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- W3121291279 abstract "Abstract This paper analyzes the global aspects of competition policy. The effects of a merger in the global marketplace will generally be asymmetric, and consequently lead to a bias in domestic merger decisions. In order to compare different policy regimes, we ascribe general objective functions to the respective authorities and employ a stochastic notion of mergers. We show that under the territoriality principle, the resulting global policy is too lax, whereas when domestic agencies assume extra-territorial powers the resulting policy is inefficiently strict. A global authority would achieve the first best outcome. The gains, however, would be distributed unevenly, which may explain the difficulty of instituting such an authority." @default.
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- W3121291279 date "2005-05-01" @default.
- W3121291279 modified "2023-09-25" @default.
- W3121291279 title "Why (no) global competition policy is a tough choice" @default.
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- W3121291279 doi "https://doi.org/10.1016/j.qref.2004.12.006" @default.
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