Tommaso Valletti @TomValletti Twitter profile

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Tommaso Valletti

6 years

Is #concentration on the rise? Is there an #antitrust under-enforcement? Is #Google doing all sorts of things? ... BASTA! Let's do something I really like

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Last Seen Profiles

@TomaszSetta

@ron_kda

@VitruveFit

@hijabjilbab1

@pengen_stw

@FIJIWater

@stwmaniax

@goddessroxyb

@RoiDesLoups76

@symmonemichelle

@m55900m1

@stw46

@pengen_stw

@JustChelcea

@killkao

@hijabjilbab1

@mariwerneck

@figueirz

@andres100fire

@canadagooner99

@pengen_stw

@jairoope

@ThemuslimBoxer

@atsboxing

@TomNault

@enzorefice

@Coachcam25206

@turbanlisever69

@fuucktmz

@jasonnap

@RahulSinhaTV

@nnjkvhjm1

@LeJiujiu

@the_rosenrot

@HarribeyLauren1

@stwmaniax

Tommaso Valletti

@TomValletti

4 years

#Coronavirus On a train in Italy. A teenage Chinese boy boards the train. A woman comments loudly: “There you go, we are all going to be infected.” He replies in perfect Italian with a Roman inflection: “Ma’am, in my whole life I’ve seen China only on google maps.” Applauses.

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Tommaso Valletti

@TomValletti

1 year

Italy had no choice. ChatGPT had to be stopped.

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Tommaso Valletti

@TomValletti

4 years

How it started: How it's going:

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Tommaso Valletti

@TomValletti

4 years

The source

Pietro Raffa

@pietroraffa

4 years

Salgo su un treno per Pesaro. Nella carrozza entra un ragazzo cinese. Una tizia esclama ad alta voce:"Ecco qua, così s'ammalamo tutti". Il ragazzo prontamente risponde:"A signò, io la Cina in vita mia l'ho vista solo su Google Maps!". Applausi #coronavirus

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Tommaso Valletti

@TomValletti

2 years

Always nice to blame inflation, not market power. Meanwhile: ~8% inflation in Germany, 30% increase ~10% inflation in Spain, 39% increase ~7% inflation in France, 43% increase

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Tommaso Valletti

@TomValletti

3 years

Same date, different years. Different countries, same struggle against fascism. #25aprile 🇮🇹 #25avril 🇵🇹

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Tommaso Valletti

@TomValletti

3 years

Get ready for the final. That’s amore.

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Tommaso Valletti

@TomValletti

4 years

While we wait for the results, contrast this… - Trump’s Florida votes to increase minimum wage to $15. - Meanwhile liberal California approves that Uber drivers are not employees, so ‘we’ can enjoy cheaper rides (who cares about the drivers). Not sure where I stand any longer.

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Tommaso Valletti

@TomValletti

3 years

Some *personal news* - after many amazing years at @imperialcollege I’m leaving to take up a *joint* position at #Facebook and #Google as the new Global Head of Academic Engagement and Research for the Common Good. So excited!

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Tommaso Valletti

@TomValletti

3 years

Exactly 450 years ago, 7 October 1571, one of the greatest sea battles ever: the Battle of #Lepanto . 1/

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Tommaso Valletti

@TomValletti

4 years

Agile essay of Nobel-prize winner George Akerlof. Reflections on mainstream economics: overspecialization, bias towards the hard and against the important. You can read for free:

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Tommaso Valletti

@TomValletti

4 years

I wrote on the intersection of academic economics and policymaking - with some advice to young scholars interested in policy. Thanks Luigi @zingales ! “Doubt is Their Product”: The Difference Between Research and Academic Lobbying via @ProMarket_org

“Doubt is Their Product”: The Difference Between Research and Academic Lobbying - ProMarket

Tommaso Valletti, the former Chief Competition Economist of the European Commission, reflects on the intersection of academic economics and policymaking and offers advice to young scholars. Author’s...

www.promarket.org

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Tommaso Valletti

@TomValletti

1 year

Headline twist by the @FT . Instead of saying that abolishing non-competes would reduce market power over workers, it says that it would be ‘damaging’ for shareholders. Everyone is free to pick their fights.

