Are market and voting institutions capable of producing optimal intergenerational risk-sharing? To study this question we consider a simple endowment economy with uncertainty and overlapping generations. Endowments are stochastic; thus it is possible to increase the welfare of every generation...

The recent ECJ Judgment in case C-124/10 P Commission v Électricité de France (EDF) has clarified an important point in EU State aid law that bears attention: the ‘private investor' test is not an exception, but the general test that the Commission must apply. This paper critically appraises...

Der Beitrag bietet einen Überblick über die deutsche Wettbewerbsordnung vor dem Hintergrund der ökonomischen Wettbewerbstheorie. Ausgehend von den Aufgaben eines Wirtschaftssystems werden zunächst die Grundtypen von Wirtschaftssystemen gekennzeichnet. Danach werden die Grundprinzipien und...

Much of the political economy analysis of reform focuses on the conflict of interest between groups that stand to gain or lose from the competing policy proposals. In reality, there is also a lot of disagreement about the working of the policy: in addition to conflicting interests, conflicting...