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Economics for Competition Law

Programme Authors/Tutors and Syllabus

Disclaimer: at the time of publishing the information below is correct and we do not expect it to change. However, we reserve the right to modify the content of the course and the tutors should it become necessary. 

Module 1: Foundations of the Economics of Competition Law

Unit 1 - Introduction to the Economics of Competition Law

    • What is economics?
    • Why is economics important in Competition Law?
    • Introduction to the models of competitive interaction
    • Introduction to economic issues in competition policy

Justin Coombs, Compass Lexecon

 

Unit 2 - Market Power

    • Concepts and definitions
    • Sources of market power
    • Barriers to entry
    • Measurement and assessment of market power and barriers to entry

Dr Adrian Majumdar, RBB Economics

Dr Mike Walker, UK Competition and Markets Authority

Tom Hoehn, Imperial College Business School

 

Unit 3 - Market Definition

    • Role of market definition in competition law
    • The Hypothetical Monopolist test
    • Issues in market definition
    • Empirical techniques in market definition

Dr Mike Walker, UK Competition and Markets Authority
Dr Mark Williams, ECLM Economics

 


Module 2: Economics of Articles 101 and 102

Unit 4 - Predation and Excessive Pricing

    • Types of predatory behaviour
    • Testing for predation
    • Economics of excessive pricing
    • Identifying when prices are excessive

Dr Mike Walker, UK Competition and Markets Authority
Dr Mark Williams, ECLM Economics

 

Unit 5 - Refusal to supply, essential facilities and margin squeeze

    • The economics of vertical integration
    • The role of essential facilities
    • The pro-competitive and anti-competitive effects of a refusal to supply
    • Testing for an anti-competitive margin squeeze

Justin Coombs, Compass Lexecon

 

Unit 6 - Boundaries of competition law and economics: network effects and intellectual property rights

    • Network effects and externalities
    • Two and multi-sided markets
    • Standard essential patents and FRAND terms
    • Reverse payments

Bojana Ignjatovic, RBB Economics, Dr Adrian Majumdar, RBB Economics

 

Unit 7 - Vertical restraints

    • Potential efficiency gains from vertical restraints; why they are less likely to be problematic than horizontal restraints
    • Some potential anti-competitive effects of vertical restraints
    • Importance of intra-brand and inter-brand competition

Dr Mike Walker, UK Competition and Markets Authority

 

Unit 8 - Cartels

    • Economics of a cartel – why collusion may occur
    • Role of economics in cartel investigations
    • Testing for the presence of a cartel
    • Estimating cartel overcharges and damages

Dr Mike Walker, UK Competition and Markets Authority

 

Module 3: Merger Analysis, State Aid and Empirical Analysis

Unit 9 - Mergers: Unilateral Effects

    • Theory: horizontal mergers with differentiated and homogenous products
    • Tests of closeness of competition and other empirical tests
    • The role of efficiencies

Dr Adrian Majumdar, RBB Economics

 

Unit 10 - Coordinated merger effects and non-horizontal mergers

    • Economic theory of coordinated effects
    • Assessing coordinated effects in practice
    • Potential efficiencies from non-horizontal mergers
    • When might vertical and conglomerate mergers be anti-competitive?

          Simon Chisholm, CRA International

 

Unit 11 - State Aid

    • Economic approaches to state aid
    • Applying the market economy operator principle (MEOP) and financial tools in state aid
    • Market failure analysis: justifying state aid
    • Recent issues in state aid: the modernisation initiative, state aid policy in the financial crisis

Nicole Robins, Oxera Consulting LLP

 

Unit 12 - Quantitative techniques

    • Role of quantitative techniques in competition law
    • What techniques are available?
    • When is each technique useful?

Dr Mike Walker, UK Competition and Markets Authority

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