Discussion of "Using Stationarity Tests in Antitrust Market Definition" |
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| Authors: | Hosken, Daniel Taylor, Christopher T. |
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| Affiliation: | Federal Trade Commission |
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| Abstract: | Send correspondence to: Daniel Hosken, Federal Trade Commission, 600 Pennsylvania Ave. NW, Washington, DC 20850; E-mail: dhosken@ftc.gov. The first 150 words of the full text of this article appear below. | 1. Introduction | The purpose of market definition in a merger or nonmerger antitrustanalysis is to identify products that are important substitutesto those produced by the firms being investigated. The marketdefinition exercise includes determining both the product market,that is, which products are important substitutes, and the geographicmarket, that is, which firms are physically close enough toprovide viable substitutes. The 1992 United States Departmentof Justice and Federal Trade Commission Horizontal Merger Guidelinesdefine a product (geographic) market as the smallest set ofproducts (area) such that a hypothetical monopolist of theseproducts could increase price a small but significant amount,typically 5% to 10%. The Guidelines approach to market definitionis somewhat artificial since a product (area) is said to beeither "in" or "out" of the market. Because most products aredifferentiated, there is rarely a clear demarcation betweenproducts that are important substitutes and those . . . [Full Text of this Article] 2. Limitations of Price Studies for Market Definition | 3. Difficulty of Implementation | 4. Conclusion |
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