Professional interpretation of the standard of proof: an experimental test on merger regulation

Bruce Lyons, Gordon Menzies and Daniel Zizzo
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Bruce Lyons: Centre for Competition Policy and School of Economics, University of East Anglia
Gordon Menzies: School of Finance and Economics, University of Technology Sydne

No 2010-02, Working Paper series, University of East Anglia, Centre for Competition Policy (CCP) from Centre for Competition Policy, University of East Anglia, Norwich, UK.

Abstract: There is considerable debate about the alternative economic approaches to merger control taken by competition authorities. However, differences in economic analysis are not the only reason for alternative decisions. We conduct an experiment in decision making in the context of merger appraisal, identifying the separate influences of different standards of proof, volumes of evidence, cost of error and professional training. The experiment was conducted on current practitioners from nine different jurisdictions, in addition to student subjects. We find that legal standards of proof significantly affect decisions, and identify specific differences due to professional judgment. We are further able to narrow the range of explanations for why professionalization matters.

Keywords: standard of proof; experiment; merger control (search for similar items in EconPapers)
JEL-codes: C91 L33 L40 L50 (search for similar items in EconPapers)
Date: 2010-01-01
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Working Paper: Professional interpretation of the standard of proof: An experimental test on merger regulation (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:uea:ueaccp:2010_02

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