CHAPTER 14: INDUSTRIAL ORGANISATION, COMPETITION POLICIES & REGULATION Prof.dr. P. van Cayseele & Prof.dr. J. Hinloopen

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1 CHAPTER 14: INDUSTRIAL ORGANISATION, COMPETITION POLICIES & REGULATION Programme Director: Prof.dr. P. van Cayseele & Prof.dr. J. Hinloopen Department: (AE) METIS-code: uva/fee/res/ica/prog JEL-classification: L VSNU-scores : n.a. Starting date programme: MEMBERS OF THE RESEARCH GROUP AND RESEARCH IN FTES Name Title Function Total 2005 Total 2006 Total 2007 Total 2008 Dept. Funding Brouwer, M.T. dr ud 0,25 0,00 0,00 0,00 AE 1 Cayseele, P. van prof dr hgl 0,10 0,10 0,10 0,10 AE 1 Doarest, A. msc phd - - 0,45 0,60 AE 1 Leffelaar-Felsö, F.A. msc phd ,48 AE 1 Hinloopen, J. dr uhd 0,43 0,50 0,50 0,50 AE 1 Hinloopen, J. dr uhd 0, AE 3 Onderstal, S. dr ud 0,29 0,29 0,26 0,28 AE 1 Soetevent, A.R. dr ud 0,50 0,50 0,33 - AE 1 Soetevent, A.R. dr ud - - 0,30 0,90 AE 3 Total 1st flow of funds 1,57 1,39 1,64 1,96 Total 2nd flow of funds 0,00 0,00 0,00 0,00 Total 3rd flow of funds 0,15 0,00 0,30 0,90 Total 1st f.o.f. excl. Ph.D.'s 1,57 1,39 1,19 0,88 Total all flows of funds 1,72 1,39 1,94 2,86 Ph.D. students 0,00 0,00 0,45 1, PROGRAMME DESIGN Objective Improving the understanding of the working of imperfectly competitive markets and the possible role for government intervention on these markets by focusing on issues within the sphere of Industrial Organization and using applied oligopoly theory, field experiments and laboratory experimentation as research methods. Motivation Industrial Organization (IO) studies imperfectly competitive markets, in particular how firms compete with each other on these markets and what the effects are of policy interventions aimed at affecting market performance. The natural focus of IO is on oligopolies where firms have at least some market power. Topics of interest thus include pricing strategies, collusion and tacit collusion, locational choice, research and development, inter-firm relationships, competition policies, market design, auctions, and regulation. IO is a field that uses all three types of research strategies: theoretical, empirical, and experimental. The research program does not preclude any of these research methods. Projects The program of the IO group can be subdivided into five strands of research, which are interrelated: 135

2 Research and Development. If a firm invests in R&D, process innovation may result in a competitive advantage over competitors. We study the effect of R&D on market performance whereby the type of product market competition is explicitly taken into account. We also look at the interplay between research joint venture (RJV) participation and product market collusion. As RJVs are legal they may provide a platform for tacit collusion in the product market. This strand within the research program is both theoretical and empirical. Applied Industrial Organization In many markets, prices and market power of firms is a function of the physical position of these firms relative to other firms and to consumers. In this research area, we aim at reconciling theoretical models of spatial competition with empirical regularities. Another wave of research is related to behavioural aspects of competition policies. Group members are involved in a project that uses cross-national merger policy data to elicit whether firms react to spikes in prohibitions and remedies by proposing fewer merger proposals in subsequent years. Other research considers managerial aspects of inter-firm collaborations. Asymmetric information and the interplay of potential problems of both cooperation and coordination may lead firms to agree upon a merger but not on the necessary post-merger efforts needed for success. Auctions and Procurement In the past few decades, the study of auctions has become one of the most active research areas in economic sciences. We aim at answering questions such as: How to prevent cartel formation in auctions? What is the effect of limited liability on bidding behavior? How to design auctions of multiple objects? What are optimal mechanisms in quasi-markets such as welfare-to-work markets and health care markets? What is the effect of license auctions on the performance of markets? The methods include mechanism design theory, lab experiments, and field experiments. Two-Sided Markets It is recognized more and more that platforms cater for different groups of consumers, the idea being that the different groups are brought together to conclude a transaction. Payment services, settlement, safekeeping