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Antitrust in Innovative Industries: the Optimal Legal Standards

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  • Giovanni Immordino
  • Michele Polo

Abstract

We study the interaction between a ?rm that invests in research and, if successful, undertakes a practice to exploit the innovation, and an enforcer that sets legal standards, ?nes and accuracy. In innovative industries deterrence on actions interacts with deterrence on research. A per-se legality rule prevails when the practice increases expected welfare, moving to a discriminating rule combined with type-I accuracy for higher probabilities of social harm. Moreover, discriminating rules should be adopted more frequently in traditional industries than in innovative environments; patent and antitrust policies are substitutes; additional room for per-se (illegality) rules emerges when ?nes are bounded. Keywords: legal standards, accuracy, antitrust, innovative activity, enforcement. JEL classi?cation: D73, K21, K42, L51.

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Bibliographic Info

Paper provided by IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University in its series Working Papers with number 434.

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Date of creation: 2012
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Handle: RePEc:igi:igierp:434

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  1. Immordino, Giovanni & Pagano, Marco & Polo, Michele, 2011. "Incentives to innovate and social harm: Laissez-faire, authorization or penalties?," Journal of Public Economics, Elsevier, vol. 95(7), pages 864-876.
  2. Dominique Demougin & Claude Fluet, 2006. "Rules of Proof, Courts, and Incentives," Cahiers de recherche 0633, CIRPEE.
  3. Anderlini, Luca & Felli, Leonardo & Immordino, Giovanni & Riboni, Alessandro, 2011. "Legal Institutions, Innovation and Growth," Economics Papers from University Paris Dauphine 123456789/7722, Paris Dauphine University.
  4. Jordi Gual & Anne Perrot & Michele Polo & Patrick Rey & Klaus Schmidt & Rune Stenbacka, 2006. "An Economic Approach to Article 82," CPI Journal, Competition Policy International, vol. 2.
  5. Henrik Lando, 2006. "Does Wrongful Conviction Lower Deterrence?," The Journal of Legal Studies, University of Chicago Press, vol. 35(2), pages 327-337, 06.
  6. Giovanni Immordino & Michele Polo, 2008. "Judicial Errors and Innovative Activity," Working Papers 337, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
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Cited by:
  1. Giovanni Immordino & Michele Polo, 2013. "Public Policies in Investment Intensive Industries," Working Papers 507, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.

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