Competition policy seeks to regulate markets in order to promote competition and economic welfare. In doing so it relies heavily on the economics of industrial organisation for guidance. However, within economics two fields of research have focused on the competitive process, namely the...

Since 1990, following Lord Cullen's public inquiry into the Piper-Alpha disaster, the oil industry has spent approximately 2.6 billion pounds on safety improvements. The operators have co-operated with governmental authorities in the design of a new regulatory regime, based on the principles of...

In this paper we conduct a re-appraisal of the robustness of tests relating the abuse of market power to measures of price-cost margins and bench mark pricing. We argue that these methods do not control for variations in the correlation between workers' reservation wages and productivity. In the...