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Unilateral Effects From Mergers Of Firms Offering Differentiated Products
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Book Synopsis Unilateral Effects from Mergers of Firms Offering Differentiated Products by : Deirdre L. Hay
Download or read book Unilateral Effects from Mergers of Firms Offering Differentiated Products written by Deirdre L. Hay and published by Vandeplas Pub.. This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers how courts and regulatory agencies in Australia and in the US can and should assess mergers of firms which produce products or services differentiated in the minds of consumers from other products or services. (Most if not all products and services are differentiated at least to some degree so the topic is relevant to most mergers.) This book seeks the best solution for Australia to the difficulties posed by such mergers. It does so by comparing the approach taken in Australia with that taken in the US. In the US, the main method of merger analysis where there are differentiated products is to consider whether the merger of two firms will create unilateral effects i.e., higher prices, by eliminating the constraint each firm places on the other. In Australia, Courts and the Tribunal, and until recently the Australian Competition and Consumer Commission (ACCC), have not emphasized unilateral effects. Comparatively little use has been made in Australia of economic methods (developed in the US) to isolate and predict unilateral effects of a merger. This book is timely in light of the ACCC's recent Public Competition Assessment in Woolworths Limited - Proposed Acquisition of Kmart and Officeworks from Coles Group Limited in which the ACCC stated explicitly it performed a unilateral effects analysis, and because the Australian Merger Guidelines are likely to be amended soon to include a new section on unilateral effects analysis. Part I defines and explains the significance of product differentiation and how it can lead to unilateral effects. Part II analyses the US approach to predicting the unilateral effects of mergers of firms producing differentiated products. Part III considers how mergers of firms that produce differentiated products and unilateral market power are analysed in Australia. Part IV compares the two jurisdictions. It summarises the problems and insufficiencies of the current Australian approach and the benefits of the US approach, and concludes that the Australian Courts (and to a lesser extent the ACCC) are insufficiently emphasising unilateral effects in predicting the effect of mergers of firms producing differentiated products. It recommends that unilateral effects analysis should be used in Australia to augment the current Australian approach to merger analysis, the Australian Guidelines should be amended, and US economic methods should be used to predict unilateral effects. About the author: Dr. Deirdre Hay is at the law firm Harris Beach PLLC, Ithaca New York. She does antitrust work and represents financial institutions in banking and real estate transactions. She has considerable experience in antitrust counseling, transactional, and litigation matters in both the US and Australia and has practiced intellectual property law in Australia. She has represented international clients before the Department of Justice, the Federal Trade Commission, and Australian Competition and Consumer Commission. Dr. Hay was involved in the successful Full Federal Court appeal, News Limited v. Australian Rugby League Ltd. (1996) 64 FCR 410 (Superleague Appeal), Multigroup Distribution Services Pty. Ltd. v. TNT Australia Pty. Ltd. and Ors., Trade Practices Commission v. Australian Feather Mills Pty. Ltd. (1989) 26 FCR 555, as well as the deregulation hearings for Pennsylvania Power & Light. Dr. Hay is an editor of the American Bar Association's Antitrust Law Journal and has served as Managing Editor.
Book Synopsis A Comparative Analysis of Unilateral Effects from Mergers of Firms Offering Differentiated Products by : Deidre Liddell Hay
Download or read book A Comparative Analysis of Unilateral Effects from Mergers of Firms Offering Differentiated Products written by Deidre Liddell Hay and published by . This book was released on 2004 with total page 840 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economic Assessment of Mergers Under European Competition Law by : Daniel Gore
Download or read book The Economic Assessment of Mergers Under European Competition Law written by Daniel Gore and published by Cambridge University Press. This book was released on 2013-04-25 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a clear, concise and practical overview of the key economic techniques and evidence employed in European merger control.
Book Synopsis Simulation as an Alternative to Structural Merger Policy in Differentiated Products Industries by : Gregory Werden
Download or read book Simulation as an Alternative to Structural Merger Policy in Differentiated Products Industries written by Gregory Werden and published by . This book was released on 1995 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Mergers in Differentiated Products Industries by : Gregory Werden
Download or read book The Effects of Mergers in Differentiated Products Industries written by Gregory Werden and published by . This book was released on 1993 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Analyzing Horizontal Mergers by : Herbert Hovenkamp
Download or read book Analyzing Horizontal Mergers written by Herbert Hovenkamp and published by . This book was released on 2009 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay offers a brief, non-technical exposition of the antitrust analysis of horizontal mergers in product differentiated markets where the resulting price increase is thought to be unilateral - that is, only the post-merger firm increases its prices while other firms in the market do not. More realistically, non-merging firms who are reasonably close in product space to the merging firm will also be able to increase their prices when the post-merger firm's prices rise. The unilateral effects theory is robust and has become quite conventional in merger analysis. There is certainly no reason for thinking that it involves any more conjecture than what occurs in traditional concentration-increasing merger analysis. Nevertheless, as with all predictions about mergers, we must live with a certain measure of uncertainty.
