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            <title xml:lang="en">Regulation by contract</title>
            <title xml:lang="fr">Régulation par contrat</title>
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                <term xml:lang="en">regulation by contract</term>
                <term xml:lang="en">incomplete contracts</term>
                <term xml:lang="en">regulation failures</term>
                <term xml:lang="en">opportunism</term>
                <term xml:lang="fr">contrats incomplets</term>
                <term xml:lang="fr">défaillances de la réglementation</term>
                <term xml:lang="fr">opportunisme</term>
                <term xml:lang="fr">régulation par contrat</term>
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              <p>Regulation by contract is often presented as an alternative to an external regulation implemented by an independent sector-specific regulator. The purpose of this short paper is to confront the pros and the cons of each model and to insist on their complementarity.</p>
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              <p>La régulation par contrat est souvent présentée comme une alternative à une régulation externe passant par une autorité sectorielle indépendante. Le propos de ce texte est de présenter les avantages et les inconvénients de ces deux modes de régulation et d’insister sur leur complémentarité.</p>
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