and custody of financial securities, newspapers, video streaming, health care insurance, and so on, are but a few examples of industries operating according to this business model. But such a market organization has quite different implications for market delineation, pricing, and therefore the exploration of the model has led to the identification of many sources of mistakes in the practice of antitrust. Behavioral Public Group members are involved in a number of ongoing (field) experiments that test different aspects of philantropic mechanism design and social interactions in consumption. The questions addressed include: Do households adapt their consumption pattern when their neighbors win a lottery prize? How does offering different payment options like cash and/or debit impact contributions to charity? Which fundraising mechanism is most successful in raising money for charity? 14.2 PROGRAMME EVALUATION For the Industrial research group, 2008 constituted again an exciting year with numerous highlights. Given that we are a small group, we produced a satisfactory number of publications (3 x B, 1 x A, and several book chapters and articles forthcoming). We have been lucky in attracting a new, promising assistant professor, Jo Seldeslachts, Adriaan Soetevent continued his research initiated within the VENI-scholarship program. Jeroen Hinloopen has continued his work as a part-time professor of industrial organization at the University of Leuven (while he also extended his portfolio of activities at the University of Amsterdam). Sander Onderstal was engaged as a part-time advisory position at the Ministry of Economic Affairs. Aufa Doarest continued as PhD-student at the IO group. He broadened up his initial research project and started research on the competition between on-line and off line stores. 136

3 For the near future, the group continues to face challenges: One of the group s main threats remains its small size. In 2008, we have been able to recruit internationally, hiring an excellent assistant professor. But the group is heavily solicited and applications for a VIDI scholarship are in preparation. In principle, Van Cayseele s role as full professor and head of the research group comes to an end in December Meanwhile, Jeroen Hinloopen has taken over but the demands on the group remain high while the full time equivalents did not increase in a pronounced way. Hiring more PhD-students. This is essential for the continuity of the group in the long run. Fortunately, developments in this direction are well underway. Given its small size, the group was nonetheless able to make progress in each theme that is considered a core research strand. Research and development Jeroen Hinloopen published two working papers on the relation between R&D intensity and the type of product market competition. This is joint work with Jan Vandekerckhove. Jo Seldeslachts constructed a dataset that consists of all RJVs that filed under the US National Cooperation Research Act; these RJVs are mostly exempt from antitrust investigations and therefore of particular interest when studying aspects of collusion. In a first paper with Enrico Pennings (Erasmus University), he builds upon the hypothesis that there is a correspondence between an RJV s stability and product market collusion. Applied Industrial Organization Jeroen Hinloopen and Adriaan Soetevent s laboratory experiment on leniency programs in antitrust has appeared in the RAND Journal of. Jeroen Hinloopen co-edited a book published by Cambridge University Press on laboratory experiments for the design of competition policy, to which also Sander Onderstal contributed. Aufa Doarest continued his dissertation research bridging the gap between theoretical cartel stability analysis and new empirical IO. Moreover, he made substantial progress in the measuring of the impact of competition policy in Indonesia, together with his advisor, P. Van Cayseele. The preliminary findings already have been presented at the Indonesian Competition authority. Patrick Van Cayseele published in the Antitrust Bulletin an article investigating the deterring effect of the new EC guidelines on fining, and finds that they still are ill guided by economics. This questions their effectiveness. Jeroen Hinloopen and Sander Onderstal have conducted an experiment to examine the effectiveness of leniency programs in auctions. It appears that these programs deter cartel formation, but also discipline exisiting cartels. Behavioral public economics Joint with Arthur Schram (CREED), Sander