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Tommaso Valletti

@TomValletti

5 years

Phenomenal paper by @DrDaronAcemoglu et al. It responds to “but people don’t care about privacy”, “I have nothing to hide”, “it’s all about revealed preferences”, “we get a barter, it’s all good”. Too fast. There is in fact a massive negative externality. Here’s how it goes 1/

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Tommaso Valletti

@TomValletti

10 months

Until I was in my early 20s I was obsessed. With music. With love. With politics. With studying. With ideas. I was burning inside 🔥. It was tough. Then I did a PhD. Also tough. All became "it depends". Which may well be true. But without that flame, nothing makes much sense.

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Tommaso Valletti

@TomValletti

4 years

My son just came back home. He had dinner at a friend's place and he said he enjoyed a lot "SPAGHETTI WITH KETCHUP". Why is this happening to me?? There's no hope. All is lost, dead, extinct, annihilated, wrecked, dissolute. Addio, mondo crudele.

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Tommaso Valletti

@TomValletti

3 years

In case you've been busy with other news, this #privacy crap is also happing in the background. Translation: you must share WhatsApp data with Facebook or stop using the app.

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Tommaso Valletti

@TomValletti

3 years

So: #Amazon is trying to force @FTC Chair Lina Khan to step aside from investigations. Why? Because she actually *studied* Amazon and *published* a highly-cited *academic* paper on Amazon. Folks. This is not even funny. It’s bullying.

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Tommaso Valletti

@TomValletti

4 years

Important THREAD on the etymology of CAPPUCCINO. First the spelling. It’s not capacino, capucino, capucinno, etc. It's CAPPUCCINO (singular), 2P’s, 2 C’s, 1N. CAPPUCCINI (plural), still 2P’s 2C’s, 1N. Second the etiquette. 1/

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Tommaso Valletti

@TomValletti

1 year

WSJ: why is inflation high? Bad Biden. Bad FED. One year later. Still WSJ: maybe it’s corporate greed. That’s good then!

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Tommaso Valletti

@TomValletti

4 years

Just watched this with my Greek in-laws (one teaches Ancient Greek). General laughter; they thought it was a British stand up comedy or some pantomime. I explained it was meant to be Homer. Uncle Christos and Auntie Dimitra have not recovered yet.

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Tommaso Valletti

@TomValletti

3 years

Dear @FinancialTimes , It’s obviously your choice to accept op eds from pseudo researchers from pseudo think tanks. But can you at least add for transparency that they are directly funded by Google and Big Tech? I believe it would help the readers. Much appreciated.

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Tommaso Valletti

@TomValletti

1 year

Read @MazzucatoM on the Big Con by the Big Con(sultancies). Grande Mariana! Mariana Mazzucato: ‘The McKinseys and the Deloittes have no expertise in the areas that they’re advising in’

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Tommaso Valletti

@TomValletti

3 years

Another class act of intimidation - from Facebook today. Academic writings: biggest threat to a $1 trillion company

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Tommaso Valletti

@TomValletti

5 years

A top economic consultant just told me “I’ve advised on 200 major mergers in the past 20y. Not a single one was pro-competitive.” My profession should change priors when consulting -we cannot provide semi scientific ammunitions to corporate power. Or are we just so easily bought?

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Tommaso Valletti

@TomValletti

6 months

Giuliano Amato, twice Italian 🇮🇹 PM, aged 85, has just been appointed Italy’s artificial intelligence (AI) tsar. Some questioned his credentials. Here’s his answer: “I love potatoes, with AI you can find really good recipes.”

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Tommaso Valletti

@TomValletti

2 years

Uber files. If confirmed, sad story of capture of academic economists by Uber. We are cheap: 44k euros for writing an advisory report camouflaged as scientific study. And 4k euros for writing a positive opinion piece in the Frankfurter Allgemeine Zeitung.

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Tommaso Valletti

@TomValletti

1 year

Cartographers of all world - beat this one. #Brexit

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Tommaso Valletti

@TomValletti

3 years

I came to England 20 yrs ago. Italy was perceived as a corrupt country, and rightly so. But half of the country was angry. Was told the UK was different: people in power pay for their mistakes. I now look around. England is as corrupt. And no one cares. Have a lovey bank holiday.

