By Jay Pil Choi
Antitrust coverage within the usa and Europe is predicated more and more on financial research. financial idea and empirical research play a imperative function in antitrust judgements within the courts and within the formula and enforcement of coverage. Antitrust circumstances are argued utilizing refined financial pondering; either plaintiffs and defendants in U.S. v. Microsoft, for instance, made vast use of video game concept, the economics of knowledge, and transaction expense economics of their arguments. In this CESifo quantity, experts from the U.S. and the eu Union study conceptual and empirical concerns occupied with antitrust coverage in gentle of fresh advancements within the field.The first 3 chapters tackle theoretical matters which were very important in fresh antitrust activities: sturdy items markets, two-sided markets and platform festival, and tying preparations. members then take in empirical issues, discussing such issues as bundling and tying as noticeable available in the market for chilly and pain-relief drugs; the political features of merger keep an eye on; and industry definition and differentiated items within the automobile and tender drink markets. members additionally tackle antitrust and regulatory matters in markets with imperfect info, reading comparative advertisements and incentives for info disclosure. the ultimate bankruptcy treats the possession constitution of cable tv networks and its impression on pageant within the neighborhood entry marketplace. the significance of financial research in antitrust coverage makes this evaluation of contemporary theoretical and empirical advancements crucial examining for teachers and policymakers.Contributors:Mark Armstrong, Francesca Barigozzi, Randy Brenkers, Duarte Brito, Jay Pil Choi, David S. Evans, Vivek Ghosal, Jos Jansen, Franco Mariuzzo, Martin Peitz, Pedro Pereira, Michael Salinger, Frank Verboven, Michael Waldman, Patrick Paul Walsh, Ciara Whelan
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Extra info for Recent Developments in Antitrust: Theory and Evidence (CESifo Seminar Series)
Sample text
16 Michael Waldman To be precise, we find two main results. First, if entry occurs a small number of periods after the merger, then consistent with Carlton and Gertner’s analysis we find that the social-welfare loss associated with merger to monopoly in the durable-goods case is significantly smaller than the social-welfare loss in the analogous nondurable-goods case. However, although it is smaller than in the analogous nondurablegoods case, it is significantly larger than in Carlton and Gertner’s analysis.
Rather, there would also be a loss because of higher-valuation individuals who wind up consuming older 18 Michael Waldman and thus lower-quality cars than they would have in the absence of any mergers. In other words, the social-welfare loss would look much more like the loss in our analysis than the loss in Carlton and Gertner’s analysis. Let me end the section by briefly discussing the antitrust implications of the analysis. I believe there are three main points. First, the analysis supports the Carlton and Gertner view that, because the presence of an existing stock of used units limits the exercise of market power after a merger, the antitrust authorities need to be less concerned with mergers that increase market power in durable-goods industries than in nondurable-goods industries.
16 Michael Waldman To be precise, we find two main results. First, if entry occurs a small number of periods after the merger, then consistent with Carlton and Gertner’s analysis we find that the social-welfare loss associated with merger to monopoly in the durable-goods case is significantly smaller than the social-welfare loss in the analogous nondurable-goods case. However, although it is smaller than in the analogous nondurablegoods case, it is significantly larger than in Carlton and Gertner’s analysis.