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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 March 2022 - Lear Competition Notes , Competition Economics, critical loss, Local competition, relevant geographic market

From the catchment area to the relevant market . A model of geographic market definition based on critical loss analysis

Competition authorities throughout the EEA employ a variety of methodologies to define local geographic markets in mergers involving grocery retailers. In doing so, however, several authorities neglect the competitive constraint posed by competing stores located outside a given shop’s catchment area. We suggest an accurate, consistent, and resource-efficient approach.

28 October 2021 - Articles , Antitrust, antitrustlaw, Competition Economics, Competition law

The virtue of an imperfect competition law

Imperfect competition is not necessarily a curse. It evokes an environment in which firms compete on multiple dimensions to satisfy heterogeneous consumer preferences. This can create a tension between conflicting social objectives. Inevitably, we must decide which of these objectives should guide competition law. In making this decision, we must accept that it is impossible […] Read more

15 July 2021 - Lear Competition Notes , energy, Policy evaluation, State Aid

When State aid overlaps with market based mechanisms: an example from energy markets

The Lear Competition Note (LCN) discusses the existing literature on the interaction between State aid intervention that incentivizes the investment in decarbonisation technologies and the market-based mechanism relying on the European Union Emission Trading System (ETS). Now in its fourth phase, the EU ETS is often considered the most effective policy to reduce greenhouse gas […] Read more

30 April 2021 - Research Papers , #falseallegations, #judicialerrors, #standardproof, #whistleblowers

Whistleblower rewards, false reports, and corporate fraud

It is often claimed that rewards for whistleblowers lead to fraudulent reports, but for several US programs this has not been a major problem. We model the interaction between rewards for whistleblowers, sanctions against fraudulent reporting, judicial errors, and standards of proof in the court case on a whistleblower’s allegations and the possible follow-up for […] Read more

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