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Tommaso Valletti

@TomValletti

8 months

Everything you always wanted to know about industrial concentration in Europe over the past 20 years. Joint work with Gábor Koltay and Szabolcs Lorincz @EU_Competition , forthcoming @OxUniPress . So... what happened to concentration? 1/2

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Tommaso Valletti

@TomValletti

2 years

When I was about to leave the European commission a consultancy approached me, offering money to retain me as their economic expert. I said no thanks. They then put more money. I said no thanks. Only then did they realise I’m not an economist.

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Tommaso Valletti

@TomValletti

2 years

Schrödinger economics. 30 years of growing concentration, markups and inequality. Economists: “it’s efficient, all driven by economies of scale”. Inflation skyrocketing, prices to the roof. Economists: “it’s all fine, just capacity constraints and diseconomies of scale”.

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Tommaso Valletti

@TomValletti

2 years

“Breaking up companies is impossible and terrible. It kills innovation!” It really does? Fascinating new paper by Felix Poege @f_poeg . Looks at the break up of IG Farben in post-war Germany. 1/

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Tommaso Valletti

@TomValletti

2 years

This is Italy in 2022, one hundred years after the March on Rome. An Italian fascist murdered a disabled Nigerian man. This is the video of the beginning. People watched. People filmed with their smartphones. No one helped the victim.

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Tommaso Valletti

@TomValletti

3 years

You gotta love the @FTC these days.

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Tommaso Valletti

@TomValletti

4 years

Excellent paper on the economics of data just published in the AER ( @AEAjournal ) by Charles Jones and Chris Tonetti ( @StanfordGSB ). Data is non rival and can be used by any firms or people simultaneously, without being diminished. But this can generate privacy concerns. 1/

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Tommaso Valletti

@TomValletti

4 years

Thread on research in economics & its linkage to policy. Recent top publications on hot competition policy topics, eg @jan_eeckhout & al on increasing margins @joseazar @martincschmalz & al on common ownership @cunningham_lbs @florianederer @ProfSongMa on killer acquisitions 1/

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Tommaso Valletti

@TomValletti

3 years

Had to be done 🇬🇷

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Tommaso Valletti

@TomValletti

1 year

I'm both

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Tommaso Valletti

@TomValletti

3 years

My mother died on this day 10 years ago. She was free-spirited and unconventional. My parents got married probably to escape their families, separated when I was 3 and my sister 5, got divorced when I was 18, and got back together when I was 28. 1/

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Tommaso Valletti

@TomValletti

4 years

What kind of new low is this, dear @financialtimes editorial board? Only 1 mention of a ‘respected’ economist, omitting he’s been an employed Google executive for the past 18 years? Google case is a chance to reframe antitrust debate

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Tommaso Valletti

@TomValletti

4 years

Important question for my many #Greek friends & family. Why do you FIRST order your #coffee (sketos, metrios, glykos, freddo cappuccino, frappe, etc), THEN you go for a swim, and FINALLY you drink it 45 mins later, when it’s either lukewarm at best, or with the ice all melted??

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Tommaso Valletti

@TomValletti

2 months

And today I run a proper race in Regent’s Park: 10k in less than 40’. Very happy (and still alive)! 🏃‍♂️ Ciao

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Tommaso Valletti

@TomValletti

4 years

There is something you should really know. It’s important to fight the decline of civilization. Here it is: There is no such thing as “spaghetti Bolognese” in Italy, let alone in Bologna. You can only have tagliatelle al ragù. Also, these simply do not exist in Italy. Ever: 1/

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Tommaso Valletti

@TomValletti

5 years

Yesterday I asked a top official of the @EU_Commission by when a certain decision would be taken. The answer was "it is not unreasonable to have expectations that there will an announcement in the foreseeable future". Pure genius. I just cannot master this art - really need to go

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Tommaso Valletti

@TomValletti

4 years

Does antitrust matter? Read this! New paper from Tim Besley, Nicola Fontana and Nicola Limodio forthcoming in AER: Insights @AEAjournals Firm-level data from 10 million firms, 90 countries, over 10 years. They look at profit margins, and concentration. Results: 1/2

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Tommaso Valletti

@TomValletti

3 years

Viva la Mamma

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Tommaso Valletti

@TomValletti

3 years

The effects of my April Fool yesterday: • 50% got it 50% didn’t • 7 journalists asked for an interview • My *best friend* for the past 25yrs called: “Tom, amazing! Listen. I have this cool experiment I’d want to run with Facebook. Could you help me with…” Come on MARCO!!??

