Responses To Market Power

Question A:

Constraints on the anti-competitive behavior of dominant firms in the digital economy can in principle be effectively implemented using the existing tools of competition policy and antitrust enforcement.

Responses weighted by each expert's confidence

Question B:

The effectiveness of existing antitrust regimes in constraining anti-competitive behavior is substantially limited by the inadequacy of the resources available to competition and regulatory agencies relative to the dominant firms of the digital economy.

Responses weighted by each expert's confidence

Question C:

Constraints on the anti-competitive behavior of dominant firms in the digital economy would be more effectively implemented than at present with ex-ante regulation such as Europe's Digital Markets Act and other forms of public utility regulation.

Details on Digital Markets Act here: https://digital-markets-act.ec.europa.eu/index_en

Responses weighted by each expert's confidence

Question A Participant Responses

Participant University Vote Confidence Bio/Vote History
Allen
Franklin Allen
Imperial College London
Uncertain
5
Bio/Vote History
There doesn't seem to be much evidence that this is the case. We will see how implementing existing policies works in practice.
Antras
Pol Antras
Harvard
Uncertain
5
Bio/Vote History
Blanchard
Olivier Blanchard
Peterson Institute
No Opinion
Bio/Vote History
Bloom
Nicholas Bloom
Stanford Did Not Answer Bio/Vote History
Blundell
Richard William Blundell
University College London
Uncertain
5
Bio/Vote History
Botticini
Maristella Botticini
Bocconi
Uncertain
7
Bio/Vote History
Bénassy-Quéré
Agnès Bénassy-Quéré
Paris School of Economics
Uncertain
1
Bio/Vote History
Carletti
Elena Carletti
Bocconi
Uncertain
4
Bio/Vote History
Danthine
Jean-Pierre Danthine
Paris School of Economics
Uncertain
3
Bio/Vote History
De Grauwe
Paul De Grauwe
LSE
Uncertain
6
Bio/Vote History
Eeckhout
Jan Eeckhout
UPF Barcelona
Agree
9
Bio/Vote History
Fehr
Ernst Fehr
Universität Zurich Did Not Answer Bio/Vote History
Freixas
Xavier Freixas
Barcelona GSE Did Not Answer Bio/Vote History
Fuchs-Schündeln
Nicola Fuchs-Schündeln
Goethe-Universität Frankfurt
Uncertain
3
Bio/Vote History
Galí
Jordi Galí
Barcelona GSE
No Opinion
Bio/Vote History
Garicano
Luis Garicano
LSE Did Not Answer Bio/Vote History
Gorodnichenko
Yuriy Gorodnichenko
Berkeley Did Not Answer Bio/Vote History
Griffith
Rachel Griffith
University of Manchester
No Opinion
Bio/Vote History
Guerrieri
Veronica Guerrieri
Chicago Booth
Agree
7
Bio/Vote History
Guiso
Luigi Guiso
