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Massimo Motta





Curriculum Vitae - Massimo Motta

Personal Information

Date of Birth: February 9th, 1962 in Milan (Italy)


Civil Status:


married, two children




Economics Department, Universitat Pomepu Fabra,
Ramon Trias-Fargas 25-27, E-08005 Barcelona, Spain
tel.:+34 93 5422058; fax: +34 93 5421860
email: prof[dot]massimo[dot]motta[at]gmail[dot]com

Current Affiliations

  • ICREA-Universitat Pompeu Fabra: Research Professor (September 2009-)
  • Barcelona Graduate School of Economics: Research Professor (September 2009-)
  • Università di Bologna: Professor of Economics (January 2007-)
  • Centre for Economic Policy Research (CEPR), London: Research Fellow (February 1996- )
  • CES-Ifo, Munich, Fellow (September 2000- )

Past Academic Appointments


Teaching and research assistant in International Economics at Università Bocconi, Milan.


Teaching assistant in International Economics at London School of Economics.


Researcher, Centre for Operations Research and Econometrics, Université Catholique de Louvain, Belgium.


Assistant Professor, Universitat Pompeu Fabra, Barcelona.


CEPR, London: Research Affiliate.


Associate Professor, Universitat Pompeu Fabra, Barcelona.


Coordinator of the MSc in Economics at UPF.

Jan 2003-
Dec 2005

Chairman of the Economics Department, and Member of the Executive Committee, European University Institute, Florence.

1997 - 1998

Professor, Universitat Pompeu Fabra, Barcelona.

1998 –Jan.2007

Professor, Universitat Pompeu Fabra, Barcelona (on leave).

1998 - 2008

Professor, European University Institute, Florence.

October 2006 – September 2009

Scientific Director, Master in Competition and Market Regulation, Barcelona Graduate School of Economics
January 2007 - January 2010
Professor of Economics, Dipartimento di Scienze Economiche, Università di Bologna



Laurea in Discipline Economiche e Sociali (110/110 cum laude), Università Bocconi; supervisor: F. Onida.


Maîtrise en Sciences Economiques (Grande Distinction), Université Catholique de Louvain; supervisor: A. Jacquemin.


At London School of Economics, for the "advanced year" of the European Doctoral Programme in Quantitative Economics (EDP); supervisor: J. Sutton.


At CORE, Université Catholique de Louvain, for the "final year" of the EDP; supervisor: C. d'Aspremont.


Ph.D. in Economics (European Doctor in Quantitative Economics).

Research Interests

Industrial organisation; competition (antitrust) policy; regulation; law and economics; international trade; multinational firms and foreign direct investments.

Editorial Activities

  • Associate Editor, Economica (1996 - 2002)
  • Editorial Board, Giornale degli Economisti (1997 -2003)
  • Associate Editor, Mercato Concorrenza Regole (1998 – 2001)
  • Associate Editor, European Economic Review (1999 - 2002)
  • Associate Editor, Journal of the European Economic Association (2003 -2008) 


  • Member of the Economic Advisory Group on Competition Policy, Directorate General for Competition, European Commission (2003-)
  • Member of the Steering Committee of the Association of Competition Economists, ACE (2004-2009), and of the Executive Committee (January 2006-December 2008)
  • Coordinator of the Chair on Finance and Consumption in the European Union (an externally funded programme endowed with 265,000 € per year) at the European University Institute (Jan. 2004 – Dec. 2006)
  • Member of the Committee for Marco Fanno Scholarships and Franco Modigliani Fellowships (September 2005 - )
  • Member of the Expert Academic Panel of Ofcom (Office of Communication), London (2006-2009).
  • Member of the Council of the European Economic Association (2008 - 2012).
  • Fellow of the European Economic Association (since January 2008 – life appointment).
  • Adviser of the South African Competition Commission (July 2008 -).


Italian: mother tongue; English, French, Spanish: excellent; German and Catalan: notions.