Onderstal shows in laboratory experiments that all-pay auctions are better fundraising mechanisms than lotteries and winner-pay auctions. Their findings will appear soon in the International Economic Review. Adriaan Soetevent has recently examined the impact of different payment options on charitable giving in a door-to-door fundraising field experiment. Adriaan Soetevent s research (joint with Peter Kuhn, Peter Kooreman and Arie Kapteyn) on social interactions in the Dutch Post Code lottery was published as NBER working paper. Sander Onderstal, Adriaan Soetevent, Arthur Schram, and Jeroen van de Ven (ACLE) are currently developing additional field experiments in order to further study fundraising mechanisms. The Dutch charity Hersenstiching and the alumni office of the University of Amsterdam have shown interest in facilitating such experiments. Spatial competition Adriaan Soetevent compiled an extensive data set (joint with Marco Haan, RuG, and Pim Heijnen, CeNDEF) which contains detailed price and location information on the majority of Dutch retail gasoline stations over the time period These data allow us to answer questions like: Did this market become more competitive by the divestitures of the major companies? What factors determine price levels and how can one detect signs of collusion in spatially differentiated markets? We complement the empirical work with theoretical contributions to further sophisticate current models on spatial competition by incorporating the network aspect of road structures and the commuting behaviour of consumers. 137

4 Auctions and procurement Sander Onderstal has successfully continued his research on auctions and related mechanisms. The European Economic Review will publish Onderstal s work on optimal procurement tenders. Moreover, Onderstal will publish a paper on bidding in multi-unit auctions in the International Journal of Industrial Organization. Finally, Public Choice has accepted Onderstal s joint work with Giuseppe Dari-Mattiacci (ACLE) and Francesco Parisi (University of Minnesota) on resale markets. In the near future, he intends to conduct experiments on bankruptcy problems in auctions. Two-Sided Markets Patrick van Cayseele continued his work on two-sided markets and the application of industrial organization analysis to explain the market structure and performance of the European (large) payments and settlement infrastructures. This addresses the regulatory impact assessment (RIA) by the European Commission on SEPA (Single European Payments Area) and T2S (Target Two Securities). Besides focusing on technical efficiency, he now has dealt with issues of allocative efficiency in a forthcoming article. Moreover, the theoretical work on two-sided markets, notably the research that generalizes the complementary Cournot model to two-sided markets has been prepared for publication in a journal. The empirical modeling along the lines of the New Empirical Industrial Organization approach to two sided markets was continued by implementing it in the newspaper industry. This led to novel insights regarding the impact of advertising on pricing of newspapers, as well as on the product differentiation aspects of so called quality newspapers RESOURCES AND FUNDING The programme received funding from the research institute RESAM but this amount was modest relative to the cost of participation of group members in conferences. Soetevent s VENI scholarship amounts to about for a three year period. With the arrival of our first PhD-student additional means were obtained from the Tinbergen Institute. Some of the group members managed to obtain additional means from commissioned research for public and private institutions OUTPUT Key publications Goeree, J.K., Maasland, E., Onderstal, S., and Turner, J. (2005). How (Not) to Raise Money, Journal of Political Economy 113, Hinloopen, J and A. R. Soetevent (2008), Laboratory evidence on the effectiveness of corporate leniency programs, RAND Journal of, 39, No. 2 (Summer), pp Ioannides, Y. M., and A. R. Soetevent (2006). Wages and Unemployment in a Random Social Network with Arbitrary Degree Distribution, American Economic Review, 96(2), Konings, J., Cayseele, P. van & Warzynski, F. (2005). The Effects of Privatization and Competitive Pressure on Firms Price-Cost Margins. The Review of and Statistics, 87, Forthcoming Dari-Mattiacci, G., Onderstal, S., and Parisi, F. (2008). Seeking Rents in the Shadow of Coase. Forthcoming in Public Choice. Englmaier, F., Guillen, P., Llorente, L., Onderstal, S., and Sausgruber, R. (2008). The Chopstick Auction: A Study of the Exposure Problem in Multi-Unit Auctions. Forthcoming in International Journal of Industrial Organization. Hinloopen, J. and H. Normann (eds.), Experiments and Competition Policies, 2008, Cambridge: Cambridge University Press. 138

