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Our economists publish research papers, write notes and make presentations on projects we have worked on. Have a look to our publications below:

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15 August 2006 - Research Papers , Cartels, Competition Economics

Leniency policies and illegal transactions

We study the consequences of leniency—reduced legal sanctions for wrongdoers who spontaneously self-report to law enforcers—on sequential, bilateral, illegal transactions, such as corruption, manager–auditor collusion, or drug deals. It is known that leniency helps deterring illegal relationships sustained by repeated interaction. Here we find that—when not properly designed—leniency may simultaneously provide an effective governance mechanism […] Read more


13 August 2006 - Research Papers , Cartels, Competition Economics

Corporate Governance and Collusive Behavior

Antitrust authorities often consider parallel pricing and market share stability to be clues of illegal collusion. To analyze whether this inference is correct, I develop a model of price competition with differentiated products in which demand and costs vary over time. In many cases parallel pricing does not distinguish between a competitive and a collusive […] Read more


15 July 2006 - Research Papers , Cartels, Competition Economics

Does Parallel Behavior Provide Some Evidence of Collusion?

Antitrust authorities often consider parallel pricing and market share stability to be clues of illegal collusion. To analyze whether this inference is correct, I develop a model of price competition with differentiated products in which demand and costs vary over time. In many cases parallel pricing does not distinguish between a competitive and a collusive […] Read more


13 December 2005 - Research Papers , Cartels, Competition Economics

Optimal Fines in the Era of Whisteblowers. Should Price Fixers still Go to Prison?

We review current methods for calculating fines against cartels in the US and EU, and simulate their deterennce effects under different assumptions on the legal and economic environment. It is likely that European fines have not had significant deterrence effects before leniency programs were introduced. Previous simulations of the effects of fines ignore the different […] Read more


15 July 2005 - Research Papers , Cartels, Competition Economics

Managerial Incentives and Collusive Behavior

I characterize the effects of empirically observed managerial incentives on long-run oligopolistic competition. When managers have a preference for smooth time-paths of profits – as revealed by the empirical literature on “income smoothing” – manager-led firms can sustain collusive agreements at lower discount factors. Capped bonus plans and incumbency rents with termination threats make collusion […] Read more


15 June 2005 - Research Papers , Abuse of Dominance, Competition Economics, Mergers

Competition in the Internet Backbone Market

This paper presents a competitive assessment of the global market for the provision of universal Internet connectivity (backbone market). We discuss the approach followed by the EC Commission in two important merger cases. The main argument is for a restless evolution of the structure of the market, whereby an highly concentrated US-centric industry, with a […] Read more


13 June 2005 - Research Papers , Regulation

So Far, so Close: Competition Analysis of Backbone and Local Access for Broadband Internet

This report presents a competitive assessment of the Internet infrastructure across Europe. The analysis ranges from the upstream global market for the provision of universal Internet connectivity to the downstream national markets for the provision of local network access.