This is a draft working paper, in its present form submitted to a scientific journal. We await respons from reviewers (accept / reject), and how the manuscript could be improved. Any input is therefore welcome. The basic content was also presented at Thredbo 14, held in Santiago 30 August to 3 September 2015, during Workshop 7 (Market initiative: regulatory design, implementation and performance). Thredbo is the international conference series on competition and ownership in land passenger transport.