Tommaso Valletti

@TomValletti

3 years

Some *personal news* - after many amazing years at @imperialcollege I’m leaving to take up a *joint* position at #Facebook and #Google as the new Global Head of Academic Engagement and Research for the Common Good. So excited!

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Tommaso Valletti

@TomValletti

3 years

An economist (Ramseyer) used game theory to argue that girls voluntarily contracted into sex work at “comfort stations” set up by the Japanese military during WWII. Read (and sign) this letter asking the law&economics journal to retract this crap.

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Tommaso Valletti

@TomValletti

3 years

Findings from the @RoyalEconSoc about women in the academic econ profession. Important and depressing

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Tommaso Valletti

@TomValletti

2 years

Che vi succede cari economisti italiani? Suggerirei di leggere prima le 250 pagine di istruttoria @antitrust_it (lo avete fatto, vero?). O anche di chiedere a qualcuno che ne sa di antitrust. Buona domenica e buona lettura

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Tommaso Valletti

@TomValletti

11 months

In the competition bubble. - We find it normal that conferences are sponsored by big corporations, big law firms and consultancies - We find it normal to have speakers from each one of those on every single panel - We find it normal that no one discloses Time to burst the bubble

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Tommaso Valletti

@TomValletti

3 years

Competition policy today

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Tommaso Valletti

@TomValletti

3 years

Is there a single "think tank" in Brussels that does not get money from Google or Facebook or Amazon or Apple or Microsoft? Answer is below. Hardly anyone discloses (other than "we proudly receive money from multiple sources")

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Tommaso Valletti

@TomValletti

1 year

During the holidays I took my Greek niece to sky in Italy. Unfortunately she had an accident and broke her leg (she’s recovering well). A rescue team came immediately, she was taken to hospital by helicopter and treated promptly. Total cost: zero. Thank you European healthcare!

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Tommaso Valletti

@TomValletti

5 years

Nobel-prize winner Jean Tirole last paper on Digital Dystopia. “This paper is best viewed as an exercise in (social) science fiction. We need to understand the channels through which a dystopic society might come about so as to better design legal and constitutional safeguards.”

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Tommaso Valletti

@TomValletti

4 years

"Data is the New Oil". Panic attacks at Amazon, Facebook and Google.

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Tommaso Valletti

@TomValletti

2 years

What happened to aggregate industrial concentration in Europe over the past 20 yrs? New paper with fantastic former colleagues at @EU_Competition . TL;DR: concentration up, many industries became highly concentrated, aggregate profitability up, no tightening of merger control 1/

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Tommaso Valletti

@TomValletti

3 years

Happy 187th birthday to mathematician John Venn today.

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Tommaso Valletti

@TomValletti

9 months

Lobbying in Brussels. “We receive funding from multiple sources so we can provide a balanced view and we are not captured by any single one interest.” Yeap. @lobbyctrl_tech

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Tommaso Valletti

@TomValletti

5 years

Habemus novus chief economist! Pierre Régibeau will replace me at @EU_Competition from Sept 1. Pioneering work on the economics of networks – the “mix-and-match” approach – and on patents & innovation. He looks like a mad scientist. Expect great stuff from him and the Team.

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Tommaso Valletti

@TomValletti

1 year

This must be the peak of my whole year and I want to share. The pleasure, the sheer joy, of playing with the @imperialcollege symphony orchestra. The talent of our incredible students. The love for music. Thank you!

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Tommaso Valletti

@TomValletti

1 year

On the "virtuous synergies of Big Tech mergers" What happened to Fitbit? Google got its data, stripped it of the good stuff, added to Pixel Watch, obliging everyone to have a G account. Mission accomplished, now Fitbit can die. Who cares about its users.

Google's slow destruction of Fitbit is everything wrong with modern tech

Fitbit’s cred just took another blow

www.techradar.com

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Tommaso Valletti

@TomValletti

5 years

Economic theory pretty much much says that ANY horizontal merger is bad for consumers, absent efficiencies. But in practice it’s the antitrust authorities which have the burden of proving that a merger is anti-competitive. Who got us in this funny world of reversed presumption.

