Competition policy is there to promote competition in order to lower prices and enhance economic efficiency. It does so by challenging business conduct deemed anticompetitive. The purpose of this essay is to address two questions. First: Does competition policy really promote competition?...

One of the most frequently cited articles in the economics literature of this millennium is that on platform competition in two-sided markets by Rochet and Tirole (2003). Yet it is probably also among the least understood. I have several reasons to think so. One is that the two-sided market...

This is one of a bundle of essays on the economics of antitrust. It is about the way the concept of efficiency is dealt with in competition analysis and the welfare standard of antitrust. I pay particular attention to Pareto efficiency, what it stands for and what it does not stand for, and its...

Competition is generally believed to greatly contribute to social welfare and economic progress, and that is the raison d'être of competition policy. In this essay I argue that such expectations are vastly overblown, that competition brings about the envisaged benefits only under specific...