The Functional and the Instrumental in Market Definition: a Laboratory for Natural Experiments in the Baltics
... in control (within a single economic entity). In order to compare the practical implementation of institutional alternatives, we examine the modes of governance in the gas supply industry. A major focus is the Baltic region where two interconnected pipelines — the Nord Stream and the OPAL — were constructed. Different ways to handle transactions relating to gas supply were employed at the time. We compare these ways and conclude that it is necessary to consider the determinants of a transaction ...
