The Functional and the Instrumental in Market Definition: a Laboratory for Natural Experiments in the Baltics
... need clear delineations between the industries where market mechanisms contribute to social welfare and those where the costs of a transition to a market economy outweigh the benefits. In this article, we emphasise the difficulty of finding the optimum modes of governance within industries as a whole. Using the tools of the transaction cost economics, we show that, alongside the problem of market boundaries and the resultant position and behaviour of a company — an object of antimonopoly regulation — it ...
