The Economics of EC Competition Law: Concepts, Application and Measurement
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1 The Economics of EC Competition Law: Concepts, Application and Measurement Simon Bishop Founding Partner, RBB Economics and Mike Walker Vice President, Charles River Associates LONDON SWEET & MAXWELL 2002
2 Foreword Preface List of Tables List of Figures Tables vii xi xix xxi xxiii The Goals of EC Competition Policy 1.04 The Use of Empirical Techniques 1.10 The Plan of the Book 1.12 Part I Concepts 2. Effective Competition Some Potential Definitions of Effective Competition 2.04 The Two Extremes: Perfect Competition and Monopoly 2.11 What is the Weifare Standard for EC Competition Law? 2.22 Oligopoly Models 2.28 Dynamic Considerations 2.43 Summary The Assessment of Market Power What is Market Power? 3.04 Indicators of Market Power 3.17 The Relationship between Profitability and Market Power 3.58 Analysing Market Power in the Light of the Alleged Anti- Competitive Behaviour 3.70 Summary The Relevant Market Principles of Relevant Market Definition 4.07 The Cellophane Fallacy 4.34 The Commission's Approach in Practice 4.44 xv
3 Some Further Issues in the Practice of Market Definition 4.72 Approaches in Selected Member States: UK, Germany, Italy and France 4.88 Summary 4.94 Part II Application 5. Article 81 Vertical Restraints Horizontal Agreements The Role of Market Definition in Article 81 Summary 6. Article 82 The Economic Meaning of Dominance and Abuse Market Definition in Article 82 Cases Excessive Pricing Price Discrimination, Discounts and Rebates Aftermarkets Tying and Bundling Predatory Behaviour Refusals to Supply and Essential Facilities Collective Dominance under Article 82 Summary 7. Merger Control Economics and the Law The Role of the Relevant Market in Merger Analysis Horizontal Mergers I: Single Firm Dominance Horizontal Mergers II: Collective Dominance Vertical Mergers Conglomerate Mergers and Range Effects Buyer Power Entry Efficiencies Mergers in the New Economy Mergers Involving Failing Firms SLC v Dominance Conclusions Part III Measurement 8. to Empirical Analysis xvi
4 The Role of Empirical Analysis in EC Competition Law 8.03 Empirical Techniques Discussed in Part III 8.04 Common Criticisms of the use of Quantitative Techniques 8.14 Shock Analysis 8.20 Summary Introducing Multiple Regression Analysis as a Tool of Antitrust Policy Basic Econometric Analysis 9.04 Three Examples of Multiple Regression Analysis 9.09 Appraising Multiple Regression Analysis 9.15 Specification Tests 9.30 Appraising a Model in Practice 9.42 Summary Estimating Elasticities Econometric Estimation Using Elasticity Estimates to Define Relevant Markets Using Elasticity Estimates to Directly Simulate the Effect of a Merger Diversion Ratios Summary Annex: Derivation of True Diversion Ratio Formulas Price Correlation Analysis Correlation Analysis as an Aid for Assessing Competition The Use of Correlation Analysis in Commission Decisions The Relationship between Price Correlation Analysis and Relevant Markets Spurious Correlation Benchmarking Price Correlation Analysis and Variable Exchange Rates Summary Shipment and Transport Costs Tests Two Tests Employing Shipment Data The Use of Shipment Tests in Commission Decisions Analytical Issues widi Shipment Tests Transport Costs Studies Summary xvii
5 13. Price Concentration Studies A Hypothetical Example of a Price Concentration Study The Lack of Use of Price Concentration Studies in EC Competition Law Analytical Issues Summary Bidding Studies Empirical Analysis in Bidding Markets Examples of Bidding Markets Summary Granger Causality and Cointegration Tests Econometric Price Tests as an Aid for Assessing Competition The Use of Granger Causality and Cointegration in Commission Decisions Analytical Issues Arising from the Use of Granger Causality and Cointegration Tests Summary Summary Appendices A. Commission Notice (97/C372/03) on the definition of relevant market for the purposes of Community competition law A.01 B. Commission's Vertical Guidelines ([2000] OJ. C291/01) B.01 C. Commission's Horizontal Guidelines ([2001] OJ. C3/02) C.01 D. Commission's Draft Market Analysis Guidelines for Bibliograph}/ Index Telecoms D.01 XVIII
The Economics of EC Competition Law: Concepts, Application and Measurement
The Economics of EC Competition Law: Concepts, Application and Measurement Simon Bishop Founding Partner, RBB Economics (simon.bishop@rbbecon.com) and Mike Walker Vice President, Charles River Associates
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