From the Editor
The contributors to this issue well deserve thanks from the editorial team and our readers.
Judicial Issues From Both Sides of the Atlantic
This article considers the circumstances in which a court, faced with a challenge to a decision taken by a primary decision-maker, accords a margin of appreciation to that decision-maker by limiting the intensity of its review.
From an institutional law perspective, the question arises how to qualify the more than thirty existing communications, notices and guidelines which the Commission has issued in the area of antitrust law.
The judge´s task is less one of economic learning than it is of using the economic analysis to bring the evidence into sufficient focus to reach a decision.
The judge has no choice but to study the economic evidence that is presented by the parties and to come to a conclusion that is consistent with that evidence. This paper considers whether judges have been up to that task.
Merger Analysis and Enforcement
This paper describes the need for retrospective analysis of past mergers in building an empirical basis for antitrust enforcement, and provides guidance on the key measurement issues
Retrospective studies that ask whether prices went up post-merger are surprisingly poor guides for analyzing merger policy.
We will discuss the perception of lax antitrustenforcement, as well as what we believe is the actual status quo, as a basis for forecasting what future enforcement policy might be.
This article suggests how a jurisdiction might best go about evaluating the quality of its competition policy system.
Current Case: Glaxo Greece
EU competition policy on dominant firms and pharmaceutical parallel trade wholesalers taking advantage of arbitrage possibilities to export drugs from a low-priced Member State to a higher-priced one reminds one of a debate between two famous economists…Both may be correct, for different reasons and from different perspectives.
Book Review: How the Chicago School Overshot the Mark
The contributors to the book argue forcefully the federal antitrust agencies and the courts have now overshot the mark in adopting too laissez-faire an approach to antitrust enforcement.
Despite a valiant effort well worth reading for any party interested in the future of antitrust policy, Overshot the Mark falls short of hitting its own.
Reading the Neal Report today is a trip to another world. But, in fact, it represented the received orthodoxy of its day. The tragedy of the Neal Report is that the model it represented was just on the verge of complete, catastrophic replacement.
The Classics: The 1968 Neal Report