11. Conclusions

Excerpt

Antitrust academia and courts are largely divided between two alternative definitions of barriers to entry. Supporters of Bainian and Stiglerian definitions can be found in many influential scholars.¹ The present work has adopted the definition proposed by Stigler. It is better suited to identify exogenous factors that produce a certain result in the market, as opposed to Bain’s formulation, in which the author identifies a problem (prices above long-run average cost)² but does not point out the characteristics that a factor must have in order to be considered a barrier. In any case, the discussion of which definition better suits the purpose of antitrust law starts to lose relevance as one begins to consider the adjustment process of entry. Supporters on both sides of the debate recognize this latter point. …