Worldwide, the overwhelming majority of large horizontal mergers are cleared by antitrust authorities unconditionally. The presumption seems to be that efficiencies from these mergers are sizeable. We calculate the compensating efficiencies that would prevent a merger from harming consumers for...

An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are poorly measured at the national industry level...

An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are poorly measured at the national industry level...

Worldwide, the overwhelming majority of large horizontal mergers are cleared by antitrust authorities unconditionally. The presumption seems to be that efficiencies from these mergers are sizeable. We calculate the compensating efficiencies that would prevent a merger from harming consumers for...

As an overall proposition competition law comprises of rules that are planned to ensure the course of the competition to expand consumer welfare. Competition law has developed at a marvellous rate lately because of the gigantic changes in political reasoning and economic conduct that have...

The European Commission's recent draft Notice describes the use of supply-side substitution factors in defining relevant markets for the application of competition law. Expanding a defined market to include goods not substitutable on the demand side, based on the competitive strength of a broad...

The Treaty of Rome, whose eighty-fifth article forbade agreements with the purpose of fixing prices or stifling competition, served as the first vehicle for the introduction of competition law into the Economic Community of Europe. The European Competition Commission was given guidance in using...

The value of sales of an undertaking infringing antitrust law is a key determinant of the size of the fine levied by a competition authority. European competition authorities rely only on the turnover the undertaking receives from the products in relation to which the infringing conduct...

Competition law serves as an important tool for regulation of undertakings. In order to conduct a competition law analysis, one must first define the relevant market. However, this task is becoming more intricate in today’s digital era, especially in relation to so-called zero-price markets....

We examine how different pass-through rates, from input- to final consumer prices, and different vertical contracts affect upstream market definition. Our theory model predicts that, under reasonable conditions, higher pass-through rates lead to definitions of larger upstream markets. Data...

Telecom companies are a frequent target of antitrust investigations in Russia. In an industry where services tend to become more and more complex and companies actively invest in diversifying their businesses, the antitrust authority in most of its telecom cases has chosen to define markets...

The geographical definition of markets is a crucial challenge for economists. With the availability of multiple tools to compare prices, the idea of market definition is entering a new era as it infiltrates the digital sphere. Since December 1st, 2013 the market transparency unit of the Federal...

Economic analysis of competition regulation is most developed in the domain of horizontal mergers, and modern agency guidelines reflect a substantial consensus on the appropriate template for merger assessment. Nevertheless, official protocols are understood to rest on a problematic market...

Roughly a year into control of the federal antitrust agencies, President Biden’s antitrust team is turning its attention to policies and enforcement practices. They seem poised to start, as antitrust so often does, with market definition. This is an appropriate target for review but also...

Modern antitrust law has come under intense criticism in recent years, with a bipartisan chorus of complaints about the power of technology and internet platforms such as Google, Amazon, Facebook, and Apple. A fundamental issue in these debates is how to define the “market” for the purposes...

Whilst the acquisition of Activision Blizzard by Microsoft is yet to be notified to the European Commission, once notified it will certainly require a substantial competition law assessment. This article discusses the Commission’s decisional practice relating to market definition in gaming...

The European Commission sought public comment on a revision of its Notice on the definition of the relevant market. Among other things, this contribution advises the Commission to: acknowledge the analytic purpose served by the relevant market in competitive assessment; apply the hypothetical...

This article presents a novel method of market delineation, which generates virtually isolated residential clusters using data on the spatial distribution of population. The performance of this approach is evaluated by contrasting it with traditional delineation techniques based on municipal...

Worldwide, the overwhelming majority of large horizontal mergers are cleared by antitrust authorities unconditionally. The presumption seems to be that efficiencies from these mergers are sizeable. We calculate the compensating efficiencies that would prevent a merger from harming consumers for...

An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are poorly measured at the national industry level...

An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are poorly measured at the national industry level...

The orthodox view of market definition in antitrust cases is that the same principles of market definition should apply at all stages of an antitrust analysis, and, in particular, that markets should be defined for virtually all purposes by reference to demand-side substitutability. Commentators...

Monopolization, in the United States, and abuse of dominance, in the European Union, embody different philosophies about how best to police single firm conduct in competition law. Surprisingly, their disagreement ends at market definition. Both doctrines define relevant markets by similar...

Competition law needs to be able to rely on its most fundamental analytical tools in order to properly carry out competitive assessments. This includes market definition as the first step in virtually any competition case. And this also holds true in digital markets. Market definition has risen...

Surging interest in antitrust enforcement is exposing, once again, the difficulty of defining relevant markets. Past decades have witnessed the invention of many tests for defining markets, but little progress has been made, or even attempted, at reconciling these different tests. Modern market...

A new era is dawning for market definition under EU competition law. It is being rung in by five distinct developments that, together, foreshadow the future of the relevant market as a tool of competition law. A plethora of policy reports on digital markets have made recommendations for...

The article addresses the role market definition can play for EU competition practice in the platform economy. The focus is on intermediaries that bring together two (or more) groups of users whose decisions are interdependent and which therefore are commonly referred to as “two-sided...

Despite its vital role in the modern marketplace, attention has largely escaped the notice of the antitrust community. Existing discourse exhibits a variety of misconceptions and flawed prescriptions. One example is the widely held notion that attention markets necessitate two-sided platform...

Competition in many important industries centers on investment in intellectual property. Firms engage in dynamic, Schumpeterian competition for the market, through sequential winner-take-all races to produce drastic innovations, rather than through static price/output competition in the market....

We examine how different pass-through rates, from input- to final consumer prices, and different vertical contracts affect upstream market definition. Our theory model predicts that, under reasonable conditions, higher pass-through rates lead to definitions of larger upstream markets. Data from...

Market definition is a core concept of competition law in the European Union, the United States and Brazil. The present contribution first surveys the general approach to market delineation in these three jurisdictions. Against this background, it then embarks on a discussion of market...

Worldwide, the overwhelming majority of large horizontal mergers are cleared by antitrust authorities unconditionally. The presumption seems to be that efficiencies from these mergers are sizeable. We calculate the compensating efficiencies that would prevent a merger from harming consumers for...

Market delineation is a fundamental tool in modern antitrust analysis. However, the definition of relevant markets can be very difficult in practice. This preliminary draft applies a new methodology combining a simple price correlation test with hierarchical clustering -a method known from...

Platform markets are characterized by the existence of indirect network effects that connect two or more market sides through a platform that internalizes these feedback effects. Conventional instruments of market definitions which consider price levels cannot easily applied in case of two-sided...

OTT-messenger such as facebook, WhatsApp have gained wide popularity among mobile users while traffic of text messaging has been in strong decline in several countries. This work is the first to provide an empirical analysis how consumption of OTT-messengers affects demand for text messaging and...

OTT-messenger such as facebook, WhatsApp have gained wide popularity among mobile users while traffic of text messaging has been in strong decline in several countries. This work is the first to provide an empirical analysis how consumption of OTT-messengers affects demand for text messaging and...

We examine how different pass-through rates, from input- to final consumer prices, and different vertical contracts affect upstream market definition. Our theory model predicts that, under reasonable conditions, higher pass-through rates lead to definitions of larger upstream markets. Data...

The geographical definition of markets is a crucial challenge for economists. With the availability of multiple tools to compare prices, the idea of market definition is entering a new era as it infiltrates the digital sphere. Since December 1st, 2013 the market transparency unit of the Federal...