5 Hinloopen, J. and H. Normann (2008), Experiments and the practise of competition policy implementation. Forthcoming in J. Hinloopen and H. Normann (eds.) Experiments and Competition Policy. Cambridge: Cambridge University Press. Hinloopen, J. and H. Normann (2008), Introduction. Forthcoming in J. Hinloopen and H. Normann (eds.) Experiments and Competition Policy. Cambridge: Cambridge University Press. Offerman, T. and Onderstal, S. (2008). Making Uncompetitive Auctions Competitive: A Survey of Experiments. Forthcoming in J. Hinloopen and H. Normann (eds.) Experiments and Competition Policy. Cambridge: Cambridge University Press. Schram, A.J.H.C. and Onderstal, S. (2008). Bidding to Give: An Experimental Comparison of Auctions for Charity. Forthcoming in International Economic Review. Van Cayseele, P., D. Camesasca and K. Hugmark (2009), The EC Commission s 2006 Fine Guidelines Reviewed from an Economic Perspective: Risking Over-Deterrence, The Antitrust Bulletin, forthcoming. Van Cayseele, P. and C. Wuyts (2008), Competition and the Organization of the European Settlement Industry, Competition and Regulation in Network Industries (Journal of Network Industries), in print Publications in numbers Industrial Organisation, Competition policies & Regulation ) Academic publications a) in refereed journals A 1 B 1 6 C 4 b) in other journals 2 c) book chapters A - B - 3 C - Other 3 d) proceedings Other 2 Total 11 2) Monographs A - B - C - 3) Ph.D. theses - 4) Professional publications 3 5) Popular publications - 6) Working papers 17 Total 31 0 A B C Academic publications (excluding publications in/of books) refereed Hinloopen, J and A. R. Soetevent (2008), Laboratory evidence on the effectiveness of corporate leniency programs, RAND Journal of, 39, No. 2 (Summer), pp [A] Hinloopen, J. and C. van Marrewijk (2008), The empirical relevance of the Hillman condition for revealed comparative advantage: 10 stylized facts, Applied, 40, pp [B] De Loecker, J., J. Konings and P. Van Cayseele (2008), Merger Review: How Much of Industry is Affected in an International Perspective?, Journal of Industry, Competition and Trade 8(1), pp Hinloopen, J. en Michelle S. Goeree (2008), Cooperation in the classroom: experimenting with R&D cooperatives, Journal of Economic Education, 39, Issue 4 (Fall), pp Van Cayseele, P. (2008), Concentratietoezicht, de Relevante Markt en Fusiesimulatie, Tijdschrift voor Belgische Mededinging Revue de la Concurrence Belge 3(1), pp [C] 139

6 Van Cayseele, P. (2008), Competition in Banking: An Antitrust Risk Assessment, Bank- en Financiewezen/Revue Bancaire et Financière 2008/2, pp Academic publications (in/of books) refereed Hinloopen, J. (2008), Strategic R&D with uncertainty, in Cellini, R. and Lambertini, L. (eds.), The economics of Innovation: incentives, cooperation, and R&D policy, Emerald, pp Onderstal, S. and Felsö, F. (2008). Procurement Design: Lessons from Economic Theory and Illustrations from the Dutch Procurement of Welfare-to-work Projects. Forthcoming in K.V. Thai (ed.) International Handbook of Public Procurement. London: Taylor & Francis Group. Academic publications (in proceedings) non-refereed Felsö, F. (2008) Procurement of Intermediary Services: Interpreters in The Netherlands In Best Practices in Public Procurement: Proceedings of the 3rd International Public Procurement Conference, Onderstal, S. and Van de Meerendonk, A. (2008) How (Not) to Design Procurement Mechanisms: A Laboratory Experiment. In Best Practices in Public Procurement: Proceedings of the 3rd International Public Procurement Conference, Academic publications (excluding publications in/of books) non-refereed B. Baarsma, F. Felsö and K. Janssen (2008) Regulation of the legal profession and access to law An economic perspective. SEO report Felsö, F., J. Weda, J. Leenheer and J. Poort (2008) Mogelijke kandidaten voor de uitvoering van de exportkredietverzekeringsfaciliteit. SEO report. Academic publications (in/of books) non-refereed Hinloopen, J. (2008), De relevante marktafbakening, in Van Bergeijk, P., Van den Ende, A., Kalbfleish, P., Van Oers, M. en Van Sinderen, J. (eds.), Trust en antitrust, Den Haag: NMa. Academic publications (working- and discussion papers) Haan, M.A., Los, B., Onderstal, S., and Riyanto, Y.E. (2008). Read My Lips: The Case