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Regulatory intervention on the dynamic European gas market--neoclassical economics or transaction cost economics?

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  • Spanjer, Aldo R.

Abstract

Shifts at the international gas market indicate that the transaction cost perspective provides better underpinnings for European gas regulation than the current neoclassical perspective. Three implications are that policymakers should: (1) allow alternative coordination measures to complement market exchange; (2) recognize that less than perfect competition outcomes may be optimal and (3) be more reticent in prescribing interventionist measures. Finally, the analysis provides the foundations for the empirical research required to complement this paper's theoretical approach.

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  • Spanjer, Aldo R., 2009. "Regulatory intervention on the dynamic European gas market--neoclassical economics or transaction cost economics?," Energy Policy, Elsevier, vol. 37(8), pages 3250-3258, August.
    • Handle: RePEc:eee:enepol:v:37:y:2009:i:8:p:3250-3258
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    References listed on IDEAS

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    2. Keyaerts, Nico & Hallack, Michelle & Glachant, Jean-Michel & D'haeseleer, William, 2011. "Gas market distorting effects of imbalanced gas balancing rules: Inefficient regulation of pipeline flexibility," Energy Policy, Elsevier, vol. 39(2), pages 865-876, February.
    3. Slabá, Monika & Gapko, Petr & Klimešová, Andrea, 2013. "Main drivers of natural gas prices in the Czech Republic after the market liberalisation," Energy Policy, Elsevier, vol. 52(C), pages 199-212.
    4. Bohne, Eberhard, 2011. "Conflicts between national regulatory cultures and EU energy regulations," Utilities Policy, Elsevier, vol. 19(4), pages 255-269.

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