Read what we write
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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16 October 2025 - Report
, Competition Policy, Regulation, regulatory assessment, State Aid
Study on the Guarantee Notice
This study, commissioned by the European Commission’s Directorate-General for Competition (DG COMP), evaluates the 2008 Guarantee Notice, in line with the Commission’s Better Regulation principles. The analysis focused on three areas: (i) characteristics of guarantee measures and identification of applied pricing methods based on data collection on past measures; (ii) development of benchmark pricing methodologies […] Read more
18 September 2025 - Lear Competition Notes
Consumer Behaviour and Competition Dynamics in Online Payments
Over the past decades, the e-commerce sector in the EEA has experienced steady growth, accompanied by the emergence of innovative online payment methods. Despite these developments, established payment methods maintain a strong position in many EEA countries. While several market forces may contribute to this outcome, the conduct of established market players may also play […] Read more
17 June 2025 - Report
Market study on competition in online payments
This study analyses the intensity of competition in the online payment sector in the EEA, with a focus on 14 countries. For the purpose of the study, online payments refer to electronic payments made by consumers to merchants for goods and services purchased online. A novel database allows to identify the most commonly used payment […] Read more
4 June 2025 - Research Papers
OPTIMAL SANCTIONS FOR IMPERFECT RULES
The paper analyzes rules that are imperfect in that they are either overinclusive—prohibiting an action that in some circumstances is beneficial—or underinclusive—allowing agents to undertake alternative conducts that are harmful—or both. We examine how the optimal sanction changes due to the imperfection of the rules, identify the factors that affect its level, and discuss conditions […] Read more
27 May 2025 - Articles, Lear Competition Notes
Diagonal mergers: the importance of understanding interactions between value chains
Lear economists provided economic advice in the acquisition of Esso Italiana S.r.l. by Italiana Petroli S.p.A. Although the merging parties did not overlap in the retail market and were not in a supply relationship, the Italian Competition Authority was concerned that the transaction could negatively affect retail oil prices. This concern was linked to the […] Read more
16 January 2025 - Lear Competition Notes
KILLING ME SOFTLY: PHARMA ACQUISITIONS AND COMPETITIVE HARM
In recent years, there has been growing concern that acquisitions in the pharmaceutical industry may have as their object or effect the discontinuation of overlapping drug R&D projects to the detriment of innovation competition and, ultimately, consumers. Such acquisitions are commonly referred to as ‘killer acquisitions’. Is it possible to determine which transactions in the […] Read more
29 November 2024 - Report
, Antitrust, Competition Policy, killer acquisitions, Mergers, Pharma, private enforcement
Ex-post evaluation: EU competition enforcement and acquisitions of innovative competitors in the pharma sector leading to the discontinuation of overlapping drug research and development projects
In recent years, concerns about transactions in the pharmaceutical sector harming innovation and competition through the discontinuation of overlapping drug R&D projects, so-called “killer acquisitions”, have prompted regulatory action and research. The objective of this study is twofold. First, the “fact-finding” challenge aims at assessing the pervasiveness and characteristics of the phenomenon of killer acquisitions. […] Read more
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