LAW AND ECONOMICS
Syllabus
EN
IT
Learning Objectives
LEARNING OUTCOMES:
KNOWLEDGE AND UNDERSTANDING:
At the end of the Course students should be able to understand and apply the logical approach of game theory and microeconomics to :
Study anticompetitive practices in oligopolies and the role of competition policy
Study markets with limits to competition and the regulatory policies
APPLYING KNOWLEDGE AND UNDERSTANDING:
At the end of the Course students should be able to apply the knowledge on anticompetitive practices and regulatory policies in oligopolistic/monopolistic markets
MAKING JUDGEMENTS:
At the end of the course students should be able to analyze market practices and regulatory policies.
COMMUNICATION SKILLS:
At the end of the course students should be able to analyze ex-ante and ex-posts regulation in markets with limits to competition and prepare presentations to discuss their effects.
KNOWLEDGE AND UNDERSTANDING:
At the end of the Course students should be able to understand and apply the logical approach of game theory and microeconomics to :
Study anticompetitive practices in oligopolies and the role of competition policy
Study markets with limits to competition and the regulatory policies
APPLYING KNOWLEDGE AND UNDERSTANDING:
At the end of the Course students should be able to apply the knowledge on anticompetitive practices and regulatory policies in oligopolistic/monopolistic markets
MAKING JUDGEMENTS:
At the end of the course students should be able to analyze market practices and regulatory policies.
COMMUNICATION SKILLS:
At the end of the course students should be able to analyze ex-ante and ex-posts regulation in markets with limits to competition and prepare presentations to discuss their effects.
ALBERTO IOZZI
Prerequisites
Microeconomics
Program
The module focuses on the economics of regulation. This topic will be studied from both a theoretical and applied perspective. Microeconomic theory models will be used to explain the incentives of firms and regulators. Case studies will allow to understand real world applications.
The detailed syllabus is:
- Industries with limits to competition (week 1)
- Regulation of a Monopoly with Full Information (week 1)
- Regulation of a Monopoly under Informational Constraints (week 2)
- Non-bayesian models of price regulation (week 3)
- Regulation of Quality (week 3)
The detailed syllabus is:
- Industries with limits to competition (week 1)
- Regulation of a Monopoly with Full Information (week 1)
- Regulation of a Monopoly under Informational Constraints (week 2)
- Non-bayesian models of price regulation (week 3)
- Regulation of Quality (week 3)
Books
• Auriol, E., C. Crempes e A. Estaches, 2022. Regulating Public Services: Bridging the Gap between Theory and Practice. CAmbridge University Press.
Bibliography
• Auriol, E., C. Crempes e A. Estaches, 2022. Regulating Public Services: Bridging the Gap between Theory and Practice. CAmbridge University Press.
- Panzar, J C, 1989. Technological Determinants of Firms and Industry Structure. in Schmalensee, R and R Willig (eds), Handbook of Industrial Organization (vol. 1), Amsterdam: North-Holland.
- Armstrong, M. and D.E.M. Sappington, 2007. Recent advances in the theory of regulation. in M. Armstrong and R. Porter (eds.), Handbook of Industrial Organization (vol. 3), Amsterdam: North-Holland.
- Armstrong, M, S Cowan and J Vickers, 1994. Regulatory Reform: Economic Analysis and British Experience. Cambridge (MA): MIT Press.
- Laffont, J-J and J Tirole, 1993. A Theory of Incentives in Procurement and Regulation. Cambridge (MA): MIT Press.
- Panzar, J C, 1989. Technological Determinants of Firms and Industry Structure. in Schmalensee, R and R Willig (eds), Handbook of Industrial Organization (vol. 1), Amsterdam: North-Holland.
- Armstrong, M. and D.E.M. Sappington, 2007. Recent advances in the theory of regulation. in M. Armstrong and R. Porter (eds.), Handbook of Industrial Organization (vol. 3), Amsterdam: North-Holland.
- Armstrong, M, S Cowan and J Vickers, 1994. Regulatory Reform: Economic Analysis and British Experience. Cambridge (MA): MIT Press.
- Laffont, J-J and J Tirole, 1993. A Theory of Incentives in Procurement and Regulation. Cambridge (MA): MIT Press.
Teaching methods
Traditional lectures, group discussions and group presentations
Exam Rules
Written exam, composed of four open questions, two for each module. Students who withdraw or fail an exam may NOT take the exam again in the same exam session. The final grade is the unweighted average of the grade in each question.
The grading of the student's answers to each question is based on the following criteria:
- 0-17: significant deficiencies and/or inaccuracies in knowledge and understanding of the topics; limited analysis and synthesis skills; frequent generalizations.
- 18-20: just sufficient knowledge and understanding of the topics with possible imperfections; Sufficient analytical, synthesis, and independent judgment skills.
- 21-23: Knowledge and understanding of routine topics; Correct analysis and synthesis skills with coherent, logical argumentation.
- 24-26: Fair knowledge and understanding of the topics; good analytical and synthesis skills with rigorously expressed arguments.
- 27-29: Complete knowledge and understanding of the topics; remarkable analytical and synthesis skills. Good independent judgment.
