Market definition plays a critical role in EC competition law, as the first step of any investigation into the nature of competition in a given industry. While not an end in itself, the definition of the relevant market serves to identify those products and areas which effectively restrain the behaviour of the firms of interest, so that those firms could not act independently within the market. However, the main challenge in this process is to outline, which products should be included in the market, and which should be left outside its bounds.
Whereas traditional market definitions highlighted product characteristics, functionality and intended use as key provisions, modern competition-law inquiries attempt to reformulate the market delineation exercise in more economic terms.
This book strives for a greater harmony between law and economics in defining antitrust markets. To that end, it brings together a wide array of quantitative tests routinely utilised by European competition authorities, such as price correlation analysis or the analysis of trade flows, together with more sophisticated quantitative measures such as merger simulation models or critical loss analysis. Taken together, this book proffers a comprehensive and protracted account of economic and empirical methods dominating the antitrust discourse to date, which carry the potential to revolutionise the quality of antitrust enforcement, its transparency, predictability and the accuracy of its results.
Chapter 1. Introduction (p. 1)
Chapter 2. Market Power (p. 19)
Chapter 3. Market Definition (p. 53)
Chapter 4. Quantitative Techniques (p. 91)
Chapter 5. Cases (p. 185)
Chapter 6. Conclusions (p. 237)
References (p. 263)
Parts of this book have been made open access. We make chapters open access because they are particularly topical, or provide a useful introduction to the subject. They may be available for a limited time or indefinitely. Some books are entirely and permanently open access.
The series European Studies in Law and Economics is devoted to further the understanding of Law and Economics in Europe. The volumes published in this series present an interdisciplinary perspective on the effects of laws on people’s behaviour and on the economic system. The ample topics address a wide audience, including policy makers, legislators, economists, lawyers and judges. The series is peer-reviewed.
The series is an initiative of the PhD programme ‘European Doctorate in Law and Economics’ (EDLE). The EDLE is the academic response to the increasing importance of the economic analysis of law in Europe. The programme is offered by the Universities of Bologna, Hamburg and Rotterdam in association with the Indira Gandhi Institute of Development Research, Mumbai (India). PhD students receive the unique opportunity to study law and economics in three different countries. The programme prepares economists and lawyers of high promise for an academic career in a research field of growing importance or for responsible positions in government, research organisations and international consulting firms.
The European Commission sponsors the EDLE as an excellence programme under the prestigious Erasmus Mundus scheme. For further information please visit: www.edle-phd.eu.
The editorial board of the series consists of Prof. Dr. Michael G. Faure (Erasmus University Rotterdam), Prof. Dr. Luigi A. Franzoni (University of Bologna) and Prof. Dr. Stefan Voigt (University of Hamburg).
With a subscription to the series you enjoy a 15% discount on each volume!