Dissertations Supervised

  • Mireia Jofre-Bonet, “Health care: interaction between public system and private sector”, Universitat Pompeu Fabra, February 1998.
  • Andrea Fosfuri, “Technology transfers, spillovers and international investments”, Universitat Pompeu Fabra, June 1998.
  • Thomas Rønde, “Theory of the firm and diffusion of knowledge”, Universitat Pompeu Fabra, July 1999.
  • Chiara Fumagalli, "Essays on foreign direct investments and competition", Universitat Pompeu Fabra, September 2000.
  • Inês Cabral, "Mergers and information", European University Institute, October 2001.
  • Pedro Fernandes, "Essays on customer loyalty and on the competitive effects of frequent-flyer programmes", European University Institute, October 2001.
  • Natalia Fabra, "Market power in electrity markets", European University Institute, October 2001.
  • Steven Tokar, "Three essays on competition policy and information asymmetries", European University Institute, November 2001.
  • Julie Bon, "Competitive aspects of vertical restraints", European University Institute, December 2001.
  • Helder Vasconcelos, “Three essays on collusion and mergers”, European University Institute, October 2002.
  • Chrysovalantou-Vasiliki Milliou, "Vertical integration and information flow", European University Institute, September 2003.
  • Elena Argentesi, “Empirical analysis of a two-sided market: The Italian newspaper industry”, European University Institute, February 2005.
  • Cyrille Schwellnus, “Essays on the political economy of trade and migration polices”, European University Institute, July 2005.
  • Monica Ariño, “Regulation and competition in European broadcasting”, European University Institute (Law Department), September 2005.
  • Stefanie Haller, “Multinational entry and host-country effects”, European University Institute, October 2005.
  • Lapo Filistrucchi, “Market power, internet and habits in the newspapers market”, European University Institute, November 2005.
  • Liliane Karlinger, “Illicit firm behavior: Collusion, exclusion, and shadow-economic activity”, European University Institute, December 2005.
  • Fernando Dominguez Iñiguez, “On electricity markets, mergers, and financial assets”, European University Institute, February 2006.
  • Katja Zajc (University of Ljubljana), Effects of Foreign Direct Investment on Industry Structure: A Host Country Perspective, April 2006.
  • Alexandre de Streel, “On the edge of antitrust: The relationship between competition law and sector regulation in European electronic communications”, European University Institute (Law Department), October 2006.
  • Andrea Barone, “Three essays on the economics of public utilities”, European University Institute, May 2007.
  • Laurent Meunier, “Theoretical and econometric analysis of behaviour towards environment”, European University Institute, January 2008.
  • Mario Mariniello, “Competition and the role of public authorities”, European University Institute, February 2008.
  • Gregor Langus, “Three Essays on Competition Policy”, European University Institute, October 2008.
  • Ulrike Wienrich, “Heterogeneous switching costs and vertical mergers: Cases for State intervention?”, European University Institute, March 2010. 
  • Emanuele Tarantino, “Three essays in industrial organization and corporate finance”, European University Institute, November 2010.
  • Dimitrios Magos, “Three essays in competition policy”, European University Institute, May 2011.
  • Giuseppe Quinto, “Durable goods and conglomerate mergers”, University of Bologna, July 2011.
  • Claudio Calcagno, “Essays on imperfect competition”, European University Institute, September 2011.

Currently Supervised Ph.D. Students

  • Lluís Sauri, EUI
  • Malgorzata Sadowska, University of Bologna 
  • Antoine Chapsal, Universitat Pompeu Fabra

