In an oligopoly configuration characterized by high barriers to (re-)entry, a finite horizon, perfect information about demand and costs and the presence of three identical firms, we show that two of them (the predators) can choose to charge an initial price that is so low that the third (the...

We study the timing of leniency applications using a novel application of multi-spell discrete-time survival analysis for a sample of cartels that were prosecuted by the European Commission (EC) between 1996 and 2014. The start of an EC investigation does not affect the rate at which...

In its Guidance Paper on Article 102 TFEU, the Commission established three conditions that in its view must normally be satisfied before a "refusal to deal" or "margin squeeze" may be considered contrary to Article 102 TFEU, mirroring those established by the European Court of Justice (the...

This paper explores how EU competition law enforcement might be affected by the COVID-19 pandemic. Each section of this paper reviews how various components of EU competition law are impacted. The paper evaluates the state of play and, where relevant, it makes policy proposals for how...

14 January 2020: After months of speculation, Google finally announced its plan to phase out third-party cookies on Chrome within the next two years. As Chrome boasts a worldwide market share in excess of 64%, the news sent shockwaves in the online advertising industry, whose foundations are...

This paper contains our personal observations on the CMA's Interim Report on its Market Study on Online platforms and digital advertising (the “Interim Report”). As a starting point, we are very impressed by the quality of the Interim Report as it correctly identifies the competition issues...

I appreciate the opportunity to submit observations on the Statement of Scope (“SOS”) of the Market Study on “Online Platforms and Digital Advertising”. This Market Study is welcome given the importance of digital advertising for online content providers (which I will refer to as...

One of the fundamental results of auction theory is the Linkage Principle, which states that the seller's expected revenue is enhanced by ex ante full public disclosure of information about the value of the good. Previous literature has established that the Principle fails in dynamic settings....