Valletti, TTVallettiGenakos, CCGenakosVerboven, FFVerboven2017-08-312019-01-022018-01-02Economic Policy, 2018, 33 (93), pp.45-1000266-4658http://hdl.handle.net/10044/1/49938We study the dual relationship between market structure and prices and between market structure and investment in mobile telecommunications. Using a uniquely constructed panel of mobile operators’ prices and accounting information across 33 OECD countries between 2002 and 2014, we document that more concentrated markets lead to higher end user prices. Furthermore, the y also lead to higher investment per mobile operator, though the impact on total investment is not conclusive. Our findings are not only relevant for the current consolidation wave in the telecommunications industry. More generally, they stress that compet ition and regulatory authorities should take seriously the potential trade -off between market power effects and efficiency gains stemming from agreements between firms.This is a pre-copyedited, author-produced PDF of an article accepted for publication in Economic Policy following peer review. The version of record Christos Genakos, Tommaso Valletti, Frank Verboven; Evaluating market consolidation in mobile communications, Economic Policy, Volume 33, Issue 93, 1 January 2018, Pages 45–100, is available online at: https://doi.org/10.1093/epolic/eix02014 EconomicsEconomicsJournal Articlehttps://www.dx.doi.org/10.1093/epolic/eix020