Thesis Committees

  • Leonardo Medrano, “Tres ensayos sobre relaciones verticales y política industrial y comercial”, Universitat Autonoma de Barcelona, 1994.
  • Iñaki Aguirre, “La política de precios cómo arma estrategica frente a la entrada de nuevas empresas”, Universidad del Pais Vasco, 1994.
  • Luis Granero, “Essays on industrial economics”, Universitat Autónoma de Barcelona, 1997.
  • Joel Sandonis, “Tres ensayos sobre I+D cooperativo”, Universidad del Pais Vasco, 1995.
  • Georges Siotis, “Technological diffusion, foreign direct investments, and convergence”, Université Libre de Bruxelles, 1997.
  • Bruno Versaevel, “Innovation and industrial organization”, European University Institute, 1998.
  • Penelope Papandropoulos, “Issues in European competition policy: Lobbying, reputation, and R&D cooperaion”, Université Libre de Bruxelles, 1999.
  • Valérie Rabassa, “The economics of antitrust: New challenges”, Université de Toulouse I, 1999.
  • Jérome Philippe, “Relations verticales et concurrence”, Université de Toulouse I, 1999.
  • Steffen Hörnig, “Essays on R&D races and Cournot oligopoly”, European University Institute, 2000.
  • Asunción Soro-Bonmatí, “From school to work: a comparison of labour market transitions and leaving home decisions of young people in Germany, Italy and Spain”, European University Institute, 2001.
  • Winfried Koeniger, “Essays on insurance, institutions and aggregate labor markets”, European University Institute, 2001.
  • Emmanuelle Menascé, “Essays on labour standards, trade and welfare”, European University Institute, 2001.
  • Gerben Bakker, “Entertainment industrialised. The emergence of the international film industry, 1890-1940”, European University Institute, Department of History, November 2001.
  • Thibaud Vergé, “Politique de la concurrence et analyse économique des relations verticales”, Université de Toulouse I, 2001.
  • Sigrid Stroux, “EC Oligopoly Control”, European University Institute, Department of Law, October 2003.
  • Luca Grilli, “Advances in network and internet economics: four essays”, Università di Siena, Dipartimento di Economia, December 2003.
  • Karen Hovhannisian, “Modeling strategies of search and innovation on technology landscape”, Università di Siena, Dipartimento di Economia, December 2003.
  • Piercarlo Zanchettin, “Essays on competition, innovation and growth”, Università di Siena, Dipartimento di Economia, December 2003.
  • Maria del Mar Cebrian Villar, “Technological Imitation and Economic Growth during the Golden Age, 1959-1973”, European University Institute, Department of History, September 2004.
  • Stefan Imhof, “On Political Coalitions and Equitable Allocations of Indivisible Goods”, European University Institute, October 2004.
  • Xavier Mas Mañez, “Three Essays on Industrial Organisation”, European University Institute, December 2004.
  • Ouarda Merrouche, “Essays on empirical public policy economics”, European University Institute, July 2005.
  • Aldo Gonzalez Tissinetti, “Three essays on merger control”, Université de Toulouse I, December 2005.
  • Andreea Cosnita, “Essais sur les concentrations horizontales”, Université de Paris I (Panthéon-Sorbonne), November 2006.
  • Martin Karlsson, “On asymmetric information and health”, European University Institute, January 2007.
  • João da Silva, “Three essays on applied labour economics”, European University Institute, February 2007.
  • Andrea Amelio, “Essays in industrial organization: new rationales for bundling and collusion”, Université de Toulouse I, June 2007.
  • Aurora Ascione, “Three essays on exchange rate pass-through”, European University Institute, January 2009.
  • Stefano Colombo, “Direct price discrimination and product differentiation in the Hotelling framework”, Università Cattolica, Milano, January 2009.
  • Francisco Javeir Coronado Saleh, “Market structure and regulation in pharmaceutical markets”, Universitat Pompeu Fabra, March 2010. 
  • Agnese Leonello, “Three Essays in Competition and Banking”, European University Institute, July 2011.