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Tommaso Valletti

@TomValletti

3 years

Tonight we baked 🍕 pizza at home and run the ultimate test. With my daughter, we secretly hid a piece of pineapple under some melted mozzarella. And gave that slice to my son. And... HE SPAT IT IN DISGUST! Never been so proud of my boy.

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Tommaso Valletti

@TomValletti

3 years

Global survey among 10,000 economists on research in economics by @Armin_Falk & P Andre. Findings: - Dissatisfaction with current state of economic research - Support for a change in econ research objectives: more policy-relevant, multidisciplinary, risky & disruptive 1/2

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Tommaso Valletti

@TomValletti

2 years

This is so good. (National Geographic Picture of The Year)

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Tommaso Valletti

@TomValletti

4 years

“Correction”.

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Tommaso Valletti

@TomValletti

2 years

This debate on inflation and corporate greed has given the opportunity to some neoliberals who like to think of themselves as ideology-free the opportunity to express their greatest vitriolic dislike of Senator Sanders and Senator Warren, masquerading it as scientific criticism.

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Tommaso Valletti

@TomValletti

1 year

Very happy to start a new position as Adjunct Professor at NHH @NHHnor – Norwegian School of Economics. Forget twitter trolls, the real Bergen trolls are awaiting. And lots of fantastic students I’m thrilled to talk to and advise.

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Tommaso Valletti

@TomValletti

3 years

178 mergers between Feb 2010 and Feb 2020, that's one every 18 days to be precise Matt. No one ever blocked, almost none even vetted.

Matt Stoller

@matthewstoller

3 years

Google has bought one company every three weeks for the past ten years.

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Tommaso Valletti

@TomValletti

5 years

Good summary of what I am up against. This is intellectually cheap advocacy (surely very $$ lucrative for Hal Varian; he was my hero 20 years ago - so sad). Stop this lobbying, it’s not fun and it’s about our future.

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Tommaso Valletti

@TomValletti

4 years

Hold on. What is @vestager doing tonight on @masterchefgr ? All the Greek in-laws have been calling non stop for the past hour

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Tommaso Valletti

@TomValletti

5 months

Rome, January 7th 2024. Rally with thousands of fascists performing the “Roman” salute. By the way, it’s against the Italian constitution – but hey-ho, don’t be picky.

Paolo Berizzi

@PBerizzi

5 months

Roma, Italia, 2024. Vergogna di Stato. #AccaLarentia

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Tommaso Valletti

@TomValletti

5 years

To put in context. Revenues in 2019 for FB will be about $70bn. The fine corresponds to 5 minutes of ad revenues. BBC News - Facebook agrees to pay Cambridge Analytica fine to UK

Facebook agrees to pay Cambridge Analytica fine to UK

The social network has dropped an appeal against a £500,000 penalty from UK's privacy watchdog.

www.bbc.co.uk

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Tommaso Valletti

@TomValletti

5 years

Dear all, very last day at @EU_Competition ! It all started three years ago… my dear Queen, it has been such an HONOUR and a PLEASURE to be by your side for a while. 1/

Margrethe Vestager

@vestager

8 years

Happy to welcome our new chief economist prof. Tommaso Valletti - I appreciate the independent economic advice.

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@TomValletti

2 years

Merry Christmas everyone! And keep fighting the good antitrust fight. 🎵 🎄 💪 (H/t @ruppe_p )

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Tommaso Valletti

@TomValletti

5 years

When Nobel prize winner Jean Tirole and father of modern European antitrust Patrick Rey join forces and write op-ed on Alstom-Siemens, well...stop doing what you’re doing and READ THIS Keep Politics Out of Europe’s Competition Decisions

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@TomValletti

3 years

How can a merger in a “zero”-price platform market be bad for consumers? With @andreapratnyc we show how, and when. "Attention Oligopoly", now accepted at AEJ: Micro @AEAjournals Ungated last version available here:

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Tommaso Valletti

@TomValletti

2 years

Summers is always so adamant that inflation has nothing to do with corporate power. While arguing that new antitrust leaders will almost certainly lead to more inflation. Interesting split personality.

