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Abstract: This report updates and summarises the administrative fines imposed by the European Commission on price-fixers over the period 1998 to end February 2009. Based on an analysis of 42 fully reported cartel decisions involving 56 cartels and 306 firms, the report examines how fines were calculated in practice under the 1998 Penalty Guidelines, leniency notices, and the courts on appeal.
price-fixing, cartel, fines, leniency
Abstract: This paper examines the law, practice and evidence on fines for price-fixing under European competition law. It undertakes the first comprehensive quantitative analysis of fines imposed on cartels by the European Commission. Based on an analysis of 30 fully reported cartel decisions, and appeals against many of these, the paper looks at how fines are calculated in practice, and whether they reflect consumers' losses and are likely to deter price-fixing. It also examines the impact of the amended 2006 penalty guidelines.
Price-fixing, cartel, fines, optimal deterrence, leniency
Abstract: In this second edition of The Economics of Law, an introduction to, and overview of, the economic analysis of law is provided. The text covers the history of the economics of law, the difference between economic and legal reasoning, basic economic concepts, and application of economics to tort and crime, and has been expanded to cover the economics of competition law and regulation. The first edition owas one of the first non-US introductions to the economics of law. This edition has been described by Professor Sam Peltzman, general editor of the Journal of Law & Economics, as the most lucid exposition of the topic I've seen, and I am recommending to all who ask 'what's this law and econ stuff about'.
economics of law, tort, crime, competition law, regulation
Abstract: This paper sets out the basic economics of cartel formation and stability, the methods of estimating overcharges and "but for" prices, and concludes with a brief discussion of multiple damages. It draws on some evidence of cartel prosecution in Europe.
price fixing, cartel, overcharges, cartel damages
Abstract: This paper sets out the basic economics of network effects and two-sided or multi-sided markets as relevant to antitrust and regulation. Network effects, and the related concept of two- (or multi-) sided markets, are playing an increasing role in antitrust/competition law in the communications sector, computer hardware and software, Computer Ticketing Services (CRS), Automated Teller Machines (ATMs) and credit card schemes sectors to name a few; and also in the evaluation of mergers, industry standards, market structure and competitive behaviour. The discussion begins by defining network effects and the way they alter the economics of market structure, competitive behaviour and pricing. The theory is then applied to concerns over the adoption of industry and product standards, mergers in the communications sector, and the pricing of mobile services. This is followed by an introduction to the theory of two-sided markets. This covers situations where network effects affect consumers in different groups or sides of the market brought together by a third party, such as credit card schemes. The theory of two-sided markets is developed and then applied to some features of credit card schemes. This paper is a module for the Kings College, University of London Postgraduate Diploma/Masters in Economics in Competition Law, 2006/2007.
network effects, two-sided markets, multisided markets, credit cards
Abstract: This paper provides an introduction to the economics of contract law. It begins by setting out the basic elements of the economics of contract, contractual problems, and abuses. It then examines the purpose of contract law, its various doctrines (eg. consideration, disclosure and mistake) and remedies (specific performance and different damage measures such as expectation, restitution, completion, liquidated and non-pecuniary damages) evaluated in terms of their impact on efficient breach, efficient reliance, risk-bearing and compensation. The discussion serves as a non-technical introduction for lawyers to this important branch of the common law. The paper forms the contract chapter of the Economic Principles of Law published in June 2007. The full text can be obtained via the Cambridge University Press website.
economics of law, contract, contract damages
Abstract: The European Commission's decision to block the GE/Honeywell merger in 2001 ignited a wave of criticism from US antitrust authorities and commentators not seen since the Boeing/McDonnell Douglas merger in the mid-90s. This revealed deep differences in the substance and enforcement of EC and US merger laws. At the same time a number of EC Commission's merger decisions were being challenged in the courts, which led to three quick defeats for the Commission which highlight flaws in the its reasoning and enforcement. This paper undertakes a comparative analysis of EC and US merger laws and enforcement in the light of the Commission's legal defeats.
mergers, economics, portfolio effects, leveraged monopoly
Abstract: This examines the literature and empirical evidence on the efficiency of the common law and its superiority over civil law legal systems.
common law, wealth maximisation, legal evolution
Abstract: Economic Principles of Law, published in May/June 2007 by Cambridge University Press, applies economics to the doctrines, rules and remedies of the common law. In plain English and using non-technical analysis, it offers an introduction and exposition of the 'economic approach' to law - one of the most exciting and vibrant fields of legal scholarship and applied economics. Beginning with a brief history of the field, it sets out the basic economic concepts useful to lawyers, and applies these to assess the core areas of the common law - property, contract, tort and crime - with particular emphasis on their doctrinal structure and remedies. This is done using leading cases drawn from the birthplace of the common law (England and Wales) and other common law jurisdictions. The book serves as a primer to the wider use of economics which has become increasingly important for law students, lawyers, legislators, regulators and those concerned with our legal system generally.
economics, common law, property, tort, contract, crime
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