Faull and Nikpay: The EC Law of Competition (2nd Edition)
Jonathan Faull (ed.), Ali Nikpay (ed.)
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Faull and Nikpay: The EC Law of Competition (2nd Edition)
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Luc Peeperkorn,
Vincent Verouden
Pages
3–85
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Published:
March 2007
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Peeperkorn, Luc, and Vincent Verouden, 'The Economics of Competition', in Jonathan Faull, and Ali Nikpay (eds), Faull and Nikpay: The EC Law of Competition, 2nd Edition (2007; online edn, Oxford Academic), https://doi.org/10.1093/law:ocl/9780199269297.003.01, accessed 31 Aug. 2024.
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Introduction
1.01 Nowadays, there is a clear awareness among competition policy makers, competition lawyers and judges of the importance of economics for their daily work. In the EU and in the US it is normal practice to discuss competition cases in terms of economic concepts such as market power, entry barriers, and sunk costs, and to evaluate cases according to their effects on the market. Competition policy is economic policy concerned with economic structures, economic conduct, and economic effects. It is for this reason that in a book on competition law an introduction to the economics of competition is of importance.
1.02 The growing acceptance and importance of economics in competition policy raises questions regarding the usefulness of economics, both for devising competition rules and for deciding on competition cases. A word of caution is appropriate in this respect. Economic thinking and economic models have proved not to be perfect guides.
Keywords: Economics, Cartels, Dominant position, Microeconomics, Structure-Conduct-Performance paradigm, Horizontal mergers, Abuse of dominant position, Defining abuse of dominant position, Static welfare analysis, Determining abuse of dominant position
Subject
Economics Competition Law EU Law Microeconomics Mergers and Acquisitions
Collection: Oxford Competition Law
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