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European Competition Policy Modernization : From Notifications to Legal Exception

  • Frédéric Loss

    (Crest)

  • Estelle Malavolti-Grimal

    (Crest)

  • Thibaud Vergé

    (Crest)

  • Fabian Bergès-Sennou

    (Crest)

Council Regulation (EC) 1/2003 came into force on the 1st of May 2004 replacing themandatory notification of agreements between firms by a regime of ex post monitoring.This paper provides a theoretical justification for this shift based on the competitionauthority’s accuracy of judgement. We show that ex post monitoring dominates whenthe competition authority’s probability of error if low enough. We also investigate thetwo other existing legal systems, i.e. block exemptions and black list, and show that theyshould be preferred when the competition authority’s beliefs about the welfare impact ofthe agreements are very optimistic or very pessimistic.

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Paper provided by Centre de Recherche en Economie et Statistique in its series Working Papers with number 2005-38.

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Length: 43
Date of creation: 2005
Date of revision:
Handle: RePEc:crs:wpaper:2005-38
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  1. Winand Emons, . "Escalating Penalties for Repeat Offenders," American Law & Economics Association Annual Meetings 1005, American Law & Economics Association.
  2. Besanko, David & Spulber, Daniel F, 1993. "Contested Mergers and Equilibrium Antitrust Policy," Journal of Law, Economics and Organization, Oxford University Press, vol. 9(1), pages 1-29, April.
  3. Petros C. MAVROIDIS & Damien J. NEVEN, 2000. "The Modernisation of EU Competition Policy : Making the Network Operate," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 00.17, Université de Lausanne, Faculté des HEC, DEEP.
  4. Winand Emons, 2002. "Subgame Perfect Punishment for Repeat Offenders," Diskussionsschriften dp0211, Universitaet Bern, Departement Volkswirtschaft.
  5. Motta, Massimo & Polo, Michele, 2000. "Leniency Programs and Cartel Prosecution," CEPR Discussion Papers 2349, C.E.P.R. Discussion Papers.
  6. David P. Baron & David Besanko, 1984. "Regulation, Asymmetric Information, and Auditing," RAND Journal of Economics, The RAND Corporation, vol. 15(4), pages 447-470, Winter.
  7. Reinganum, Jennifer F. & Wilde, Louis L., 1985. "Income tax compliance in a principal-agent framework," Journal of Public Economics, Elsevier, vol. 26(1), pages 1-18, February.
  8. Barros, Pedro Pita, 2003. "Looking behind the curtain--effects from modernization of European Union competition policy," European Economic Review, Elsevier, vol. 47(4), pages 613-624, August.
  9. Picard, Pierre, 1996. "Auditing claims in the insurance market with fraud: The credibility issue," Journal of Public Economics, Elsevier, vol. 63(1), pages 27-56, December.
  10. Besanko, David & Spulber, Daniel F, 1989. "Antitrust Enforcement under Asymmetric Information," Economic Journal, Royal Economic Society, vol. 99(396), pages 408-25, June.
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