(Revista de Derecho Administrativo, 2022-12-15) Beneke Ávila, Francisco Eduardo
Competition law enforcement is informed by the knowledge of the economic phenomenon to be regulated: market power of one or more companies. Such knowledge is currently based on the fields of price theory and industrial organization. These fields of economic theory have helped, on the one hand, to structure a framework in which it is possible to analyze factors such as market structure and incentives of economic agents in order to determine whether a conduct is anticompetitive or not. On the other hand, the question arises as to whether the variables derived from these fields are enough for a complete understanding of market performance. This article shows two aspects of the literature in the field of neo-institutionalism that can be used to complement the analytical framework of competition based on price theory and modern industrial organization: 1. The influence of companies with market power in the process of adopting state regulations that may affect the intensity of competition; 2. Uncertainty regarding public policies that may affect the profits of an investment project.
