By Louis Phlips
This publication is a crucial selection of papers released over the last ten years in American and ecu journals. half 1 explains marketplace constitution as a functionality of sunk expenditures and industry dimension. half 2 illustrates the valuable position of pricing schemes (including parallel pricing, brought pricing and pageant clauses) in maintaining equilibrium results in oligopolistic markets. components three and four supply a game-theoretic origin to pageant coverage and merger keep watch over. Louis Phlips bargains a finished advent to the textual content within which he very rigorously explains the reasoning in the back of his number of papers, and offers a very good synthesis of the cloth.
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Extra info for Applied Industrial Economics
Merger control is of course (part of) competition policy. Introduction 23 The partition reflects the following historical evolution of the European Commission's antitrust policy. In the early sixties, it was not at all clear whether articles 85 and 86 of the Treaty of Rome, which govern competition policy in the European Union (as explained in my chapter 13), were applicable to mergers. In 1966, a committee of four professors was asked this question by the Commission. In my minority report I gave a negative answer, arguing that article 85 makes explicit and tacit collusion (with a given market structure) illegal but does not apply to structural changes such as those resulting from mergers.
Any spatial pricing scheme other than fob-mill pricing should be forbidden (since they all imply price discrimination) as should parallel pricing and best-price policies. The philosophy of the contributions collected in part II is different. If I was Director-General of DG IV, I would be very happy if my policy induced the firms under investigation to end up in a Cournot equilibrium. On this point, I received unexpected support from d'Aspremont and Motta (1994). They remark that excessive price competition may cause exits or bankruptcies - as happened in the US salt industry - leading to an increase in concentration which is not beneficial.
The first step lies in describing a new theoretical rationale for the appearance of a negative relationship between market size and concentration, which is quite different to that embodied in the post-Bain literature. The second step involves the central claim of the present study. It says that this size-structure relationship, which has traditionally been seen as holding across industries generally, is in fact only valid for a certain group of industries. Most important, it is not valid for those industries in which advertising and R&D outlays play a significant role.
Applied Industrial Economics by Louis Phlips