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This book presents several fundamentally new ideas. It shows that the notion of market dominance depends on the choices of firms. The fundamental idea here is to separate strategies that the firm wishes to pursue and those that it can achieve given the rival reactions. The book also highlights that consumers generally find it difficult to obtain appropriate information about the value of products when many similar products are sold on the market. Firms provide signals in the form of non-price strategies. The identification, by the consumer, of the maximum value of the product may nevertheless leave some room for firms to expand their market share beyond this. In addition, given the nature of the market, each firm has some market power with regard to consumers on the market and in its relationship with rival firms. This text presents a number of market power indices at the firm and strategy level combining these two dimensions. The book also considers issues of regulation of apps in cyberspace and discusses practical regulatory policies that have been developed to limit misuse of information in cyberspace.
Book Synopsis Market Dominance and Market Power by : T.V.S. Ramamohan Rao
Download or read book Market Dominance and Market Power written by T.V.S. Ramamohan Rao and published by Cambridge Scholars Publishing. This book was released on 2020-09-29 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents several fundamentally new ideas. It shows that the notion of market dominance depends on the choices of firms. The fundamental idea here is to separate strategies that the firm wishes to pursue and those that it can achieve given the rival reactions. The book also highlights that consumers generally find it difficult to obtain appropriate information about the value of products when many similar products are sold on the market. Firms provide signals in the form of non-price strategies. The identification, by the consumer, of the maximum value of the product may nevertheless leave some room for firms to expand their market share beyond this. In addition, given the nature of the market, each firm has some market power with regard to consumers on the market and in its relationship with rival firms. This text presents a number of market power indices at the firm and strategy level combining these two dimensions. The book also considers issues of regulation of apps in cyberspace and discusses practical regulatory policies that have been developed to limit misuse of information in cyberspace.
As part of its review of competition law that started in the late 1990s, the European Commission proposes to revise its interpretation and application of the Treaty’s prohibition of abuses of dominant positions. Also, it has instigated a debate about the promotion of private enforcement of EC competition law. On the former subject, the Commission published a Discussion Paper in 2005; on the latter, a Green Paper in 2005, followed by a White Paper in 2008. The chapters in this volume critically appraise the Commission’s proposals, including the most recent ones. The authors also highlight the repercussions of the proposed ‘more economic approach’ to abuses of dominant positions on private litigants’ opportunities to bring damages actions in national courts for such abuses.
Book Synopsis Abuse of Dominant Position: New Interpretation, New Enforcement Mechanisms? by : Mark-Oliver Mackenrodt
Download or read book Abuse of Dominant Position: New Interpretation, New Enforcement Mechanisms? written by Mark-Oliver Mackenrodt and published by Springer Science & Business Media. This book was released on 2008-07-25 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: As part of its review of competition law that started in the late 1990s, the European Commission proposes to revise its interpretation and application of the Treaty’s prohibition of abuses of dominant positions. Also, it has instigated a debate about the promotion of private enforcement of EC competition law. On the former subject, the Commission published a Discussion Paper in 2005; on the latter, a Green Paper in 2005, followed by a White Paper in 2008. The chapters in this volume critically appraise the Commission’s proposals, including the most recent ones. The authors also highlight the repercussions of the proposed ‘more economic approach’ to abuses of dominant positions on private litigants’ opportunities to bring damages actions in national courts for such abuses.
In Defense of Monopoly offers an unconventional but empirically grounded argument in favor of market monopolies. Authors McKenzie and Lee claim that conventional, static models exaggerate the harm done by real-world monopolies, and they show why some degree of monopoly presence is necessary to maximize the improvement of human welfare over time. Inspired by Joseph Schumpeter's suggestion that market imperfections can drive an economy's long-term progress, In Defense of Monopoly defies conventional assumptions to show readers why an economic system's failure to efficiently allocate its resources is actually a necessary precondition for maximizing the system's long-term performance: the perfectly fluid, competitive economy idealized by most economists is decidedly inferior to one characterized by market entry and exit restrictions or costs. An economy is not a board game in which players compete for a limited number of properties, nor is it much like the kind of blackboard games that economists use to develop their monopoly models. As McKenzie and Lee demonstrate, the creation of goods and services in the real world requires not only competition but the prospect of gains beyond a normal competitive rate of return.
