Klemperer, Paul - EconWPA - 2005
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 …