The creation by government regulation of entitlements akin to property rights is a widespread phenomenon imposing a reconsideration of the traditional categories of public and private property. The allocation of such rights that lack an explicit legislative definition but are object of relevant social and legal interests is a very complex topic, which has become very acute in cases where markets have been established for them. The analysis of the systems created for the allocation and management of these rights is the core of this book, which examines four emblematic examples: airport slots, spectrum rights, milk quotas and emission allowances. The book focuses on the European level, including legislation and the most relevant policy issues, by means of a comparative method involving private law, public law and law and economics approaches.
Margherita Colangelo; Ph.D. (2007), University of Macerata; LL.M. (2006), European University Institute (EUI), Florence; is Assistant Professor of Comparative Law at the University of Roma Tre, Faculty of Law. Her main fields of research and topics of publications are in Comparative Law, European Union Law, European Company Law, Competition Law and Regulation.
Table of contents
I. THE REGULATORY CREATION OF RIGHTS
1. The evolution of the regulatory state: an overview
2. Government largess and the new property theory
3. The tragedies of property governance: commons, anticommons, semicommons
5. The allocation of scarce resources: proposal for the introduction of secondary trading in the EU
II. AIRPORT SLOTS
1. Airport slots in the aviation market
2. Slot allocation in the U.S.
3. A market approach in the EU?
4. Airport slots and secondary trading
5. Forecasting: a first assessment on secondary trading
6. Airport slots: property rights or entitlements?
III. SPECTRUM RIGHTS
1. Radio spectrum
2. EU regulatory framework
3. Spectrum management models
4. Spectrum trading
5. Competition issues
6. Trading experiences
7. Some conclusive reflections on spectrum governance in the EU
IV. MILK QUOTAS
1. Quotas in EU Agricultural Policy
2. The EU milk quotas system
3. Milk quotas management
4. The nature of milk quotas
5. Quotas trading
V. EMISSION ALLOWANCES
1. The Kyoto Protocol
2. The allocation of allowances: general allocation methods
3. The European Union Emissions Trading Scheme: first and second round experiences
4. Potential anticompetitive distortions in the EU ETS experience
5. The EU ETS post 2012: the Third Phase and the new allocation scheme
6. Emissions trading in the U.S.: an overview
7. Nature of allowances
8. Forms of trading
VI. CONCLUSIVE REMARKS: THE EVOLUTION OF DE FACTO PROPERTY RIGHTS AND THE SECONDARY TRADING ISSUE
1. Government regulation and the evolution of property rights
2. Implications of allocation processes: a comparative summary of the sectors selected
3. The secondary trading issue in the European regulatory networks
Academics, lawyers, economists, policymakers and anyone else who seeks an innovative and comprehensive analysis of allocation processes and regulation of the sectors selected with a special focus on the developing law.