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Tommaso Valletti

@TomValletti

1 year

Baumol’s disease has gotten worse

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@TomValletti

2 years

Leonardo da Vinci was born on this day in 1452. This is one of his last architectural works. The double helix staircase or "DNA Staircase" in the Château de Chambord

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Tommaso Valletti

@TomValletti

3 years

On our way to Wembley. #ForzaAzzurri #ComeOnTakeTheKnee 🇮🇹 ❤️ 🇮🇹

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@TomValletti

3 years

Exchanging Nonna’s recipes before the match

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@TomValletti

3 years

An old joke I did not know - @florianederer should appreciate. Kid: "Hey grandpa, do you want to watch the football game?" Grandpa: "Who is playing?" Kid: "Austria - Hungary." Grandpa: "Against whom?"

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Tommaso Valletti

@TomValletti

3 years

Welcome to modern economics. @EU_Competition wins, @Google loses

EU Court of Justice

@EUCourtPress

3 years

#EUGeneralCourt largely dismisses @Google action against @EU_Commission decision finding an abuse of a dominant position on its part by favouring its own comparison shopping service and upholds the €2.42 billion fine @Alphabetinc 👉

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@TomValletti

5 years

Little THREAD on killer mergers. Not meant to be scientific, but to open our eyes on magnitudes. 2001-2018: Google has been buying 1 firm per month, every month, for the past 17 years. 1/

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Tommaso Valletti

@TomValletti

2 years

Patrice Lumumba was assassinated in 1961, his body dissolved in acid, and his golden teeth kept by the head of the Belgian police as "hunting trophies". A tooth is going to be returned to his family in Congo. Belgium king expressed “regret”. No formal apology yet made in 61 years

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Tommaso Valletti

@TomValletti

3 years

1000 mergers consummated, 0 mergers blocked. Shall we *perhaps* rethink about our merger rules? Instead of making the regulator prove that a merger will cause harm, make the merging parties prove that it won’t. My latest piece for @ProMarket_org .

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Tommaso Valletti

@TomValletti

3 years

My only regret is that she never really got to know my kids. But she definitely lives in our stories, like this one. If she were here now she’d say: “Basta with this Tommi, let’s go somewhere now”. Ciao mamma, ti bacio. FIN

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Tommaso Valletti

@TomValletti

5 years

THREAD on #monopsony and #antitrust implications 1. Intellectual foundations back to work of Joan Robinson (1933) – eminent woman economist btw, too often neglected. She became full professor only in 1965 – 6 years before retiring

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Tommaso Valletti

@TomValletti

3 years

Icelandic trolls are just the best. Spectacular in every detail.

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Tommaso Valletti

@TomValletti

3 years

Today I’ve been charged with - implicitly belonging to the far left (fine) - implicitly being a puppet of a philanthropist that secretly funds his operations (fine) - implicitly discrediting principled economists (fine) But then... this👇! True war begins!

Eefje Depoortere

@sjokz

3 years

YOUR MOVE ITALY 🇮🇹🇧🇪🌝 #EURO2020 #BELITA

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@TomValletti

5 years

If I smoke a bad joint I may go to jail, this guy instead speaks in front of US Congress

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@TomValletti

11 months

If economics were a healthy discipline, you would now have the editors of the top journals competing to publish the extraordinary #EJMR findings of @florianederer , Kyle Jensen and @paulgp , after some refereeing. I hope to be proven wrong, but alas won’t happen. 1/2

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Tommaso Valletti

@TomValletti

4 years

Pavarotti 🇮🇹 lockdown style. Vinceremo (by staying home)

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Tommaso Valletti

@TomValletti

4 years

40 years ago, 2 August 1980, la strage di Bologna (the Bologna massacre). A terrorist bomb blew apart Bologna Centrale railway station. It was a Saturday morning, lots of people were starting their holidays. It killed 85 people, the youngest was 3 yo, and wounded over 200. 1/

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Tommaso Valletti

@TomValletti

5 years

What I think when I think about BIG TECH tech - after the #SIEPRSummit . Bottom line: “We have a BIG problem – especially with Google and Facebook – wake up and DON'T say it’s not about antitrust. Unprecedented phenomena require new thinking.” Let me elaborate in this THREAD 1/

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Tommaso Valletti

@TomValletti

3 years

Could not agree more! A new exciting book that should be read by every person who is concerned about the future of public services.

Christian Gollier

@CGollier

3 years

Superb and astonishing new book by my colleagues Auriol, Crampes and Estache on « Regulating public services » for the common good, in the spirit of Laffont-Tirole, with practice ! @CambridgeUniPre

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