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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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7 April 2021 - Lear Competition Notes , Competition Economics, Mergers

The mode of competition: where to start and when you stop in merger analysis

“The best way to begin an economic analysis is to ask a relevant question. In a merger analysis the relevant question is: will the post-merger new entity have the ability and the incentive to exert a higher market power? But which analyses are best suited to answer these questions? This note argues that the best […] Read more


10 February 2021 - Research Papers , Cartels, Competition Economics, Damages, Leniency, private enforcement, public enforcement

Leniency and Damages: Where Is the Conflict?

Damage actions may reduce leniency programs’ attractiveness for cartel participants if their cooperation with the competition authority increases the chance that the cartel’s victims will sue them. This apparent conflict between public and private antitrust enforcement led to calls for a legal compromise. We show that the conflict is due to the legislation, and a […] Read more


1 August 2020 - Research Papers , Competition Policy, Digitalmarkets, Mergers

Merger Policy in Digital Markets: An Ex Post Assessment

This paper presents a broad retrospective evaluation of mergers and merger decisions in markets dominated by multisided digital platforms. First, we document almost 300 acquisitions carried out by three major tech companies—Amazon, Facebook, and Google—between 2008 and 2018. We cluster target companies on their area of economic activity providing suggestive evidence on the strategies behind […] Read more


8 June 2020 - Articles , Antitrust, Competition Policy, Mergers

EX POST ECONOMIC EVALUATION OF COMPETITION POLICY: THE EU EXPERIENCE

The publication contributes to a better knowledge of the economic impact of this policy, which is essential for the good functioning of the internal market in the European Union. Competition authorities are increasingly interested in understanding the impact of their activities on markets and consumers. The goal is to improve competition policy rules and decision-making […] Read more


17 September 2019 - Articles , #fakenews, Damages

Marca, Internet e contrasto alla disinformazione

The publication, issued by Centromarca, the Italian Brand Industry Association, provides insights on how the image of a company and its brands can be damaged by unfounded news, fake news. The manual provides useful tips for the management of reputational issues, legal aspects and property damage.


3 June 2019 - Research Papers , Digitalmarkets, Mergers, Policy evaluation

Ex-post Assessment of Merger Control Decisions in Digital Markets

The Competition and Markets Authority appointed Lear to carry out a study aimed at looking at four past merger decisions in the digital sector taken by the Office of Fair Trading and the Competition Commission (jointly, the “Authorities”). The objective of the study was threefold: ▪ review merger cases undertaken by Competition Authorities and the […] Read more


31 July 2018 - Research Papers , Advocacy, Competition law, Competition Policy

Western Balkans and the Design of Effective Competition Law: The Role of Economic, Institutional and Cultural Characteristics

The paper analyzes the optimal design of competition law in Western Balkan countries. It first identifies the “policy choice set”, i.e. the essential variables that define a competition policy regime; then considers how the optimal choice within the available options depends on a number of characteristics and finally examines where the Western Balkan economies stand […] Read more