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Application of the Economic Analysis of Law to the Regulation of the Drug Retail Market in Bulgaria

Author

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  • Teodor Sedlarski

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

  • Mina Bazoteva

Abstract

This article is an early attempt to apply the theoretical framework of the economic analysis of law to the regulation of the Bulgarian drug retail market. Briefly sketched are the basic principles of the law and economics paradigm as well as the historical development of the drug retail regulation in Bulgaria. Economic benefits and shortcomings of the liberalization in the drug retail sector are discussed from a neoclassical and public choice perspective. The theoretical inference is checked against observed developments in the sector (EU and Bulgaria). In conclusion alternatives to the plain deregulation approach are suggested that are better suited to protect both the consumers` and small retailers` interest.

Suggested Citation

  • Teodor Sedlarski & Mina Bazoteva, 2012. "Application of the Economic Analysis of Law to the Regulation of the Drug Retail Market in Bulgaria," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 10(1), pages 153-175, March.
    • Handle: RePEc:sko:yrbook:v:10:y:2012:i:1:p:153-175
    as

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    File URL: http://www.feb.uni-sofia.bg/sko/yrbook/Yearbook10-09.pdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    economic analysis of law; regulation; competition; drugs; pharmacy.;
    All these keywords.

    JEL classification:

    • K32 - Law and Economics - - Other Substantive Areas of Law - - - Energy, Environmental, Health, and Safety Law
    • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
    • L42 - Industrial Organization - - Antitrust Issues and Policies - - - Vertical Restraints; Resale Price Maintenance; Quantity Discounts

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