1. Professor of Comparative Law, University of Trento, Italy.. A previous version of this paper was presented at the International Conference on Law and Society, Honolulu, HI, 5–8 June 2012, at the ECPR Regulation and Governance Biennial Conference, University of Exeter, 27–29 June 2012, and at the Eighth Annual Conference of the Italian Society of Law and Economics, Rome, 13–15 December 2012. Thanks to participants and to an anonymous referee at Law, Innovation and Technology for useful comments. Errors...