This book combines practical guidance and theoretical background for analysts using empirical techniques in competition and antitrust investigations. Peter Davis and Eliana Garcés show how to integrate empirical methods, economic theory, and broad evidence about industry in order to provide high-quality, robust empirical work that is tailored to the nature and quality of data available and that can withstand expert and judicial scrutiny. Davis and Garcés describe the toolbox of empirical techniques currently available, explain how to establish the weight of pieces of empirical work, and make some new theoretical contributions. The book consistently evaluates empirical techniques in light of the challenge faced by competition analysts and academics--to provide evidence that can stand up to the review of experts and judges. The book's integrated approach will help analysts clarify the assumptions underlying pieces of empirical work, evaluate those assumptions in light of industry knowledge, and guide future work aimed at understanding whether the assumptions are valid. Throughout, Davis and Garcés work to expand the common ground between practitioners and academics.

Does competitive process constitute an autonomous societal value or is it a means for achieving more meritorious goals: welfare, growth, integration, and innovation? The hypothesis of The Normative Foundations of European Competition Law is that the former is the case. This insightful book analyses the phenomenon of competition from philosophical, legal and economic perspectives demonstrating exactly why competitive process should not be viewed only as an instrument. It consolidates various normative theories of freedom, market and competition, and explains how exactly they can be operationalized effectively in the matrix of the EU competition policy.

This volume explores the promise and limitations of competitive market dynamics, looking at the threats to competition - cartels, agreements, monopolies, and mergers - and the laws in place across the US and European Union to safeguard the process of competition.

Competition authorities and litigants worldwide have increased the use of economic quantitative methods and economic expert witnesses as a means to produce and support evidence in merger and antitrust cases. The application of quantitative techniques to antitrust has arisen naturally from the need to answer the central questions of antitrust analysis, such as, market definition and market structure issues, analysis of pricing and non-pricing behaviour by firms, quantification of damages and efficiencies and dynamic issues of entry and product reallocation. The paper aims, on the one hand, to briefly describe the main aspects of the most commonly used quantitative techniques in antitrust analysis, and on the other hand, to quantify their use in EU merger and antitrust decisions from 2004 until 2011. Moreover, we also codify the Commission's opinion on the techniques utilized. The paper then explores the substantive law framework for the assessment and evaluation of this quantitative evidence in EU competition law by the European Commission and the Courts, in particular topics relating to the standard of proof and evidential cogency and the interaction between the different concepts of causation in law and econometrics, whereas Section 5 provides a unique empirical analysis of the probative value of different kinds of econometric evidence, by performing for the first time a quantitative analysis of the opinion of the European Commission for the particular techniques used and their average evidential weight.

This new edition of this work provides an overview of economic theory and analysis as applied to European competition law, and includes recent legislative, regulatory and policy developments.