I have absolutely no objection, all correct points. One additional factor to consider is the time frame of regulation / market reactions: In some cases catastr

I have absolutely no objection, all correct points. One additional factor to consider is the time frame of regulation / market reactions: In some cases catastrophic short-term events may harm people. Even though market reactions would offer medium-term solutions, that may still be a case in favor of regulation. But we're approaching a textbook-length argument here and I'm not really an expert on infrastructure regulation, so I'll leave it at this :)