AcknowledgementsI. THE REGULATORY CREATION OF RIGHTS1. The evolution of the regulatory state: an overview2. Government largess and the new property theory3. The tragedies of property governance: commons, anticommons, semicommons4. Givings5. The allocation of scarce resources: proposal for the introduction of secondary trading in the EUII. AIRPORT SLOTS1.

Airport slots in the aviation market2. Slot allocation in the U.S.3. A market approach in the EU?4. Airport slots and secondary trading5. Forecasting: a first assessment on secondary trading 6. Airport slots: property rights or entitlements?III.

SPECTRUM RIGHTS1. Radio spectrum2. EU regulatory framework 3. Spectrum management models 4. Spectrum trading5. Competition issues6. Trading experiences7. Some conclusive reflections on spectrum governance in the EUIV.

MILK QUOTAS1. Quotas in EU Agricultural Policy2. The EU milk quotas system3. Milk quotas management 4. The nature of milk quotas5. Quotas tradingV. EMISSION ALLOWANCES1. The Kyoto Protocol2.

The allocation of allowances: general allocation methods3. The European Union Emissions Trading Scheme: first and second round experiences4. Potential anticompetitive distortions in the EU ETS experience5. The EU ETS post 2012: the Third Phase and the new allocation scheme 6. Emissions trading in the U.S.: an overview7. Nature of allowances8.

Forms of tradingVI. CONCLUSIVE REMARKS: THE EVOLUTION OF DE FACTO PROPERTY RIGHTS AND THE SECONDARY TRADING ISSUE1. 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 networksBibliographyIndex.