CPI 3(1)

Antitrust with Intellectual Property Damien Geradin, Anne Layne-Farrar, Apr 19, 2007 The Logic and Limits of Ex Ante Competition in a Standard-Setting Environment Some scholars have questioned the process by which cooperative standards are typically set, worrying about the potential for anticompetitive market power to come hand in hand with pro-competitive interoperability. Richard Gilbert, Apr […]

Comments on Evans & Schmalensee´s The Industrial Organization of Markets with Two-Sided Platforms

Janusz Ordover, Apr 19, 2007 A freshman student in economics or a Nobel prize-winning macroeconomist who has lately stumbled across a journal or two in industrial organization economics may be somewhat perplexed or confused by many references to two-sided markets. Surely, is it not the case that all markets have two sides, namely buyers and […]

Market Definition: Use and Abuse

Dennis Carlton, Apr 19, 2007 Market definition is a crude though sometimes useful tool for identifying market power. The ambiguity in what analysts mean by market power (price above marginal cost, or excess profits) cannot be resolved by market share. When used to analyze a merger or U.S. Sherman Act Section 2 case, it is […]

From the Editor: Spring 2007

Richard Schmalensee, Apr 17, 2007 Our fifth issue of Competition Policy International brings diverse fare from 29 leading economists and lawyers from the European Community and the United States. We begin, as most antitrust matters do, with market definition: a controversial aspect of antitrust analysis at least since Franklin Fisher´s seminal critique based on his […]

Review of Michael Whinston, Lectures on Antitrust Economics (MIT Press, 2006)

Massimo Motta, Apr 19, 2007 Michael Whinston is one of the economists who have contributed most to the understanding of antitrust issues. His works, alone or with co-authors (especially Douglas Bernheim and Ilya Segal), have shed light on such issues as exclusive contracts, tying, and multi-market collusion among others. For this reason, the publication of […]

The Impala Judgment: Does EC Merger Control Need to Be Fixed or Fine-Tuned?

Rachel Brandenburger, Thomas Janssens, Apr 19, 2007 In its Impala judgment last year, the Court of First Instance annulled a European Commission unconditional merger clearance decision for the first time. As a result, the Commission is having to carry out a new investigation into a transaction that closed over two years ago. In this judgment, […]

Contingent Commissions in Insurance: A Legal and Economic Analysis

Richard Epstein, Apr 19, 2007 This paper gives a brief analysis of the role of contingent commissions in insurance markets. These contracts have received a great deal of attention in recent years because they were the focal point of major criminal enforcement actions that New York´s then-Attorney General, now Governor, Eliot Spitzer, brought against prominent […]

Mobile Virtual Network Operators: Beyond the Hyperbolae

Duarte Brito, Pedro Pereira, Apr 19, 2007 The diffusion of mobile telephony has been very fast. In the European Union, in 2005 426 million people, almost 93 percent of the population, had mobile telephones, whereas in 1998 only 18 percent of the population did. Although the market is maturing and the number of subscribers is […]

Retail Payments and Card Use in the Netherlands: Pricing, Scale, and Antitrust

Wilko Bolt, Apr 19, 2007 Efficient payment systems are essential components of well-functioning economies and financial markets, facilitating the exchange of goods, services, and assets. The speed and ease with which payments can be processed and executed will in general affect economic activities, output, and price levels. Therefore it is important that payment systems satisfy […]

Two-Sided Telecom Markets and the Unintended Consequences of Business Strategy

Leonard Waverman, Apr 19, 2007 A two-sided market is one where two different parties are connected to each other through a third-party platform. Examples are many: nightclubs and dating clubs are platforms that bring together people wishing to meet other people; newspapers are platforms providing advertising and content to readers. In this brief paper, I […]

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