Law and Economics in Retrospect

Gazprom and the complexity of the EU gas market: a strategy to define

“…Up till now it has hinged on long-term TOP contracts, an approach which shared volume and price risks between exporter and buyer (Boussena, 1999). In particular it served as an incentive for investment in specific assets (Nicita and Pagano, 2004). The key purpose was to provide the producer-seller with an ex ante guarantee, enabling it to anticipate a minimum sales price before launching a project.…”

Les enjeux de sécurité dans la relation gazière UE-Russie

“…À ce titre il produit de la sécurité du côté de l'importateur et de l'exportateur. De manière générale, les contrats de long terme fournissent les incitations appropriées aux investissements dans des actifs spécifiques (Nicita & Pagano, 2004). En matière gazière, ils assurent que des investissements substantiels soient effectués dans la production et le transport, notamment pour l'exportation.…”

Global Resources

“…But its weaknesses have not gone unnoticed and have led to several strands of research. The critics of the liberal school include a mix of economic historians, institutional economists and lawyers who have investigated how non-market institutions have supported economic development through encouraging local, national and international trade and finance (North 1990;Olson 2000;Williamson 2000;Acemoglu 2003;Acemoglu and Johnson 2005;Eggertsson 2005;Evans 2007;Nicita and Pagano 2008;Acemoglu and Robinson 2012).…”

“…But they stress that reforming a country's sector legal framework to pursue the narrow objective of attracting foreign investment is not enough to ward off and discredit potential domestic resentment against such reforms, nor is it enough to bring about economic development. Ultimately, by focusing only on a narrow set of benefits associated with granting exclusive property rights, the real costs associated with the provision of such rights have been ignored (Pistor 2002;Nicita and Pagano 2008;Katz and Owen 2009). Important political and social implications inevitably arise from how these costs are distributed and this can affect the relationship between governments and resource developers.…”

“…The Coase theorem has served different strands of economic and legal thinking, including conflicting interpretations of its meaning. See Nicita and Pagano (2008) for a more detailed debate.…”