Einaudi Institute for Economics and Finance
Agree
5
Bio/Vote History
Guriev
Sergei Guriev
Sciences Po
Disagree
8
Bio/Vote History
Honohan
Patrick Honohan
Trinity College Dublin
Uncertain
1
Bio/Vote History
Javorcik
Beata Javorcik
University of Oxford
Uncertain
1
Bio/Vote History
Krahnen
Jan Pieter Krahnen
Goethe University Frankfurt
Agree
3
Bio/Vote History
In particular transparency and easy and common access to data is probably a way to enhance competition.
Kőszegi
Botond Kőszegi
Central European University Did Not Answer Bio/Vote History
La Ferrara
Eliana La Ferrara
Harvard Kennedy Did Not Answer Bio/Vote History
Leuz
Christian Leuz
Chicago Booth
No Opinion
Bio/Vote History
Mayer
Thierry Mayer
Sciences-Po Did Not Answer Bio/Vote History
Meghir
Costas Meghir
Yale
Disagree
6
Bio/Vote History
Pagano
Marco Pagano
Università di Napoli Federico II
Uncertain
3
Bio/Vote History
Pastor
Lubos Pastor
Chicago Booth
No Opinion
Bio/Vote History
Persson
Torsten Persson
Stockholm University Did Not Answer Bio/Vote History
Pissarides
Christopher Pissarides
London School of Economics and Political Science Did Not Answer Bio/Vote History
Portes
Richard Portes
London Business School
Disagree
6
Bio/Vote History
Prendergast
Canice Prendergast
Chicago Booth
Uncertain
8
Bio/Vote History
Propper
Carol Propper
Imperial College London
No Opinion
Bio/Vote History
Rasul
Imran Rasul
University College London
Uncertain
6
Bio/Vote History
Reichlin
Lucrezia Reichlin
London Business School
Disagree
4
Bio/Vote History
Reis
Ricardo Reis
London School of Economics
Uncertain
7
Bio/Vote History
New attempts at getting market power will emerge; new tools will respond. It is a dynamic game.
Repullo
Rafael Repullo
CEMFI
Uncertain
4
Bio/Vote History
Rey
Hélène Rey
London Business School Did Not Answer Bio/Vote History
Schoar
Antoinette Schoar
MIT
Agree
6
Bio/Vote History
Storesletten
Kjetil Storesletten
University of Minnesota Did Not Answer Bio/Vote History
Sturm
Daniel Sturm
London School of Economics
Uncertain
3
Bio/Vote History
Van Reenen
John Van Reenen
LSE
Disagree
9
Bio/Vote History
Basic principle of welfare is right, but need to strengthen anti-trust regime to give greater power to regulators.
-see background information here
Van der Ploeg
Rick Van der Ploeg
Oxford
Disagree
6
Bio/Vote History
Vickers
John Vickers
Oxford Did Not Answer Bio/Vote History
Voth
Hans-Joachim Voth
University of Zurich
Agree
8
Bio/Vote History
Whelan
Karl Whelan
University College Dublin
Uncertain
5
Bio/Vote History
Wyplosz
Charles Wyplosz
The Graduate Institute Geneva
Uncertain
2
Bio/Vote History