against Election Promises, Hu, A., Offerman, T., Onderstal, S. (2008). Fighting Collusion in Auctions: A Laboratory Experiment, Hinloopen, J. and C. van Marrewijk (2008), Comparative advantage, the rank-size rule, and Zipf s law. Hinloopen, J. and C. Van Marrewijk (2008), Dynamics of Chinese comparative advantage. Hinloopen, J. (2008) A behavioural fallacy of the Hypothetical Monopoly Test. Hinloopen J. and J. Vandekerckhove (2008), Dynamic efficiency of Cournot versus Bertrand competition: input versus output spillovers. Hinloopen J. and J. Vandekerckhove (2008), Cooperative R&D and the efficiency of Cournot and Bertrand competition. Hinloopen J. and A. R. Soetevent (2008), From overt collusion to tacit collusion; experimental evidence on the adverse effects of corporate leniency programs, Discussion Paper TI, /1, Tinbergen Institute. Hinloopen, J. R. Wagenvoort, and C. van Marrewijk (2008), A K-sample homogeneity test based on the quantification of the p-p plot: the Harmonic Weighted Mass index. Kuhn, P., P. Kooreman, A. R. Soetevent and A. Kapteyn, (2008), The Own and Social Effects of an Unexpected Income Shock: Evidence from the Dutch Postcode Lottery, NBER working paper # Onderstal, S. (2008). Bidding for the Unemployed: An Application of Mechanism Design to Welfare-to- Work Programs 140

7 Soetevent, A.R. (2008), A Field Experiment on the Impact of Different Payment Systems on Charitable Giving. Soetevent, A. R. and M. A. Haan and P. Heijnen (2008), Do auctions and forced divestitures increase competition on established markets? Evidence for Dutch retail gasoline, Discussion Paper TI /1, Tinbergen Institute Van Cayseele, P. and S. Vanormelingen (2008), Prices and Network Effects in Two-Sided Markets: The Belgian Newspaper Industry, Van de Meerendonk, A. and Onderstal, S. (2008). Bidding for the Unemployed: A Laboratory Experiment with Professional Bidders, Vyrastekova, J. and Onderstal, S. (2008). The Trust Game Behind the Veil of Ignorance: A Note on Gender Differences, Vyrakstekova, J., Onderstal, S., and Koning, P. (2008). Self-selection and the Power of Incentive Schemes: An Experimental Study Professional publications Lackner, I., Onderstal, S., de Smeth, O., and Theisens, J. (2008). Ruimte voor professionals. TPEdigitaal 2, Popular publications Onderstal, S. (2008). Mechanism design: Theory and application to welfare-to-work programs. AENORM 60, Onderstal, S. (2008). Vraag van de Week: Hoe Kan de Organisatie van het EK zijn Tickets volgens U het Beste Verkopen? ESB 4537, 352. Contributions to academic conferences, workshops and seminars Doarest, A. (2008) Price Wars due to Ignorance, EARIE 2008, Toulouse, conference presentation. Felsö, F. (2008) Procurement of Intermediary Services: Interpreters in The Netherlands, IPPC 2008, Amsterdam, conference presentation. Felsö, F. (2008) Procurement of Intermediary Services: Interpreters in the Dutch Health Care, International Conference on health economics, management and policy, conference presentation Hinloopen, J. (2008), Dynamic efficiency of Cournot and Bertrand competition with cooperative R&D, EARIE 2008, Toulouse, conference presentation. Hinloopen, J. (2008), Comparative advantage, the rank-size rule, and Zipf s law, ESEM 2008, Milan, conference presentation. Hinloopen, J. (2008), The unexpected workings of corporate leniency programs: experimental evidence, DG Competition, May, Brussels, invited seminar. Hinloopen, J. (2008), Comparative advantage, the rank-size rule, and Zipf s law, RES 2008, Coventry, conference presentation. Hinloopen, J. (2008), The working of leniency programs in the laboratory, European University Institute, April 2008, Florence, conference presentation. Onderstal, S. (2008). Going Once, Going Twice, Reported! University of Amsterdam, seminar Onderstal, S. (2008). Fighting Collusion in Auctions EARIE 2008, Toulouse, conference presentation. Onderstal, S. (2008). How (Not) to Design Procurement Mechanisms: A Laboratory Experiment IPPC 2008, Amsterdam, conference presentation. Onderstal, S. (2008). Fighting Collusion in Auctions IIOC 2008, Arlington, conference presentation. Onderstal, S. (2008). Fighting Collusion in Auctions London School of, seminar Onderstal, S. (2008). Mechanism Design, Veilingen en Regulering OPTA (Independent Post and Telecommunications Authority of the Netherlands), invited lecture. Onderstal, S. (2008). The Winner s Curse in Auctions Waseda University, Tokyo, invited lecture. Onderstal, S. (2008). Fighting Collusion in Auctions Waseda University, Tokyo, seminar. 141

