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his book reviews recent progress in the theory of oligopoly and market leadership and provides new results on the theory of Stackelberg competition and Nash competition with strategic investment under endogenous entry. These theories are applied to models of competition in quantities, prices and to patent races. The results are used to propose a new approach to competition policy, and in particular to issues of abuse of dominance, which goes beyond the post-Chicago approach, and to analyse antitrust cases as the Microsoft case.

We study art markets in the Greco-Roman world to explore the origins of artistic innovations in classical Greece and the mass production of imitative works in the Roman Empire. Economic factors may have played a role, on one side fostering product innovations when a few rival Greek city-states competed, outbidding each other to obtain higher-quality artworks, and on the other side fostering process innovations when a large integrated market promoted art trade across the Mediterranean Sea. The evidence on art prices is consistent with this. Literary evidence on classical Greek painting from V–III centuries BC (largely from Pliny the Elder) shows that the real price of masterpieces increased up to the peak of creativity reached with Apelles. Epigraphic evidence on Roman sculpture from I–III centuries AD (largely from inscriptions at the base of statues) shows that the real price of statues was stable and largely equalized across the imperial provinces.

I analyzed the market of paintings in Florence and Italy (1285–1550). Hedonic regressions on real prices allowed me to advance evidence that the market was competitive and that an important determinant of artistic innovation was driven by economic incentives. Price differentials reflected quality differentials between painters as perceived at the time (whose proxy is the length of the biography of Vasari) and did not depend on regional destinations, as expected under monopolistic competition with free entry. An inverse-U relation between prices and age of execution is consistent with reputational theories of artistic effort, and prices increased since the 1420s.