Antitrust Must Act Carefully On Innovation, UK Official Says

By Melissa Lipman (January 26, 2017, 10:57 AM EST) -- Antitrust enforcers must be careful to avoid underestimating the value of innovation — but they can't take a hands-off approach to fast-changing markets, the head economist for the U.K.'s competition watchdog warned Thursday.

Competition authorities have historically underestimated the importance of the benefits consumers receive from innovative new products when examining companies' conduct, because economists lack good models to measure those efficiencies, Competition and Markets Authority Chief Economist Mike Walker said at a Brussels conference.

Walker pled with economists and business schools to develop better ways to measure those kinds of effects, but he also warned that authorities could not be...

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