In the originally published version of this manuscript, there was an error in the 'Context matters' section. The text in the second paragraph should read: ''These models can certainly help policymakers ask the right questions but they do not necessarily offer clear-cut, let alone reliable, answers in a particular case.'' This has now been corrected online.

Author notes

Dirk Auer, adjunct professor at the University of Liège and at the EDHEC Business School, senior researcher at the Liege Competition & Innovation Institute, and senior fellow at the International Center for Law & Economics. e-mail: [email protected].

Nicolas Petit, professor of Competition Law at the European University Institute (joint appointment with the Robert Schuman Center for Advanced Studies) and invited professor at the College of Europe. e-mail: [email protected].

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