8 Soetevent, A. R. (2008), A Field Experiment on the Impact of Different Payment Systems on Charitable Giving, July 25, Workshop Consumer Behavior and Payment Choice, Boston Fed., Boston, USA. Soetevent, A. R. (2008), A Field Experiment on the Impact of Different Payment Systems on Charitable Giving, ESA 2008, Lyon, France, conference presentation. Soetevent, A. R. (2008), Do auctions and forced divestitures increase competition on established markets? Evidence for Dutch retail gasoline, EARIE 2008, Toulouse, France, conference presentation Soetevent, A. R. (2008), From overt collusion to tacit collusion; experimental evidence on the adverse effects of corporate leniency programs 16 th WZB & 2 nd RNIC conference, Berlin, Germany, conference presentation. Soetevent, A. R. (2008), The Own and Social Effects of an Unexpected Income Shock: Evidence from the Dutch Postcode Lottery, Workshop Behavior Public, Copenhagen, Denmark, invited lecture Soetevent, A. R. (2008), Do auctions and forced divestitures increase competition on established markets? Rijksuniversiteit Groningen, The Netherlands, invited seminar Soetevent, A. R. (2008), Do auctions and forced divestitures increase competition on established markets? Tilburg University, The Netherlands, invited seminar. Soetevent, A. R. (2008), Do auctions and forced divestitures increase competition on established markets? ACLE seminar series, The Netherlands, invited seminar. Van Cayseele, P. (2008), Priorities for Belgian Antitrust Enforcement, keynote lecture, First Conference of the Ministry of Economic Affairs of Belgium, 28 April, Brussels. Van Cayseele, P. (2008), Price Discrimination and Quality Provision in the Market for Classified Directory Advertisements, Nederlandse Mededingingsauthoriteit (NMa), 16 June, The Hague, invited lecture. Other lectures on research Felsö, F. (2008) De markten van tolken, Congres Nieuwe Wet beedigde tolken en vertalers georganiseerd door het Ministerie van Justitie, 12 June, Amsterdam, two invited lectures. Participation in academic networks & fellowships Hinloopen, J. (2001-). Fellow Tinbergen Instituut. Hinloopen, J. (2006-). Fellow ENCORE ( Network for Competition and Regulation). Hinloopen, J. (2008-). Fellow ACLE (Amsterdam Center for Law & ). Onderstal, S. (2006-). Fellow Tinbergen Instituut. Onderstal, S. (2006-). Fellow ACLE. Onderstal, S. (2006-). Fellow ENCORE. Soetevent, A. R. (2005-). Fellow Tinbergen Instituut. Soetevent, A. R. (2006-). Fellow ENCORE. Soetevent, A. R. (2008-). Fellow ACLE. Editor or member of editorial board Hinloopen, J. (2008), Editorial Board Member, Review of Industrial Organization. Van Cayseele, P. (2008), Member of the Redactiecomité of the Tijdschrift voor Belgische Mededinging Revue de la Concurrence Belge. Referee activities Onderstal, S. (2008). Referee for Economic Theory, Journal of Public Economic Theory, and Review of and Statistics. 142

9 Hinloopen, J. (2008). Referee for Canadian Journal of, Journal of Economic Dynamics and Control, Research Policy, Economic Inquiry, Economica, Spanish Economic Review, Journal of Institutional and Theoretical, Journal of Comparative. Soetevent, A. R. (2008). Referee for Computational and Mathematical Organization Theory, Eastern Economic Journal, of Education Review, Journal of Public and Review of Economic Studies. Van Cayseele, P. (2008), Referee for Journal of Industry, Trade and Commerce, Journal of Banking and Finance, Tijdschrift voor de Belgische Mededinging. Membership of academic committees (including Ph.D. committees outside the FEB) Hinloopen, J. (2008, September), Co-promotor of Jan Vandekerckhoven. Promotor: prof. R. de Bondt. Katholieke Universiteit Leuven. Van Cayseele (2008, December), Co-promotor of E. Jurzyk. Promotor: prof. H. Degryse. Katholieke Universiteit Leuven. Research contributions in the media Soetevent, A. R. (2008), Interview met webredactie omroep Link: ( ). Various activities Felsö, F (2008) Member of advisory committee Onderzoek beleggingsverzekeringen, Research commissioned by the Ministry of Finance. Onderstal, S. (2008) Board member CentER Society (alumni society Ph.D. students CentER, Tilburg University). Van Cayseele, P (2008) Member of the scientific commission Economie en Bedrijfskunde of the Funds for Scientific Research Flanders (FWO). Soetevent, A. R. (2008) Referee Peccei and Mikhalevich Awards Soetevent, A. R. (2008) External referee PhD project proposal Utrecht University Soetevent, A. R. (2008) Referee Spring Meeting for Young Economists 2008, Lille, France 143

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