This paper investigates the effectiveness of the legal exception system (Council Regulation (EC) 1/2003) by running a Monte Carlo simulation for different only vaguely known input parameters of the system. Effectiveness is operationalized via the two subcriteria compliance to Art. 101 TFEU, i.e....

A classroom experiment that makes the "invisible hand" visible. In Economics, as in any social science, empirical tests of theoretical results face a problem: researchers are unable to reproduce the whole economy (or at least its relevant parts) in their laboratories. Nowadays, Experimental...