- 30-30L: Excellent level of knowledge and understanding of the topics. Remarkable analytical and synthesis skills and independent judgment. Arguments expressed in an original way.
The grading of the student's answers to each question is based on the following criteria:
- 0-17: significant deficiencies and/or inaccuracies in knowledge and understanding of the topics; limited analysis and synthesis skills; frequent generalizations.
- 18-20: just sufficient knowledge and understanding of the topics with possible imperfections; Sufficient analytical, synthesis, and independent judgment skills.
- 21-23: Knowledge and understanding of routine topics; Correct analysis and synthesis skills with coherent, logical argumentation.
- 24-26: Fair knowledge and understanding of the topics; good analytical and synthesis skills with rigorously expressed arguments.
- 27-29: Complete knowledge and understanding of the topics; remarkable analytical and synthesis skills. Good independent judgment.
- 30-30L: Excellent level of knowledge and understanding of the topics. Remarkable analytical and synthesis skills and independent judgment. Arguments expressed in an original way.
PAOLO BUCCIROSSI
Program
The module provides an introduction to antitrust law and explains how economic analysis is
used to identify conduct that conflicts with it, ascertain violations, and ensure compliance
through a system of sanctions.
The program is structured as follows.
- Introduction to antitrust law (week 1)
- Market power and notions of efficiency (week 1)
- The theory of unilateral effects, with special reference to mergers (week 2)
- The theory of collusion (week 2)
- The theory of competitive foreclosure (week 3)
- Evidence formation and optimal sanctions (week 3)
used to identify conduct that conflicts with it, ascertain violations, and ensure compliance
through a system of sanctions.
The program is structured as follows.
- Introduction to antitrust law (week 1)
- Market power and notions of efficiency (week 1)
- The theory of unilateral effects, with special reference to mergers (week 2)
- The theory of collusion (week 2)
- The theory of competitive foreclosure (week 3)
- Evidence formation and optimal sanctions (week 3)
Books
Motta M., Competition Policy. Theory and Practice, 2004 Cambridge, Cambridge Univ.
Press.
Press.
Bibliography
Elizabeth M. Bailey, Gregory K. Leonard, G. Steven Olley, and Lawrence Wu, 2010,
Merger Screens: Market Share-Based Approaches Versus “UpwardPricingPressure”, the
Antitrust Source
Smith Howard, 2023, GUPPI in supermarket mergers: the UK’s Asda/Sainsbury case in T.
Valletti and L. White (Eds.) Antitrust Economics at a Times of Upheaval, Competition Policy
International
Kovacic W.E., R.C. Marshall, L.M. Marx and H.L. White, 2011, Plus Factors and
Agreement in Antitrust Law, Michigan Law Review
Merger Screens: Market Share-Based Approaches Versus “UpwardPricingPressure”, the
Antitrust Source
Smith Howard, 2023, GUPPI in supermarket mergers: the UK’s Asda/Sainsbury case in T.
Valletti and L. White (Eds.) Antitrust Economics at a Times of Upheaval, Competition Policy
International
Kovacic W.E., R.C. Marshall, L.M. Marx and H.L. White, 2011, Plus Factors and
Agreement in Antitrust Law, Michigan Law Review
Exam Rules
Written exam, composed of four open questions, two for each module. Students who
withdraw or fail an exam may NOT take the exam again in the same exam session. The
final grade is the unweighted average of the grade in each question.
The grading of the student's answers to each question is based on the following criteria:
- 0-17: significant deficiencies and/or inaccuracies in knowledge and understanding of the
topics; limited analysis and synthesis skills; frequent generalizations.
- 18-20: just sufficient knowledge and understanding of the topics with possible
imperfections; Sufficient analytical, synthesis, and independent judgment skills.
- 21-23: Knowledge and understanding of routine topics; Correct analysis and synthesis
skills with coherent, logical argumentation.
- 24-26: Fair knowledge and understanding of the topics; good analytical and synthesis
skills with rigorously expressed arguments.
- 27-29: Complete knowledge and understanding of the topics; remarkable analytical and
synthesis skills. Good independent judgment.
- 30-30L: Excellent level of knowledge and understanding of the topics. Remarkable
analytical and synthesis skills and independent judgment. Arguments expressed in an
original way.
withdraw or fail an exam may NOT take the exam again in the same exam session. The
final grade is the unweighted average of the grade in each question.
The grading of the student's answers to each question is based on the following criteria:
- 0-17: significant deficiencies and/or inaccuracies in knowledge and understanding of the
topics; limited analysis and synthesis skills; frequent generalizations.
- 18-20: just sufficient knowledge and understanding of the topics with possible
imperfections; Sufficient analytical, synthesis, and independent judgment skills.
- 21-23: Knowledge and understanding of routine topics; Correct analysis and synthesis
skills with coherent, logical argumentation.
- 24-26: Fair knowledge and understanding of the topics; good analytical and synthesis
skills with rigorously expressed arguments.
- 27-29: Complete knowledge and understanding of the topics; remarkable analytical and
synthesis skills. Good independent judgment.
- 30-30L: Excellent level of knowledge and understanding of the topics. Remarkable
analytical and synthesis skills and independent judgment. Arguments expressed in an
original way.