We analyse the key determinants of umbrella effects, which arise when the price increase or quantity reduction of a cartel diverts demand to substitute products. Umbrella effects arise irrespective of whether non cartelists act as price takers (“competitive fringe”) or respond strategically...

Market definition is one of the most important analytical tools for competition authorities to examine and evaluate competition problems. By defining a relevant market, then calculating and assigning market shares, competition authorities seek to assess the market power of firms, which is of...

This article discusses two elements that the draft EU Directive on actions for damages treats only perfunctorily. The first concerns lucrum cessans or the quantity effect which is found to be of a relatively higher magnitude than the price effect. The second concerns the difficulties of...

The article critically examines the European Commission's decision in the four-to-three merger between Telefónica Deutschland and E-Plus. Despite the explicit recognition of the importance of vertical effects in the telecommunications sector more generally as exemplified by the European...

German Abstract: Die Digitalisierung hat in den letzten Jahren alle Lebensbereiche durchdrungen. Es ist davon auszugehen, dass in der näheren Zukunft immer größere Datenvolumen übertragen werden. Den neuen Herausforderungen kann nur über den vollständigen und flächendeckenden Ausbau von...

German abstract: Wettbewerbsanaloge Preise stehen im Mittelpunkt der Regulierung natürlicher Monopole wie bspw. der Zugang zu bestimmten Telekommunikationsnetzwerken. Die Preise sind so zu gestalten, dass Anreize für erforderliche Infrastrukturinvestitionen gesetzt werden, und gleichzeitig...

Following the standard (acquisition of control) merger logic, merger control regimes have typically treated horizontal minority shareholdings as a matter of coordinated effects. As in a standard horizontal merger case, the transaction implies full control of the target firm and joint profit...

Despite a host of recent cases on both sides of the Atlantic, the antitrust implications of retroactive rebates or loyalty discounts are among the most controversial topics in competition law. One of the key beliefs found in the literature is that such schemes lead to lower prices for consumers...