Question B Participant Responses

Participant University Vote Confidence Bio/Vote History
Allen
Franklin Allen
Imperial College London
Uncertain
5
Bio/Vote History
Although the resources the government typically expends are not as large as the companies, they do often have talented people.
Antras
Pol Antras
Harvard
Strongly Agree
6
Bio/Vote History
Blanchard
Olivier Blanchard
Peterson Institute
Agree
6
Bio/Vote History
Bloom
Nicholas Bloom
Stanford Did Not Answer Bio/Vote History
Blundell
Richard William Blundell
University College London
Uncertain
5
Bio/Vote History
Botticini
Maristella Botticini
Bocconi
Uncertain
7
Bio/Vote History
Bénassy-Quéré
Agnès Bénassy-Quéré
Paris School of Economics
Agree
5
Bio/Vote History
Carletti
Elena Carletti
Bocconi
Uncertain
3
Bio/Vote History
Danthine
Jean-Pierre Danthine
Paris School of Economics
Agree
3
Bio/Vote History
De Grauwe
Paul De Grauwe
LSE
Agree
7
Bio/Vote History
Eeckhout
Jan Eeckhout
UPF Barcelona
Strongly Agree
9
Bio/Vote History
Fehr
Ernst Fehr
Universität Zurich Did Not Answer Bio/Vote History
Freixas
Xavier Freixas
Barcelona GSE Did Not Answer Bio/Vote History
Fuchs-Schündeln
Nicola Fuchs-Schündeln
Goethe-Universität Frankfurt
Uncertain
3
Bio/Vote History
Galí
Jordi Galí
Barcelona GSE
Agree
5
Bio/Vote History
Garicano
Luis Garicano
LSE Did Not Answer Bio/Vote History
Gorodnichenko
Yuriy Gorodnichenko
Berkeley Did Not Answer Bio/Vote History
Griffith
Rachel Griffith
University of Manchester
No Opinion
Bio/Vote History
Guerrieri
Veronica Guerrieri
Chicago Booth
Uncertain
7
Bio/Vote History
Guiso
Luigi Guiso
Einaudi Institute for Economics and Finance
Uncertain
5
Bio/Vote History
Guriev
Sergei Guriev
Sciences Po
Agree
8
Bio/Vote History
Honohan
Patrick Honohan
Trinity College Dublin
Agree
1
Bio/Vote History
Javorcik
Beata Javorcik
University of Oxford
Agree
8
Bio/Vote History
Krahnen
Jan Pieter Krahnen
Goethe University Frankfurt
Uncertain
4
Bio/Vote History
I don't know enough on available resources for anti-trust agencies to give a proper assessment.
Kőszegi
Botond Kőszegi
Central European University Did Not Answer Bio/Vote History
La Ferrara
Eliana La Ferrara
Harvard Kennedy Did Not Answer Bio/Vote History
Leuz
Christian Leuz
Chicago Booth
Agree
3
Bio/Vote History
Mayer
Thierry Mayer
Sciences-Po Did Not Answer Bio/Vote History
Meghir
Costas Meghir
Yale
Agree
8
Bio/Vote History
Pagano
Marco Pagano
Università di Napoli Federico II
Agree
5
Bio/Vote History
Pastor
Lubos Pastor
Chicago Booth
No Opinion
Bio/Vote History
Persson
Torsten Persson
Stockholm University Did Not Answer Bio/Vote History
Pissarides
Christopher Pissarides
London School of Economics and Political Science Did Not Answer Bio/Vote History
Portes
Richard Portes
London Business School
Strongly Agree
6
Bio/Vote History
Prendergast
Canice Prendergast
Chicago Booth
Strongly Agree
8
Bio/Vote History
Propper
Carol Propper
Imperial College London
Agree
5
Bio/Vote History
Rasul
Imran Rasul
University College London
Agree
8
Bio/Vote History
Reichlin
Lucrezia Reichlin
London Business School
Agree
3
Bio/Vote History
Reis
Ricardo Reis
London School of Economics
Uncertain
5
Bio/Vote History
Unclear that lack of resources is the constraint with the highest Lagrange multiplier.
Repullo
Rafael Repullo
CEMFI
Strongly Agree
4
Bio/Vote History
Rey
Hélène Rey
London Business School Did Not Answer Bio/Vote History
Schoar
Antoinette Schoar
MIT
Agree
7
Bio/Vote History
Storesletten
Kjetil Storesletten
University of Minnesota Did Not Answer Bio/Vote History
Sturm
Daniel Sturm
London School of Economics
Agree
6
Bio/Vote History
Van Reenen
John Van Reenen
LSE
Agree
8
Bio/Vote History
Van der Ploeg
Rick Van der Ploeg
Oxford
Agree
6
Bio/Vote History
Vickers
John Vickers
Oxford Did Not Answer Bio/Vote History
Voth
Hans-Joachim Voth
University of Zurich
Uncertain
6
Bio/Vote History
Whelan
Karl Whelan
University College Dublin
Agree
5
Bio/Vote History
Wyplosz
Charles Wyplosz
The Graduate Institute Geneva
Agree
2
Bio/Vote History

