Economists in competition law

Abstract

Although competition law deals with economic matters, such as market power or firm behaviour (prices, mergers, etc.), competition law has long been a territory for lawyers. However, over the last ten to fifteen years, economists have played an increasing role to advise both undertakings and regulators on how to assess the economic consequences of firm behaviour. As a result, depending on the subjects at stake, court rulings and decisions by competition authorities now routinely rely on economic reasoning and economic techniques. This presentation will discuss how and why the role of economists has increased, whether this role will continue to increase and in which direction. Through a variety of examples, it will also present what economic analysis and economists bring to competition law, the work that economists do in competition law and how competition authorities and courts adapt to the increasing role of economics.