Book Synopsis Merger in the Round by : David T. Levy
Download or read book Merger in the Round written by David T. Levy and published by . This book was released on 1989 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Demsetz Postulate and the Effects of Mergers in Differentiated Products Industries by : Luke M. Froeb
Download or read book The Demsetz Postulate and the Effects of Mergers in Differentiated Products Industries written by Luke M. Froeb and published by . This book was released on 1993 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis U.S. Department of Justice Merger Guidelines by : United States. Department of Justice. Antitrust Division
Download or read book U.S. Department of Justice Merger Guidelines written by United States. Department of Justice. Antitrust Division and published by . This book was released on 1984 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Coordinated Effects of Mergers in Differentiated Product Markets by : Kai-Uwe Kühn
Download or read book The Coordinated Effects of Mergers in Differentiated Product Markets written by Kai-Uwe Kühn and published by . This book was released on 2004 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Coordinated Effects of Mergers in Differentiated Products Markets by : Kai-Uwe Kühn
Download or read book The Coordinated Effects of Mergers in Differentiated Products Markets written by Kai-Uwe Kühn and published by . This book was released on 2004 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How the Chicago School Overshot the Mark by : Robert Pitofsky
Download or read book How the Chicago School Overshot the Mark written by Robert Pitofsky and published by Oxford University Press. This book was released on 2008-10-14 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the Chicago School Overshot the Mark is about the rise and recent fall of American antitrust. It is a collection of 15 essays, almost all expressing a deep concern that conservative economic analysis is leading judges and enforcement officials toward an approach that will ultimately harm consumer welfare. For the past 40 years or so, U.S. antitrust has been dominated intellectually by an unusually conservative style of economic analysis. Its advocates, often referred to as "The Chicago School," argue that the free market (better than any unelected band of regulators) can do a better job of achieving efficiency and encouraging innovation than intrusive regulation. The cutting edge of Chicago School doctrine originated in academia and was popularized in books by brilliant and innovative law professors like Robert Bork and Richard Posner. Oddly, a response to that kind of conservative doctrine may be put together through collections of scores of articles but until now cannot be found in any one book. This collection of essays is designed in part to remedy that situation. The chapters in this book were written by academics, former law enforcers, private sector defense lawyers, Republicans and Democrats, representatives of the left, right and center. Virtually all agree that antitrust enforcement today is better as a result of conservative analysis, but virtually all also agree that there have been examples of extreme interpretations and misinterpretations of conservative economic theory that have led American antitrust in the wrong direction. The problem is not with conservative economic analysis but with those portions of that analysis that have "overshot the mark" producing an enforcement approach that is exceptionally generous to the private sector. If the scores of practices that traditionally have been regarded as anticompetitive are ignored, or not subjected to vigorous enforcement, prices will be higher, quality of products lower, and innovation diminished. In the end consumers will pay.
Book Synopsis Unilateral Effects Analysis in Differentiated Product Markets by : Malcolm B. Coate
Download or read book Unilateral Effects Analysis in Differentiated Product Markets written by Malcolm B. Coate and published by . This book was released on 2014 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Merger Guidelines highlight unilateral effects analysis as the most prominent theory of concern in differentiated markets. This study evaluates the Federal Trade Commission's historical record to determine what considerations drive the review process, if these considerations depend on the type of differentiated market under review and if policy has changed much over the 20 years since the 1992 Merger Guidelines were issued. Our results highlight the importance of both direct and indirect proxies for diversion, as well as entry and effects evidence. Moreover, an ability to focus the analysis on price-based competition leads to predictions of significantly higher estimates for the probability of a unilateral effects finding, especially when repositioning is difficult. Little change in policy is identified over the 20-year period of the study, although it is possible that the discussion of effects evidence in the 2010 Merger Guidelines has increased the relevance of this consideration.
Book Synopsis Mergers with Differentiated Products by : Tommaso M. Valletti
Download or read book Mergers with Differentiated Products written by Tommaso M. Valletti and published by . This book was released on 2020 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: On the occasion of the 10th anniversary of the 2010 U.S. Horizontal Merger Guidelines, this article provides an overview of the state of economic analysis of unilateral effects in mergers with differentiated products. Drawing on our experience with merger enforcement in Europe, we discuss both static and dynamic competition, with a special emphasis on the calibration of competitive effects. We also discuss the role of market shares and structural presumptions in differentiated product markets.
Book Synopsis Unilateral Effects Analysis in Merger Review by : Malcolm B. Coate
Download or read book Unilateral Effects Analysis in Merger Review written by Malcolm B. Coate and published by . This book was released on 2014 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many economists believe that unilateral effects analysis should dominate the merger review process for differentiated products. However, it is far from clear if these theoretical models are broadly applicable, as they impose monopoly-style entry assumptions that constrain the competitive process. By abstracting from the complexities of the market process, the standard unilateral effects analysis gives rise to tractable mathematical equilibriums. Of course, the equilibriums may not offer insights if the key assumptions are not valid. This paper will explore the limits to and opportunities for unilateral effects analysis, using the Landes-Posner model of a dominant firm as an initial example, before expanding the discussion to Nash-Bertrand models of competition. These Lerner-based modeling structures are problematic, especially when the entry-related assumptions are not credible. Because economic models may remain applicable even when their assumptions are not valid, the discussion addresses various types of effects evidence that could confirm the predictions of a specific unilateral effects model. Court precedent is reviewed, with an emphasis on a current understanding of the structural presumption, along with the applicability of effects evidence to litigation. By focusing the analysis on facts, unilateral effects analysis serves to aid the merger review process.
Book Synopsis Antitrust Evaluation of Horizontal Mergers by : Joseph Farrell
Download or read book Antitrust Evaluation of Horizontal Mergers written by Joseph Farrell and published by . This book was released on 2010 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We describe a simple initial indicator of whether a proposed merger between rivals in a differentiated product industry is likely to raise prices through unilateral effects. Our diagnostic calibrates upward pricing pressure (UPP) resulting from the merger, based on the price/cost margins of the merging firms' products and the extent of direct substitution between them. As a screen for likely unilateral effects, this approach is practical, more transparent, and better grounded in economics than are concentration-based methods.
Book Synopsis Effects of Mergers in Markets for Differentiated Products by : F. William MacElroy
Download or read book Effects of Mergers in Markets for Differentiated Products written by F. William MacElroy and published by . This book was released on 1990 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