Book Synopsis In Defense of Monopoly by : Richard B. McKenzie
Download or read book In Defense of Monopoly written by Richard B. McKenzie and published by University of Michigan Press. This book was released on 2019-02-28 with total page 629 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Defense of Monopoly offers an unconventional but empirically grounded argument in favor of market monopolies. Authors McKenzie and Lee claim that conventional, static models exaggerate the harm done by real-world monopolies, and they show why some degree of monopoly presence is necessary to maximize the improvement of human welfare over time. Inspired by Joseph Schumpeter's suggestion that market imperfections can drive an economy's long-term progress, In Defense of Monopoly defies conventional assumptions to show readers why an economic system's failure to efficiently allocate its resources is actually a necessary precondition for maximizing the system's long-term performance: the perfectly fluid, competitive economy idealized by most economists is decidedly inferior to one characterized by market entry and exit restrictions or costs. An economy is not a board game in which players compete for a limited number of properties, nor is it much like the kind of blackboard games that economists use to develop their monopoly models. As McKenzie and Lee demonstrate, the creation of goods and services in the real world requires not only competition but the prospect of gains beyond a normal competitive rate of return.
Book Synopsis The Economics of Imperfect Competition by : Joan Robinson
Download or read book The Economics of Imperfect Competition written by Joan Robinson and published by Springer. This book was released on 1969-07-01 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Market dominance - encompassing single firm dominance, overt and tacit collusion, mergers and vertical restraints - raises many complex analytical and policy issues, all of which continue to be the subject of theoretical research and policy reform. This second edition of a popular and comprehensive text extends the arguments and combines an analysis of the issues with a discussion of actual policy and case studies. This new edition addresses the recent fundamental changes in antitrust law, especially in the UK and the EU, and reviews some high profile and controversial cases such as the Boeing-McDonnell Douglas merger and the Microsoft monopoly. The author moves on to deal with several unresolved questions including the conflicts between trade and antitrust policy, the foreign take-over of domestic assets and extra-territorial claims made by certain countries.
Book Synopsis Market Dominance and Antitrust Policy by : Michael A. Utton
Download or read book Market Dominance and Antitrust Policy written by Michael A. Utton and published by Edward Elgar Publishing. This book was released on 2005-01-01 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market dominance - encompassing single firm dominance, overt and tacit collusion, mergers and vertical restraints - raises many complex analytical and policy issues, all of which continue to be the subject of theoretical research and policy reform. This second edition of a popular and comprehensive text extends the arguments and combines an analysis of the issues with a discussion of actual policy and case studies. This new edition addresses the recent fundamental changes in antitrust law, especially in the UK and the EU, and reviews some high profile and controversial cases such as the Boeing-McDonnell Douglas merger and the Microsoft monopoly. The author moves on to deal with several unresolved questions including the conflicts between trade and antitrust policy, the foreign take-over of domestic assets and extra-territorial claims made by certain countries.
Book Synopsis The Economics of Market Dominance by : Donald A. Hay
Download or read book The Economics of Market Dominance written by Donald A. Hay and published by Wiley-Blackwell. This book was released on 1987-01-01 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:
With the rise of digital platforms and the natural tendency of markets involving platforms to become concentrated, competition authorities and courts are more frequently in a position to investigate and decide merger and abuse cases that involve platforms. This report provides guidance on how to define markets and on how to assess market power when dealing with two-sided platforms. DEFINITION Competition authorities and courts are well advised to uniformly use a multi-markets approach when defining markets in the context of two-sided platforms. The multi-markets approach is the more flexible instrument compared to the competing single-market approach that defines a single market for both sides of a platform, as the former naturally accounts for different substitution possibilities by the user groups on the two sides of the platform. While one might think of conditions under which a single-market approach could be feasible, the necessary conditions are so severe that it would only be applicable under rare circumstances. To fully appreciate business activities in platform markets from a competition law point of view, and to do justice to competition law’s purpose, which is to protect consumer welfare, the legal concept of a “market” should not be interpreted as requiring a price to be paid by one party to the other. It is not sufficient to consider the activities on the “unpaid side” of the platform only indirectly by way of including them in the competition law analysis of the “paid side” of the platform. Such an approach would exclude certain activities and ensuing positive or negative effects on consumer welfare altogether from the radar of competition law. Instead, competition practice should recognize straightforwardly that there can be “markets” for products offered free of charge, i.e. without monetary consideration by those who receive the product. ASSESSMENT The application of competition law often requires an assessment of market power. Using market shares as indicators of market power, in addition to all the difficulties in standard markets, raises further issues for two-sided platforms. When calculating revenue shares, the only reasonable option is to use the sum of revenues on all sides of the platform. Then, such shares should not be interpreted as market shares as they are aggregated over two interdependent markets. Large revenue shares appear to be a meaningful indicator of market power if all undertakings under consideration serve the same sides. However, they are often not meaningful if undertakings active in the relevant markets follow different business models. Given potentially strong cross-group external effects, market shares are less apt in the context of two-sided platforms to indicate market power (or the lack of it). Barriers to entry are at the core of persistent market power and, thus, the entrenchment of incumbent platforms. They deserve careful examination by competition authorities. Barriers to entry may arise due to users’ coordination failure in the presence of network effect. On two-sided platforms, users on both sides of the market have to coordinate their expectations. Barriers to entry are more likely to be present if an industry does not attract new users and if it does not undergo major technological change. Switching costs and network effects may go hand in hand: consumer switching costs sometimes depend on the number of platform users and, in this case, barriers to entry from consumer switching costs increase with platform size. Since market power is related to barriers to entry, the absence of entry attempts may be seen as an indication of market power. However, entry threats may arise from firms offering quite different services, as long as they provide a new home for users’ attention and needs.