Competition Policy. Theory and Practice Cambridge University Press (2004).
Translation into Italian, with changes and adaptation, as: Antitrust. Economia e politica della concorrenza (with Michele Polo), Bologna: il Mulino (2005)
Translation into Chinese, 2007.
Translation into Hungarian, 2007.
Monopolisation: The Economics of Exclusionary Practices (with Chiara Fumagalli and Claudio Calcagno), Cambridge University Press (in preparation; to be published in 2012)
Books Edited
Nuevas Fronteras de la Política Economica (Ed. with Andreu Mas-Colell). Barcelona: CREI (1999).
In English (leading economic journals)
  • "Sunk Costs and Trade Liberalisation", Economic Journal 102/412 (May 1992), 578-587.
  • "Multinational Firms and the Tariff-Jumping Argument: A Game Theoretic Analysis with Some Unconventional Conclusions", European Economic Review 36 (December 1992), 1557-1571.
  •  "Cooperative R&D and Vertical Product Differentiation", International Journal of Industrial Organization 10 (December 1992), 643-661.
  • "Endogenous Quality Choice: Price vs. Quantity Competition", Journal of Industrial Economics 41 (June 1993), 113-131.
  • "International Trade and Investments in a Vertically Differentiated Industry", International Journal of Industrial Organization 12 (1994), 179-196.
  • "Eastern European Economic Integration and Foreign Direct Investment" (with George Norman), Journal of Economics and Management Strategy 2/4 (Winter 1993), 483-507.
  • "Does Environmental Dumping Lead to Delocation?" (with Jacques-François Thisse), European Economic Review 38 (1994), 563-576.
  • "Does Economic Integration Cause Foreign Direct Investment?" (with George Norman), International Economic Review 37 (November 1996), 757-783.
  • "Managerial Incentives for Takeovers" (with Ramon Faulí-Oller), Journal of Economics and Management Strategy 4/4 (Winter 1996), 497-514.
  •  "On the Persistence of Leadership or Leapfrogging in International Trade" (with Jacques Thisse and Antonio Cabrales), International Economic Review 38/4 (Nov. 1997), 809-824.
  • "Multinationals Without Advantages" (with Andrea Fosfuri), Scandinavian Journal of Economics 101/4 (1999), 617-630.
  • "Risk Dominance Selects the Leader. An Experimental Analysis" (with Antonio Cabrales and Walter Garcia-Fontes), International Journal of Industrial Organisation 18/1 (2000), 137-162.
  • "Country Asymmetries, Endogenous Product Choice and the Speed of Trade Liberalization" (with Antonio Cabrales), European Economic Review, 45(2001), 87-207.
  •  "Foreign Direct Investments and Spillovers Through Workers' Mobility" (with Andrea Fosfuri and Thomas Rønde), Journal of International Economics, 53 (2001), 205-222.
    [Reprinted in Globalization and Productivity, edited by David Greenaway, Holger Görg, and Richard Kneller, Cheltenham: Edward Elgar]
  • "Leniency Programs and Cartel Prosecution" (with Michele Polo), International Journal of Industrial Organization, 21 (2003), 347-379
    [Reprinted in Recent Developments in Monopoly and Competition Policy, edited by George Norman, Cheltenham: Edward Elgar]
  • "Efficiency gains and myopic antitrust authority in a dynamic merger game" (with Helder Vasconcelos), International Journal of Industrial Organization, 23 (9-10), December 2005, 777-801.
  • "Exclusive dealing and entry, when buyers compete" (with Chiara Fumagalli), American Economic Review, 96(3), June 2006, 785-795.
  • "Buyers' Miscoordination, Entry, and Downstream Competition" (with Chiara Fumagalli), Economic Journal, 118 (531): 1196-1222, August 2008.
  • "On the anti-competitive effect of exclusive dealing when entry by merger is possible" (with Chiara Fumagalli and Lars Persson), Journal of Industrial Economics. 47(4), December 2009: 785-811.
  • "Acquisition of information and share prices: An empirical investigation of cognitive dissonance" (with Elena Argentesi and Helmut Lütkepohl), German Economic Review, 11(3):381-396, August 2010.
  • “A Political Economy Model of Mergers in International Markets” (with Michele Ruta), Forthcoming in Economica.
  • "Exclusionary Pricing when Scale Matters" (with Liliane Karlinger), CEPR Discussion Paper 6258 (2007); forthcoming in the Journal of Industrial Economics.
In English (other journals, and book chapters)
  • "Recent Models of International Trade and Distributional Gains from Integration", Rivista Internazionale di Scienze Economiche e Commerciali XXXVII/8 (1990), 713-736.
