Friedrich A. von Hayek’s (1899-1992) view of competition as a discovery process is well known but little used. His central thesis is that a competitive pricing system is the most effective way to coordinate economic activity and economise on the information held by market participants in a...

Administrative enforcement of China's Anti-Monopoly Law is shared among three ministries, and a pan-ministry commission sits above these ministries to coordinate competition policy. This two-tiered tripartite enforcement structure has been criticized as inefficient, costly, and ineffective. In...

In this paper I describe a method for analyzing mergers in industries in which it is more cost effective to close capacity than to idle it. The method can be used to define markets, to assess the likelihood of competitive effects and to evaluate divestitures. I also discuss the method’s data...

Recent allegations from participants of the FIA Formula One World Championship (F1) suggest that the promoter of F1 (possibly together with the sports association) violates European competition law in two ways. First, it allegedly abuses its market power by deducting an inappropriate high share...

Market definition, and, in particular, being able to identify who is in which product market, lies at the heart of competition law. The identification of demand elasticities necessary to conduct a formal definition of product market can be time consuming and often there is insufficient data to...

This paper discusses challenges for competition authorities in the 21st century. Those challenges were identified on the basis of a statistical review of the articles published since January 2011 in five major antitrust law journals. The assumption underlying this literature review is that the...

The rule of reason is the standard for testing whether a restraint of trade violates the Sherman Act. The thesis of this article is that the only issue under the rule of reason is the impact of a restraint on the competitive process; the Sherman Act does not employ a welfare standard. This...

Do competitive markets reduce poverty or not? This paper explores competition and poverty reduction in theory and in practice, looking at the poor both as consumers and as small entrepreneurs or wage earners, and considering poverty in both OECD and non-OECD countries. We find that, while there...

The use of conduct remedies in merger enforcement raises a number of serious issues, and it may be difficult or impossible to use these remedies as the basis for a competitively desirable relief. Thus, the antitrust authorities should make at most only a limited use of these remedies and should...