Table of Contents

Comparative Law and Economics

Comparative Law and Economics

Research Handbooks in Comparative Law series

Edited by Theodore Eisenberg and Giovanni B. Ramello

Contemporary law and economics has greatly expanded its scope of inquiry as well as its sphere of influence. The extension to many idiosyncratic topics and issues that sometime lie outside the traditional domain of the discipline have fostered the emergence of a new consciousness better grasped by a comparative approach. The original contributions to this Research Handbook provide a glimpse of the new perspectives that enrich the law and economics methodology.

Chapter 10: The comparative law and economics of energy markets

Giuseppe Bellantuono

Subjects: economics and finance, law and economics, law - academic, comparative law, law and economics

Extract

Energy markets are a perfect topic for a comparative law and economics (CLE) approach. On the comparative law side, in the last decades the energy sector has been deeply transformed by two waves of reforms. The first one aimed at opening up the energy chains to competition. This liberalization (in the US aka restructuring) process was followed by a second wave of reforms, this time aimed at increasing the environmental sustainability of the energy sector. Both transformations took place in different ways and at different paces across the world. However, most developed and a large number of developing countries were affected by them. Hence, comparing policy choices and assessing their impact has been a widely practiced exercise, both in the theoretical and in the more applied literature. On the economics side, there is a long-standing tradition of regulation studies. Much like the field of competition law, in the energy sector it would be inconceivable today to ignore the scientific contributions from regulatory economics. Thus, scholars, policymakers and market players can draw on a huge amount of information on every significant issue in energy markets.

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