Winter 2020, Volume 2, Number 1

In this edition of the Chronicle, we address innovation. Fostering innovation to the benefit of consumers is widely accepted to be one of the key goals of antitrust rules. But innovation as a parameter of competition is difficult to assess.

Unlike price, which can be directly quantified, innovation is by its nature speculative, and its potential effects are probabilistic at best. This is all the more so for so-called “disruptive” technological innovation that has the potential to undermine incumbents, or even redefine entire sectors of the economy.