In an era where interdisciplinarity has become the key word, this course offers to the students the opportunity to gain the economic skills needed to understand, analyze and then criticize the enforcement of competition law.
This course offers a general introduction to economic theory (classic and neo classic theories and related key notions – monopoly, oligopoly, market failure, transaction costs, agency theory, natural monopoly, etc.) and its tools (consumer welfare, economic efficiency, cost definitions, prices, entry barriers, etc.).
The course describes three types of strategic behaviors likely to alter competition:
- acquisition of market power (through horizontal, vertical and conglomerate mergers);
- strengthening of market power (or exclusive strategies directed against rival undertakings); and,
- exploitation of market power (cartels, price discrimination and excessive prices).
Each year, students are provided with a list of compulsory readings that are next discussed in class in an interactive manner.
Past readings included:
- BORK, The Antitrust Paradox;
- POSNER, Antitrust Law;
- EASTERBROOK, The Limits of Antitrust;
- LANDES and R. POSNER, Market Power in Antitrust Cases;
- FOX, The Efficiency Paradox;
- KIRKWOOD and R. LANDE, The Chicago School’s Foundation is Flawed: Antitrust Protects Consumers, Not Efficiency;
- STELZER, Some Practical Thoughts About Entry;
- HOVERKAMP, The Harvard and Chicago Schools and the Dominant Firm;
- SALOP, Can Vertical Arrangements Injure Consumer Welfare?;
- CALKINS, Wrong Turns in Exclusive Dealing Law;
- GRIMES, The Sylviana Free Rider Justification;
- LAO, Free riding: An overstated and Unconvincing, Explanation for Resale Price Maintenance.