Introduction
Damien Geradin - Professor of Law at the University of Liège and Director of the Global Competion Centre
Section: Content
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Introduction
It is generally accepted that competition between firms is the best way to provide for an optimal allocation of resources, impose pressure on costs and stimulate innovation and consumer satisfaction (Gellhorn and Kovacic 1994). It is, however, possible that firms try to eliminate competition by adopting anticompetitive practices. For this reason, the adoption and implementation of competition rules is necessary. By preventing anticompetitive practices, the application of these rules contributes to economic efficiency, as well as to welfare maximization. Compet...
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