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Abstract
This paper intends to examine how recent developments in new institutional economics should provide incentives for revising substantial aspects of competition policies. The core argument is based on recent developments in the analysis of organizational arrangements identified as "hybrids ". The paper is organized in three sections. Section I look at the main characteristics of these organizational forms. Section II develops a model designed for providing a better understanding of the impact of regulatory and competition policies on these arrangements. Section III explores the substantial questions that the characteristics of hybrids raise for competition policies that are deeply anchored in the binary logic of "markets vs. integrated firms".