Module 1. Objectives of competition law: efficiency, total and consumer welfare, market integration, protection of the competitive process. Relation with other policy goals, such as economic growth and reduction of economic inequality. The potential conflict between economic and legal goals. The interface competition/regulation.
Module 2. Competition law and policy. Competition policy and economic development. Evolution of the competition theory and the main approaches to competition law: Chicago, Harvard, Ordoliberal School. Contestable market theory, the current state of the industrial organisation literature, behavioural economics. Substantive law: the EU, US and Italian legal regimes.
Module 3. Market power: economic and legal definitions. Product and geographic market. Demand and supply-side substitutability. The SSNIP test. Empirical and econometric tools. Barriers to entry. The main application problems and the markets characterized by free goods and/or services.
Module 4. Single-firm conduct. Types of abuses. Excessive prices and price regulation. The general approaches to conducts which can be abuses: the EU and US perspectives. The assessment of dominant position, also in the digital markets. The intellectual property clash with antitrust: legal monopolies vs. economic monopolies. Predatory pricing: economic theories, deep-pocket models, reputational models, signaling models and behavioral approaches; the EU and US approaches; the Amazon case.
Module 5. The other types of behavior that can be abusive. Refusal to deal and the essential facility doctrine: the economic insights; the Microsoft case. Tying and Bundling: economic analysis and efficiency explanations; the Google case. Price discrimination: lessons from economic theory, first-second-third degree of price discrimination. Discounts and rebates: pro-competitive and anticompetitive effects; loyalty discounts, bundled discounts and hybrid discount schemes; the Intel case. Comparison EU and US competition law.
Module 6. Restrictive agreements: the economics of collusion. Restrictions of competition as the object or the effect of cooperation. Rule of reason and per se rules. Welfare effects of collusion. Conditions leading to collusion. Tacit collusion and price parallelism. Plus factors and facilitating practices. Horizontal restrictions: economic and legal approaches. Price-fixing, information exchanges. Comparison EU and US competition law.
Main types of vertical restraints. Economic analysis: price and non-price restrictions. Vertical restraints under the EU and US laws. Block exemption. Individual assessment: the E-books case.
Module 7. Merger control. The economics of merger control. Typologies of mergers: horizontal, vertical, conglomerate. Substantive tests in the US and EU. Structural parameters. Unilateral and coordinated effects. The procedure. Market shares and concentration levels. The General Electric/Honeywell case; the Google/DoubleClick and Facebook/WhatsApp mergers.
Module 8. Public and Private enforcement. The EU, Italian and US regimes. The choice to impose fines. The economic effects of the sanctioning system and the optimal fine model. Deterrence and punishment. Judicial review. Other remedies: the commitments. The private enforcement in the EU and US. The calculation of damages, class action schemes. The choice between public and private enforcement.
Module 9. Moot court. Students are asked to present cases and take the roles of the different parties (competition authorities, defendant, courts).