Economics for Competition Lawyers

Competition law is rooted in economic theory, and economics provides many of the standard tools often applied in competition investigations. As a result, a strong foundation in economics is an invaluable asset for practitioners in this area of law. This is the new edition of the popular and well-regarded practitioner guide to the economic principles of competition law. Written in accessible language for non-technical readers, it covers first economic principles by applying them directly to competition cases. It covers all major topics in competition law where economics is relevant: the core themes of market definition, market power and dominance, mergers, and anti-competition practice, as well as less familiar but important areas such as state aid, remedy design and damages. Topics are introduced by posing compelling questions based on real cases from around the world. The new edition has been updated to include important recent developments in competition law, and new economic approaches. Review from previous edition "The book is very good at solving everyday economic problems facing competition lawyers." Lilo Locher, European Competition Law Review Gunnar Niels and his colleagues have done a remarkable job at summarising the the key Industrial Organisation concepts and current debates for competition lawyers. It is remarkable both because it covers all the main areas of the legal practice (merger control, cartels, abuses of market power, and state aid) with lots of references to real cases and decisions , and because it will allow lawyers - and regulators - to raise the right questions when presented with complex economic surveys and analysis (e.g. what is the right choice of model, when are price correlation tests suspicious, can you predict the existence of a cartel based on market data ?).This is a must-have for any competition law practitioner Antoine Winckler, Cleary Gottlieb Steen and Hamilton LLP This book reads like a novel. It's captivating conversational style is perfectly tailored to competition lawyers seeking to get the basics of competition law economics under their belts. It provides an easy to understand conceptual framework illustrated with up-to-date examples drawn from US and EU precedents. Miguel Odriozola, Clifford Chance, Madrid Economics and law are the essential languages of modern competition policy. This volume skillfully illuminates the economic concepts that should inform the design and application of legal rules. It paves a superb path to the truly bilingual analytical proficiency on which mastery in this field depends. William E. Kovacic, Commissioner, Federal Trade Commission It is clear from any page or section of the book that it has been deliberately drafted in a clear and non-technical style, intending so far as possible to engage the reader in the intuitive foundations of the difficult topics that are covered ... this book provides a very useful point of entry or means of orientation in addressing the larger economic questions that should act as guides through the mass of detail. Rhodri Thompson QC, Competition Law Journal Economics for Competition Lawyers provides a very accessible and highly practical overview of both the basics and more advanced issues in the economics of competition. It does an excellent job of dealing with some of the more advanced topics without burying the reader in mathematics, but providing a clear conceptual explanation of the nature and role of the relevant mathematical tools Joseph Angland, Partner, White & Case, New York the authors have done an outstanding job in explaining the major areas of competition law. Nilay B. Patel, Cambridge Law Journal1. Introduction: starting from first principles ; 2. Market definition ; 3. Market power ; 4. Abuse of dominance ; 5. Cartels and other horizontal agreements ; 6. Vertical restraints ; 7. Mergers ; 8. State Aid ; 9. Design of remedies ; 10. Quantification of damages ; 11. The use of economic evidence in competition cases