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Bidding Markets.

Abstract:

The existence of a "bidding market" is commonly cited as a reason to tolerate the creation or maintenance of highly concentrated markets. We discuss three erroneous arguments to that effect: the "consultants' fallacy" that "market power is impossible," the "academics' fallacy" that (often) "market power does not matter," and the "regulators' fallacy" that "intervention against pernicious market power is unnecessary," in markets characterized by auctions or bidding processes. Furthermore we ar...

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Publisher copy:
10.1093/joclec/nhl017

Authors


Paul Klemperer More by this author
Journal:
Journal of Competition Law and Economics
Volume:
3
Issue:
1
Publication date:
2007
DOI:
URN:
uuid:647df894-8ae4-419b-9bf3-4cba55650246
Local pid:
oai:economics.ouls.ox.ac.uk:14334
Language:
English

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