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What's the aim for competition policy: optimizing market structure or encouraging innovative behaviors?

Author

Listed:
  • Jean-Luc Gaffard

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Michel Quéré

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

Abstract

Innovation is usually thought of as a change in the fundamentals of an economy, which can require adjustments by policy-makers. The latter are usually thought as in regard to a dominant vision, which is to restore an optimal market structure, and leads to a competition policy mainly aimed at controlling for antitrust practices and limiting market power. In this paper, we favor another vision of innovation, as a discovery process that cannot allow ex ante a definition of best practices. Dealing with information issues in two different and alternative perspectives, we argue that antitrust authorities confront a market imperfection–market failure dilemma (MI–MF dilemma) which leads them to favor the existence of appreciative and discretionary policy rather than encouraging the existence of any market structure thought of as optimal as regards the current state of information. We conclude with policy implications, contrasting the EU with the US.

Suggested Citation

  • Jean-Luc Gaffard & Michel Quéré, 2006. "What's the aim for competition policy: optimizing market structure or encouraging innovative behaviors?," SciencePo Working papers Main hal-03417188, HAL.
    • Handle: RePEc:hal:spmain:hal-03417188
    DOI: 10.1007/s00191-005-0014-0
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    Cited by:

    1. Jean-Luc Gaffard, 2022. "Instabilité et résilience des économies de marché: Essai sur l'économie du libéralisme social," GREDEG Working Papers 2022-33, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.

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