Book Synopsis Market definition and market power in the platform economy by : Jens-Uwe Franck
Download or read book Market definition and market power in the platform economy written by Jens-Uwe Franck and published by Centre on Regulation in Europe asbl (CERRE). This book was released on 2019-05-08 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the rise of digital platforms and the natural tendency of markets involving platforms to become concentrated, competition authorities and courts are more frequently in a position to investigate and decide merger and abuse cases that involve platforms. This report provides guidance on how to define markets and on how to assess market power when dealing with two-sided platforms. DEFINITION Competition authorities and courts are well advised to uniformly use a multi-markets approach when defining markets in the context of two-sided platforms. The multi-markets approach is the more flexible instrument compared to the competing single-market approach that defines a single market for both sides of a platform, as the former naturally accounts for different substitution possibilities by the user groups on the two sides of the platform. While one might think of conditions under which a single-market approach could be feasible, the necessary conditions are so severe that it would only be applicable under rare circumstances. To fully appreciate business activities in platform markets from a competition law point of view, and to do justice to competition law’s purpose, which is to protect consumer welfare, the legal concept of a “market” should not be interpreted as requiring a price to be paid by one party to the other. It is not sufficient to consider the activities on the “unpaid side” of the platform only indirectly by way of including them in the competition law analysis of the “paid side” of the platform. Such an approach would exclude certain activities and ensuing positive or negative effects on consumer welfare altogether from the radar of competition law. Instead, competition practice should recognize straightforwardly that there can be “markets” for products offered free of charge, i.e. without monetary consideration by those who receive the product. ASSESSMENT The application of competition law often requires an assessment of market power. Using market shares as indicators of market power, in addition to all the difficulties in standard markets, raises further issues for two-sided platforms. When calculating revenue shares, the only reasonable option is to use the sum of revenues on all sides of the platform. Then, such shares should not be interpreted as market shares as they are aggregated over two interdependent markets. Large revenue shares appear to be a meaningful indicator of market power if all undertakings under consideration serve the same sides. However, they are often not meaningful if undertakings active in the relevant markets follow different business models. Given potentially strong cross-group external effects, market shares are less apt in the context of two-sided platforms to indicate market power (or the lack of it). Barriers to entry are at the core of persistent market power and, thus, the entrenchment of incumbent platforms. They deserve careful examination by competition authorities. Barriers to entry may arise due to users’ coordination failure in the presence of network effect. On two-sided platforms, users on both sides of the market have to coordinate their expectations. Barriers to entry are more likely to be present if an industry does not attract new users and if it does not undergo major technological change. Switching costs and network effects may go hand in hand: consumer switching costs sometimes depend on the number of platform users and, in this case, barriers to entry from consumer switching costs increase with platform size. Since market power is related to barriers to entry, the absence of entry attempts may be seen as an indication of market power. However, entry threats may arise from firms offering quite different services, as long as they provide a new home for users’ attention and needs.
What is Market Power In economics, market power refers to the ability of a firm to influence the price at which it sells a product or service by manipulating either the supply or demand of the product or service to increase economic profit. In other words, market power occurs if a firm does not face a perfectly elastic demand curve and can set its price (P) above marginal cost (MC) without losing revenue. This indicates that the magnitude of market power is associated with the gap between P and MC at a firm's profit maximising level of output. The size of the gap, which encapsulates the firm's level of market dominance, is determined by the residual demand curve's form. A steeper reverse demand indicates higher earnings and more dominance in the market. Such propensities contradict perfectly competitive markets, where market participants have no market power, P = MC and firms earn zero economic profit. Market participants in perfectly competitive markets are consequently referred to as 'price takers', whereas market participants that exhibit market power are referred to as 'price makers' or 'price setters'. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Market power Chapter 2: Duopoly Chapter 3: Microeconomics Chapter 4: Monopoly Chapter 5: Monopolistic competition Chapter 6: Oligopoly Chapter 7: Perfect competition Chapter 8: Imperfect competition Chapter 9: Herfindahl-Hirschman index Chapter 10: Anti-competitive practices Chapter 11: Barriers to entry Chapter 12: Monopoly profit Chapter 13: Lerner index Chapter 14: Market structure Chapter 15: Market concentration Chapter 16: Competition (economics) Chapter 17: Edward Chamberlin Chapter 18: Dominance (economics) Chapter 19: Bilateral monopoly Chapter 20: Profit (economics) Chapter 21: Monopoly price (II) Answering the public top questions about market power. (III) Real world examples for the usage of market power in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Market Power.