  • Strategic Investments, R&D and International Economics, CIACO, Louvain-la-Neuve, 1991. 
  • "Quality of Professional Services under Price Floors" (with Walter Garcia-Fontes), Revista Española de Economia, Número Monográfico (1995), 165-189. 
  • "Research Joint Ventures in an International Economy", Ricerche Economiche 50 (1996), 293-315. 
  • "Trade Policy and Competition Policy" (with Fabrizio Onida), Giornale degli Economisti 56/1-2 (June 1997), 67-97.
  • "Concentration and Public Policies in the Broadcasting Industry: The Future of Television" (with Michele Polo), Economic Policy 25 (October 1997), 295-334.  
  • "EC Merger Policy, and the Airtours Case", European Competition Law Review 21/4 (2000), 199-207.  
  • "Tougher Competition or Lower Concentration: A Trade-Off for Antitrust Authorities?" (with Claude d'Aspremont), in G. Norman and J.-F. Thisse (eds.), Market Structure and Competition Policy: Game-Theoretic Approaches, Cambridge University Press, 2000. 
  • “Minimum Quality Standard as an Environmental Policy: Domestic and International Effects” (with Jacques Thisse), pp.27-46 in: E. Petrakis, S. Sartzetakis, and A. Xepapadeas (eds), Environmental Regulation and Market Power. Edward Elgar, 1999. 
  • "Upstream Mergers, Downstream Mergers, and Secret Vertical Contracts" (with Chiara Fumagalli). Research in Economics, 55, 275-289, September 2001. 
  • "Advertising Restrictions in Professional Services" (with Chiara Fumagalli), ch.3 (pp.49-70) in Giuliano Amato and Laraine Laudati (eds.), The Anticompetitive Impact of Regulation, Edward Elgar Publishers, 2001. 
  • "Competition, Coordination, and Antitrust Policy" (with Claude d'Aspremont), Cahiers d'Economie Politique, No.37 (2001), Special issue on: "Qu'a-t-on appris sur la concurrence imparfaite depuis Cournot?" (Eds.: R.Dos-Santos-Ferreira and L.A. Gérard-Varet)  
  • "Does Relocation of Economic Activities Hurt Labour in the Home Country?" (with Chiara Fumagalli), Giornale degli Economisti, 61, 1 (Giugno 2001), pp.97-133. 
  • "Merger Remedies in the European Union: An Overview" (with Michele Polo and Helder Vasconcelos), Antitrust Bulletin, Forthcoming. Reprinted in François Lévêque and Howard Shelanski (eds.), Merger Remedies in American and European Union Competition Law, Cheltenham: Edward Elgar, 2003.  
  • "Beyond the Spectrum Constraint: Concentration and Entry in the Broadcasting Industry" (with Michele Polo), in Mario Baldassarri and Luca Lambertini (eds.), 2003, Antitrust, Regulation and Competition, New York: PalgraveMacMillan.  
  • "Excessive Pricing and Price Squeeze under EU Law" (with Alexandre de Streel), in Claus-Dieter Ehlermann and Isabela Atanasiu (eds.), What is an abuse of a dominant position?, Oxford: Hart Publishing, 2006, pp. 91-125..  
  • "Identical price categories in oligopolistic markets. Innocent behaviour or collusive practice?” (with Pascal Courty, Natalia Fabra, and Chiara Fumagalli). Autorità Garante della Concorrenza e del Mercato, Collana Temi e Problemi, 11.  
  • "On the Effect of EU Cartel Investigations and Fines on the Infringing Firms’ Market Value" (with Gregor Langus), in Claus-Dieter Ehlermann and Isabela Atanasiu (eds.), Enforcement of Prohibition of Cartels, Hart Publishing, 2007, pp. 363-376. 
  • "Economic Foundations of Merger Control", in Abel Matutes and Teresa Moreira (eds.), Competition Law and Economics – Advances in Competition Policy and Antitrust Enforcement, Den Hague: Kluwer Law International, 2007 (Chapter 15, pp. 269-296). 
  • "Review of Michael Whinston’s ‘Lectures in Antitrust Economics", Competition Policy International, 3(1): 312-320, 2007. 
  • "Merger Remedies in the European Union: An Overview" (with Michele Polo and Helder Vasconcelos), The Antitrust Bulletin, 52(3&4), Fall-Winter 2007, pp. 603-631. 
  • “Excessive Pricing in Competition Law: Never Say Never?”, (with Alexandre de Streel), in The Pros and Cons of High Prices, Stockholm: Konkurrensverket – Swedish Competition Authority, 2007 (Chapter 2, pp. 14-46). 
  • "On Cartel Deterrence and Fines in the European Union", European Competition Law Review, 29(4), 2008: 209-220. 
  • "Michelin II: The Treatment of Rebates", pp. 29-49, in Bruce Lyons (ed.), Cases in European Competition Policy: The Economic Analysis, Cambridge U.P., 2009.  
