IDEAS home Printed from https://ideas.repec.org/a/sko/yrbook/v10y2012i1p153-175.html

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

Author

Listed:
  • 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

    Download full text from publisher

    File URL: http://www.feb.uni-sofia.bg/sko/yrbook/Yearbook10-09.pdf
    Download Restriction: no
    File URL:
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. World Bank, 2008. "Bulgaria - Investment Climate Assessment : Volume 2. Detailed Report," World Bank Publications - Reports 7868, The World Bank Group.
    2. Cento G. Veljanovski, 1982. "The Coase Theorems And The Economic Theory Of Markets And Law," Kyklos, Wiley Blackwell, vol. 35(1), pages 53-74, February.
    3. World Bank, 2008. "Bulgaria - Investment Climate Assessment : Volume 1. Overview," World Bank Publications - Reports 7869, The World Bank Group.
    4. World Bank, 2008. "Bulgaria - Investment Climate Assessment : Volume 3. Technical Appendices," World Bank Publications - Reports 7867, The World Bank Group.
    5. Kirstein, Roland, 1997. "Law And Economics In Germany," CSLE Discussion Paper Series 97-10, Saarland University, CSLE - Center for the Study of Law and Economics.
    6. Landes, William M & Posner, Richard A, 1993. "The Influence of Economics of Law: A Quantitative Study," Journal of Law and Economics, University of Chicago Press, vol. 36(1), pages 385-424, April.
    7. Roland Kirstein, "undated". "Ökonomische Analyse des Rechts," German Working Papers in Law and Economics 2004-1-1082, Berkeley Electronic Press.
    8. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    9. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    10. Tamara Todorova, 2007. "The Coase Theorem Revisited: Implications for Economic Transition," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 35(2), pages 189-201, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Élodie Bertrand, 2006. "La thèse d'efficience du « théorème de Coase ». Quelle critique de la microéconomie ?," Revue économique, Presses de Sciences-Po, vol. 57(5), pages 983-1007.
    2. Kirstein, Roland, 2006. "Markt und Marktwirtschaft," CSLE Discussion Paper Series 2006-11, Saarland University, CSLE - Center for the Study of Law and Economics.
    3. Kirstein, Roland, 2004. "Ökonomik der Kriminalität," CSLE Discussion Paper Series 2004-06, Saarland University, CSLE - Center for the Study of Law and Economics.
    4. Tamara Todorova, 2011. "Adverse Effects of Transaction Costs in East European Economies," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 2(1).
    5. Franziska Rischkowsky & Thomas Döring, 2008. "Consumer Policy in a Market Economy Considerations from the Perspective of the Economics of Information, the New Institutional Economics as well as Behavioural Economics," Journal of Consumer Policy, Springer, vol. 31(3), pages 285-313, September.
    6. World Bank, 2009. "Mapping Bulgaria's Future : Inclusive Growth and Productive Jobs," World Bank Publications - Reports 19475, The World Bank Group.
    7. Todorova, Tamara, 2022. "Оливър Уилямсън: Новатор На 20 Век И Основател На Новата Институционална Икономика [Oliver Williamson: an innovator of the 20th century and founder of the new institutional economics]," MPRA Paper 121077, University Library of Munich, Germany.
    8. J.A. den Hertog, 2010. "Review of economic theories of regulation," Working Papers 10-18, Utrecht School of Economics.
    9. Marco FRIGERIO & Daniela VANDONE, 2018. "Virtuous or Vicious? Development Banks in Europe," Departmental Working Papers 2018-07, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    10. Wiser, R. H., 2000. "The role of public policy in emerging green power markets: an analysis of marketer preferences," Renewable and Sustainable Energy Reviews, Elsevier, vol. 4(2), pages 177-212, June.
    11. Lars Hornuf & Matthias Schmitt & Eliza Stenzhorn, 2020. "Does a Local Bias Exist in Equity Crowdfunding?," CESifo Working Paper Series 8154, CESifo.
    12. Kherallah, Mylene & Kirsten, Johann F, 2002. "The New Institutional Economics: Applications For Agricultural Policy Research In Developing Countries," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 41(2).
    13. Sagebiel, Julian & Müller, Jakob R. & Rommel, Jens, 2013. "Are Consumers Willing to Pay More for Electricity from Cooperatives? Results from an Online Choice Experiment in Germany," MPRA Paper 52385, University Library of Munich, Germany.
    14. Stiglitz, Joseph E., . "Informacja i zmiana paradygmatu w ekonomii," Gospodarka Narodowa-The Polish Journal of Economics, Szkoła Główna Handlowa w Warszawie / SGH Warsaw School of Economics, vol. 2004(3).
    15. Olivier Meier & Aurélie Sannajust, 0. "The smart contract revolution: a solution for the holdup problem?," Small Business Economics, Springer, vol. 0, pages 1-16.
    16. Ajit Kambil & Eric van Heck, 1998. "Reengineering the Dutch Flower Auctions: A Framework for Analyzing Exchange Organizations," Information Systems Research, INFORMS, vol. 9(1), pages 1-19, March.
    17. Deepak Nayyar, 2006. "Development through Globalization?," WIDER Working Paper Series RP2006-29, World Institute for Development Economic Research (UNU-WIDER).
    18. Richard B. Howarth & Alan H. Sanstad, 1995. "Discount Rates And Energy Efficiency," Contemporary Economic Policy, Western Economic Association International, vol. 13(3), pages 101-109, July.
    19. Mr. Garry J. Schinasi, 2004. "Private Finance and Public Policy," IMF Working Papers 2004/120, International Monetary Fund.
    20. Jankovic Ivan & Block Walter, 2019. "Private Property Rights, Government Interventionism and Welfare Economics," Review of Economic Perspectives, Sciendo, vol. 19(4), pages 365-397, December.

    More about this item

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sko:yrbook:v:10:y:2012:i:1:p:153-175. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Prof. Teodor Sedlarski (email available below). General contact details of provider: https://edirc.repec.org/data/fesofbg.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.