generation costs between the two countries are too similar negative business-stealing outweighs efficiency gains so that following integration welfare decreases in both...
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Why regulate -- Explaining regulation -- Regulatory strategies -- Who regulates? Institutions and structures -- What is … 'good' regulation? -- The cost-benefit testing of regulation -- Enforcing regulation -- Setting standards -- Self-regulation … -- Regulating risks -- Regulation in the European context -- Regulatory competition and coordination -- British utilities regulation …
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