Competition Policy: Theory and Practice

This is the first book to provide a systematic treatment of the economics of antitrust (or competition policy) in a global context. It draws on the literature of industrial organisation and on original analyses to deal with such important issues as cartels, joint-ventures, mergers, vertical contracts, predatory pricing, exclusionary practices, and price discrimination, and to formulate policy implications on these issues. The interaction between theory and practice is one of the main features of the book, which contains frequent references to competition policy cases and a few fully developed case studies. The treatment is written to appeal to practitioners and students, to lawyers and economists. It is not only a textbook in economics for first year graduate or advanced undergraduate courses, but also a book for all those who wish to understand competition issues in a clear and rigorous way. Exercises and some solved problems are provided.

Part I. Competition Policy: History, Objectives and the Law: 1.1 Introduction
1.2 Brief history of competition policy
1.3 Objectives of competition policy, and other public policies
1.4 The main features of European competition law
1.5 Exercises
Part II. Market Power and Welfare: Introduction: 2.1 Overview of the chapter
2.2 Allocative efficiency
2.3 Productive efficiency
2.4 Dynamic efficiency
2.5 Public policies and incentives to innovate
2.6 Monopoly: will the market fix it all?
2.7 Summary and policy conclusions
2.8 Exercises
2.9 Solutions of exercises
Part III. Market Definition and the Assessment of Market Power: 3.1 Introduction
3.2 Market definition
3.3 The assessment of market power
3.4 Exercises
Part IV. Collusion and Horizontal Agreements: 4.1 Introduction
4.2 Factors that facilitate collusion
4.3 Advanced material
4.4 Practice: what should be legal and what illegal?
4.5 Joint-ventures and other horizontal agreements
4.6 A case of parallel behaviour: wood pulp
4.7 Exercises
Part V. Horizontal Mergers: 5.1 Introduction, 5.2 Unilateral effects
5.3 Pro-collusive effects
5.4 A more general model
5.5 Merger remedies
5.6 Merger policy in the European Union
5.7 Case studies
5.8 Exercises
Part VI. Vertical Restraints and Vertical Mergers: 6.1 What are vertical restraints?
6.2 Intra-brand competition
6.3 Inter-brand competition
6.4 Anti-competitive effects: leverage and foreclosure
6.5 Conclusions and policy implications
6.6 Cases
6.7 Exercises
Part VII. Predation, Monopolisation, and Other Abusive Practices: 7.1 Introduction
7.2 Predatory pricing
7.3 Non-price monopolisation practices
7.4 Price discrimination
7.5 US v. Microsoft
7.6 Exercises
7.7 Solutions of exercises
Part VIII. A Toolkit: Game Theory and Imperfect Competition Models: 8.1 Introduction
8.2 Monopoly
8.3 Oligopoly I: market competition in static games
8.4 Oligopoly II: dynamic games
8.5 Appendix.

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Competition Policy: Theory and Practice

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Competition Policy: Theory and Practice

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