Book Synopsis Market Power by : Fouad Sabry
Download or read book Market Power written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-01-22 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Market Power In economics, market power refers to the ability of a firm to influence the price at which it sells a product or service by manipulating either the supply or demand of the product or service to increase economic profit. In other words, market power occurs if a firm does not face a perfectly elastic demand curve and can set its price (P) above marginal cost (MC) without losing revenue. This indicates that the magnitude of market power is associated with the gap between P and MC at a firm's profit maximising level of output. The size of the gap, which encapsulates the firm's level of market dominance, is determined by the residual demand curve's form. A steeper reverse demand indicates higher earnings and more dominance in the market. Such propensities contradict perfectly competitive markets, where market participants have no market power, P = MC and firms earn zero economic profit. Market participants in perfectly competitive markets are consequently referred to as 'price takers', whereas market participants that exhibit market power are referred to as 'price makers' or 'price setters'. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Market power Chapter 2: Duopoly Chapter 3: Microeconomics Chapter 4: Monopoly Chapter 5: Monopolistic competition Chapter 6: Oligopoly Chapter 7: Perfect competition Chapter 8: Imperfect competition Chapter 9: Herfindahl-Hirschman index Chapter 10: Anti-competitive practices Chapter 11: Barriers to entry Chapter 12: Monopoly profit Chapter 13: Lerner index Chapter 14: Market structure Chapter 15: Market concentration Chapter 16: Competition (economics) Chapter 17: Edward Chamberlin Chapter 18: Dominance (economics) Chapter 19: Bilateral monopoly Chapter 20: Profit (economics) Chapter 21: Monopoly price (II) Answering the public top questions about market power. (III) Real world examples for the usage of market power in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Market Power.
What is Dominance Economics The power that a company has over a certain economic market is referred to as market dominance. One of the characteristics of a dominating corporation is the ability to exert influence over the market price and the competition. The dominance of a company is a measurement of the power of a brand, product, service, or organization in comparison to the offers of other companies in the same industry. A dominating company also has the ability to act independently of its competitors or customers, and it does not have to worry about the distribution of its resources. There is a contrast between dominant positioning, which is a legal idea, and dominant positioning, which is an economic concept. This distinction is crucial when assessing whether or not a company's market position is dominant. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Dominance (economics) Chapter 2: Monopoly Chapter 3: Oligopoly Chapter 4: Concentration ratio Chapter 5: Herfindahl-Hirschman index Chapter 6: Anti-competitive practices Chapter 7: Barriers to entry Chapter 8: Substitute good Chapter 9: European Union competition law Chapter 10: Predatory pricing Chapter 11: Competition law Chapter 12: Market power Chapter 13: Market structure Chapter 14: Merger control Chapter 15: Market concentration Chapter 16: European Union merger law Chapter 17: Relevant market Chapter 18: Article 102 of the Treaty on the Functioning of the European Union Chapter 19: Deutsche Telekom AG v Commission Chapter 20: Telefónica SA v Commission Chapter 21: Mergers in United Kingdom law (II) Answering the public top questions about dominance economics. (III) Real world examples for the usage of dominance economics in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Dominance Economics.
Book Synopsis Dominance Economics by : Fouad Sabry
Download or read book Dominance Economics written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-01-24 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Dominance Economics The power that a company has over a certain economic market is referred to as market dominance. One of the characteristics of a dominating corporation is the ability to exert influence over the market price and the competition. The dominance of a company is a measurement of the power of a brand, product, service, or organization in comparison to the offers of other companies in the same industry. A dominating company also has the ability to act independently of its competitors or customers, and it does not have to worry about the distribution of its resources. There is a contrast between dominant positioning, which is a legal idea, and dominant positioning, which is an economic concept. This distinction is crucial when assessing whether or not a company's market position is dominant. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Dominance (economics) Chapter 2: Monopoly Chapter 3: Oligopoly Chapter 4: Concentration ratio Chapter 5: Herfindahl-Hirschman index Chapter 6: Anti-competitive practices Chapter 7: Barriers to entry Chapter 8: Substitute good Chapter 9: European Union competition law Chapter 10: Predatory pricing Chapter 11: Competition law Chapter 12: Market power Chapter 13: Market structure Chapter 14: Merger control Chapter 15: Market concentration Chapter 16: European Union merger law Chapter 17: Relevant market Chapter 18: Article 102 of the Treaty on the Functioning of the European Union Chapter 19: Deutsche Telekom AG v Commission Chapter 20: Telefónica SA v Commission Chapter 21: Mergers in United Kingdom law (II) Answering the public top questions about dominance economics. (III) Real world examples for the usage of dominance economics in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Dominance Economics.
The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
Book Synopsis The Antitrust Paradox by : Robert Bork
Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