  • “Cartels in the European Union: Economics, Law, Practice”, pp. 95-134, in Xavier Vives (ed.), Competition in the EU: Fifty Years on from the Treaty of Rome, Oxford University Press, 2009.  
  • “Leniency Programs” (with Michele Polo), in 3 ISSUES IN COMPETITION LAW AND POLICY 2219-2228 (ABA Section of Antitrust Law 2008)  
  • “The European Commission’s Guidance Communication on Article 82”, European Competition Law Review, 30(12): 593-599. 
  • “Settlements in cartel cases” (with Aurora Ascione). In Claus-Dieter Ehlermann and Mel Marquis (eds.), European Competition Law Annual 2008: Antitrust settlements under EC Competition Law, Oxford: Hart Publishing, pp. 67-83 (2010).
In Italian
  • "Il modello di specializzazione internazionale dell'Italia e dei maggiori paesi industrializzati". In: Onida, F. (ed.), L'industria italiana nella competizione internazionale, Roma: I.C.E. (1988).
  • "Comportamenti strategici e di "acquisizione dei vantaggi" negli investimenti all'estero: un approccio dinamico", Economia e Politica Industriale 61 (1989), 170-201.  
  • "Gli effetti degli investimenti all'estero sull'economia del paese investitore", l'Industria XI/1 (1990), 79-116. 
  • "Mercati oligopolistici e teorie del commercio internazionale: recenti sviluppi e nuove prospettive" (with Rodolfo Helg), Politica Economica 9/2 (1993), 211-233.  
  • "Modelli di commercio internazionale con concorrenza imperfetta" (with Rodolfo Helg). In: C.A. Bollino and P. Padoan (eds.), Il circolo virtuoso. Commercio e flussi finanziari in un'Europa allargata. Bologna: Il Mulino (1993).  
  • "Le motivazioni oligopolistiche e strategiche degli investimenti all'estero". In: C.A. Bollino and P. Padoan, op. cit.  
  • "Standard minimi di qualità come politica ambientale: effetti nazionali ed internazionali" (with Jacques-François Thisse). In: F. Onida (ed.), Il protezionismo strategico. Bologna. Il Mulino (1996). (English version: Working Paper, Fondazione Mattei, Milano, 1993.) 
  • "Concentrazione e regolamentazione del settore televisivo" (with Michele Polo). In: F. Giavazzi, A. Penati and G. Tabellini (eds.), Le Nuove Frontiere della Politica Economica 1997. Milano: Edizioni Sole-24 Ore (1997). 
  • "Restrizioni alla pubblicità nelle libere professioni" (with Chiara Fumagalli), Mercato Concorrenza Regole 1/3 (1999), 421-445. 
  • "Fusioni orizzontali: analisi economica e politica comunitaria". Mercato Concorrenza Regole 2/2 (2000), 211-243.  
  • "L’EDF in Italia. E’ un problema antitrust?" (Forum, with Giuliano Amato, Guido Rossi, Mario Siragusa). Mercato Concorrenza Regole 3/3 (2001), 533-560.  
  • "Oltre il “vincolo dello spettro”: concentrazione ed entrata nell’industria dei servizi televisivi" (with Michele Polo), Rivista di Politica Economica, Special issue on “Antitrust, regolazione e concorrenza: teoria e pratica” XCI, 4-5, April-May 2001, pp. 115-150. 
  • "L’economia e il giudice", Atti del convegno “Il giudice e la controversia tecnico-scientifica”, Università di Firenze, 7 maggio 2004. 
  • "Fusioni e campioni nazionali" (with Michele Ruta), L’industria, XXIX, n. 2, aprile-giugno 2008, pp. 245-270.
In Spanish
  • “`In medio virtus'. El alcance de la politica de competencia en una estructura de mercado endógena", Cuadernos Economicos de ICE 57/2 (1994).
  •  "Regulación de las Oficinas de Farmacia en España: Precios y libertad de entrada" (with Walter Garcia-Fontes). In: G. López Casasnovas and D. Rodríguez Palenzuela (eds.), La regulación de los servicios sanitarios en España. Madrid: Civitas (1997).

Working Papers

  • "Advertising Bans", UPF Working Papers Nº 205 (January 1997).
  • "Product Differentiation and Endogenous Mode of Competition", IGIER Working Paper n. 134 (September 1998).
  • "Economic Analysis and EC Merger Policy", EUI Working Paper RSC 2000/33
  • "Trade secret laws, labour mobility, and innovation" (with Thomas Rønde), CEPR Discussion Paper 3615, 2002.
  • "Have Antitrust Fines in the EU Had Any Effects on the Firms?" (with Luca Aguzzoni and Gregor Langus), CEPR Discussion Paper 6176 (2007).
  • Exclusive Dealing: The Interaction between Foreclosure and Investment Promotion" (with Chiara Fumagalli and Thomas Rønde), CEPR Discussion Paper 7240 (2009).
  • "A Simple Model of Predation" (with Chiara Fumagalli), CEPR Discussion Paper 7372 (2009).

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