Biliana Yontcheva, Assistant Professor, Düsseldorf Institute for Competition Economics

We study entry restrictions in a private monopoly: the Latin notary system. Under this widespread system, the state appoints notaries and grants them exclusive rights to certify various important economic transactions, including real estate, business registrations, and marriage and inheritance contracts. We develop an empirical entry model to uncover the current policy goals behind the geographic entry restrictions. The entry model incorporates a spatial demand model to infer the extent of market expansion versus business stealing from entry, and a multi-output production model to determine the markups for real estate and other transactions. We find that the entry restrictions primarily serve producer interests, and give only a small weight to consumer surplus, even conditional on the current high markups. We subsequently perform policy counterfactuals with welfare-maximising and free entry. We show how reform would generate considerable welfare improvements, and imply a substantial redistribution towards consumers without threatening geographic coverage.

Speaker bio

Biliana Yontcheva is an Assistant Professor for Industrial Economics and Competition Policy at the Düsseldorf Institute for Competition Economics (DICE). Her main research interests are empirical industrial organisation, regulatory policy, and health economics. In this context, she has analysed questions relating to the impact of consumer information on firm pricing, the welfare effects of entry and ownership regulation, and the role of income inequality in shaping product variety.

For more information, please contact Emily Brown.

House icon Address

Room W2.02 (Cambridge Judge Business School)
Trumpington St
Cambridge
CB2 1AG

Clock icon Date & time

Date: 30 November 2022
Start Time: 15:00
End Time: 16:00

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Open to: Members of the University of Cambridge

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Event location


Trumpington St
Cambridge
CB2 1AG

Event timings

Date: 30 November 2022
Start Time: 15:00
End Time: 16:00