The two central pricing rules contained in most antirust laws are prohibitions of below-cost pricing and prohibitions of discriminatory pricing. This article shows that the rule against discriminatory pricing may actually induce firms to charge exclusionary below-cost prices, even in the...

The last ten years have seen an increasing focus from European competition authorities on articulating the theory of harm behind any competition concern. This represents a significant improvement in the enforcement of competition law. The requirement to present a theory of harm imposes a...