Tommaso Valletti
@tomvalletti.bsky.social
econ professor imperial college london
https://profiles.imperial.ac.uk/t.valletti
Tommaso M. Valletti is Professor of Economics at Imperial College Business School, and also Professor of Economics at the University of Rome Tor Vergata (Italy). He is a Fellow of CEPR. He is a Non-Executive Director to the board of the UK's Payment Systems Regulator. .. more
Economics
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Business
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Tommaso Valletti
@tomvalletti.bsky.social
· Aug 18
The innovation theory of harm in merger control: Some clarifications
Recent literature has analyzed the unilateral effects of mergers on investment and innovation. This note explores the Innovation Theory of Harm from a…
www.sciencedirect.com
Once properly interpreted, econ theory overwhelmingly supports the ITOH.
👉 Without synergies/spillovers, mergers harm consumers.
So: weakening merger control in the name of innovation is misguided.
The economics is clear — the ITOH still stands.
📄 Article www.sciencedirect.com/science/arti...
👉 Without synergies/spillovers, mergers harm consumers.
So: weakening merger control in the name of innovation is misguided.
The economics is clear — the ITOH still stands.
📄 Article www.sciencedirect.com/science/arti...
Tommaso Valletti
@tomvalletti.bsky.social
· Aug 18
My paper revisits the Innovation Theory of Harm (ITOH): mergers can reduce firms’ incentives to invest & innovate.
This theory has shaped major EU merger cases in telecoms & agro-chemicals.
What I find:
This theory has shaped major EU merger cases in telecoms & agro-chemicals.
What I find:
Tommaso Valletti
@tomvalletti.bsky.social
· Aug 18
🚨 New paper in Economics Letters!
Do mergers boost or harm innovation? The debate is heating up in EU & UK policy circles.
Some argue:
Relax merger control → more investment, productivity, competitiveness.
This view has influenced reports like Draghi’s & UK gov’t policy.
But is it right? 🤔
Do mergers boost or harm innovation? The debate is heating up in EU & UK policy circles.
Some argue:
Relax merger control → more investment, productivity, competitiveness.
This view has influenced reports like Draghi’s & UK gov’t policy.
But is it right? 🤔
Reposted by Tommaso Valletti, Robert Metcalfe
Diane Coyle
@dianecoyle1859.bsky.social
· Jul 25
Centre for Competition Policy
High quality independent research into competition policy and regulation
competitionpolicy.ac.uk
Call for papers, 4th UK Workshop on Digital Economics, London 28 November 2025: competitionpolicy.ac.uk/events/4th-w... This is always a great event