Question C Participant Responses

Participant University Vote Confidence Bio/Vote History
Allen
Franklin Allen
Imperial College London
Uncertain
5
Bio/Vote History
Maybe, but again we will have to see how things work in practice.
Antras
Pol Antras
Harvard
Agree
6
Bio/Vote History
Blanchard
Olivier Blanchard
Peterson Institute
No Opinion
Bio/Vote History
Bloom
Nicholas Bloom
Stanford Did Not Answer Bio/Vote History
Blundell
Richard William Blundell
University College London
Uncertain
5
Bio/Vote History
Botticini
Maristella Botticini
Bocconi
Agree
7
Bio/Vote History
Bénassy-Quéré
Agnès Bénassy-Quéré
Paris School of Economics
Agree
5
Bio/Vote History
Carletti
Elena Carletti
Bocconi
Uncertain
3
Bio/Vote History
Danthine
Jean-Pierre Danthine
Paris School of Economics
Agree
3
Bio/Vote History
De Grauwe
Paul De Grauwe
LSE
Uncertain
5
Bio/Vote History
Eeckhout
Jan Eeckhout
UPF Barcelona
Strongly Agree
9
Bio/Vote History
Fehr
Ernst Fehr
Universität Zurich Did Not Answer Bio/Vote History
Freixas
Xavier Freixas
Barcelona GSE Did Not Answer Bio/Vote History
Fuchs-Schündeln
Nicola Fuchs-Schündeln
Goethe-Universität Frankfurt
Uncertain
2
Bio/Vote History
Galí
Jordi Galí
Barcelona GSE
No Opinion
Bio/Vote History
Garicano
Luis Garicano
LSE Did Not Answer Bio/Vote History
Gorodnichenko
Yuriy Gorodnichenko
Berkeley Did Not Answer Bio/Vote History
Griffith
Rachel Griffith
University of Manchester
No Opinion
Bio/Vote History
Guerrieri
Veronica Guerrieri
Chicago Booth
Uncertain
5
Bio/Vote History
Guiso
Luigi Guiso
Einaudi Institute for Economics and Finance
Agree
6
Bio/Vote History
Guriev
Sergei Guriev
Sciences Po
Agree
8
Bio/Vote History
Honohan
Patrick Honohan
Trinity College Dublin
Agree
1
Bio/Vote History
Javorcik
Beata Javorcik
University of Oxford
Agree
6
Bio/Vote History
Krahnen
Jan Pieter Krahnen
Goethe University Frankfurt
Agree
4
Bio/Vote History
The effectiveness of "Ordnungspolitik", i.e. setting behavioral and legal norms ex-ante, has been a successful strategy in many other markets with a high innovation potential.
Kőszegi
Botond Kőszegi
Central European University Did Not Answer Bio/Vote History
La Ferrara
Eliana La Ferrara
Harvard Kennedy Did Not Answer Bio/Vote History
Leuz
Christian Leuz
Chicago Booth
No Opinion
Bio/Vote History
Mayer
Thierry Mayer
Sciences-Po Did Not Answer Bio/Vote History
Meghir
Costas Meghir
Yale
Uncertain
6
Bio/Vote History
Pagano
Marco Pagano
Università di Napoli Federico II
Uncertain
1
Bio/Vote History
Pastor
Lubos Pastor
Chicago Booth
No Opinion
Bio/Vote History
Persson
Torsten Persson
Stockholm University Did Not Answer Bio/Vote History
Pissarides
Christopher Pissarides
London School of Economics and Political Science Did Not Answer Bio/Vote History
Portes
Richard Portes
London Business School
Agree
5
Bio/Vote History
Prendergast
Canice Prendergast
Chicago Booth
Agree
8
Bio/Vote History
Propper
Carol Propper
Imperial College London
Uncertain
3
Bio/Vote History
Rasul
Imran Rasul
University College London
Uncertain
6
Bio/Vote History
Reichlin
Lucrezia Reichlin
London Business School
Agree
3
Bio/Vote History
Reis
Ricardo Reis
London School of Economics
Uncertain
5
Bio/Vote History
Repullo
Rafael Repullo
CEMFI
No Opinion
Bio/Vote History
Rey
Hélène Rey
London Business School Did Not Answer Bio/Vote History
Schoar
Antoinette Schoar
MIT
No Opinion
Bio/Vote History
Storesletten
Kjetil Storesletten
University of Minnesota Did Not Answer Bio/Vote History
Sturm
Daniel Sturm
London School of Economics
Agree
4
Bio/Vote History
Van Reenen
John Van Reenen
LSE
Agree
8
Bio/Vote History
Van der Ploeg
Rick Van der Ploeg
Oxford
Agree
6
Bio/Vote History
Vickers
John Vickers
Oxford Did Not Answer Bio/Vote History
Voth
Hans-Joachim Voth
University of Zurich
Disagree
7
Bio/Vote History
Whelan
Karl Whelan
University College Dublin
No Opinion
Bio/Vote History
Wyplosz
Charles Wyplosz
The Graduate Institute Geneva
Agree
2
Bio/Vote History