This paper investigates a negative externality of new business creation. When being perceived as a good manager is a necessary condition to establish a firm in the future, we show that a priori talented managers may indulge in undertaking risky projects now. Indeed, such a choice renders more...

[eng] This article focuses on decentralized implementation of European Union competition policy. Delegating the control of interfirm agreements makes it possible to benefit from better local information. However , because of conflicts of interest, decisions taken may not be in line with overall...

Council Regulation (EC) 1/2003 came into force on the 1st of May 2004 replacing themandatory notification of agreements between firms by a regime of ex post monitoring.This paper provides a theoretical justification for this shift based on the competitionauthority’s accuracy of judgement. We...

[fre] Modernisation de la politique communautaire de concurrence. . La Commission européenne s'est récemment posé la question de la modernisation du traitement des accords entre entreprises. Elle souhaite modifier le système actuel de contrôle des accords par notifications, au profit d'une...

The European Commission recently considered abolishing the notification system and to focus on a regime of ex post investigation. Our objective is to show that a better understanding of markets can justify this reform. When the precision of the competition authority?s analysis is not high...

Council Regulation (EC) 1/2003 came into force in May 2004 and replaced the mandatory notification of agreements by a regime of ex post monitoring. This paper shows that ex post monitoring is the optimal audit regime when the competition authority's probability of error is low. On the other...