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Informative Advertising in a Monopoly with Network Externalities 具有网络外部性的垄断中的信息广告
Pub Date : 2017-06-01 DOI: 10.2139/ssrn.3014476
Azamat Valei
This paper studies the incentives for a monopolistic firm producing a good with network externalities to advertise when consumers face imperfect infor- mation and therefore must search to realize their actual willingness to pay for the good. A firm may disclose market information through advertising if it finds it beneficial. The results suggest that advertising is more likely in the case of a negative network effect and less likely with a positive network effect. When a monopolist faces a strong network externality, it chooses to support the maximum possible network and charge a price equal to the value of the externality. Finally, depending on the value of the search cost and type of network externality, a monopolist may use different advertising content: no information, price information only, product characteristics, or both price and product characteristics. Specifically, if all consumers have the same search cost, as the search cost grows the firm must include more informa- tion in the advertising content, while as the network externality changes from negative to positive, the firm reduces the content. In contrast, if consumers di¤er in their search costs, the firm tends to provide more information as the externality changes from negative to positive.
本文研究了当消费者面对不完全信息,因而必须寻求实现其实际支付意愿时,生产具有网络外部性商品的垄断企业进行广告宣传的动机。如果企业认为做广告有益,可以通过广告来披露市场信息。结果表明,广告更可能出现在负面网络效应的情况下,而不太可能出现在正面网络效应的情况下。当一个垄断者面对一个强大的网络外部性时,它选择支持最大可能的网络,并收取与外部性价值相等的价格。最后,根据搜索成本的价值和网络外部性的类型,垄断者可以使用不同的广告内容:没有信息,只有价格信息,产品特征,或者价格和产品特征都有。具体而言,当所有消费者的搜索成本相同时,随着搜索成本的增加,企业必须在广告内容中包含更多的信息,而当网络外部性从负向正变化时,企业减少了广告内容。相反,如果消费者降低了他们的搜索成本,随着外部性从负向正的变化,企业倾向于提供更多的信息。
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引用次数: 0
Comment of the Global Antitrust Institute, Antonin Scalia Law School, George Mason University, on the Japan Fair Trade Commission’s Draft Guidelines Concerning Distribution Systems and Business Practices Under the Antimonopoly Act 乔治梅森大学安东宁·斯卡利亚法学院全球反垄断研究所对日本公平交易委员会《关于《反垄断法》下的分销制度和商业行为的指导方针草案》的评论
Pub Date : 2017-05-04 DOI: 10.2139/ssrn.2962970
Koren W. Wong-Ervin, D. Ginsburg, Bruce H. Kobayashi, Joshua D. Wright
This comment is submitted by The Global Antitrust Institute (GAI) at Scalia Law School at George Mason University in response to the Japan Fair Trade Commission’s consultation on its Draft Guidelines Concerning Distribution Systems and Business Practices Under the Antimonopoly Act. The GAI Competition Advocacy Program provides a wide-range of recommendations to facilitate adoption of economically sound competition policy, including how to analyze antitrust matters involving multi-sided platforms and vertical restraints.
这是乔治梅森大学斯卡利亚法学院的全球反垄断研究所(GAI)针对日本公平贸易委员会就其《反垄断法下的分销系统和商业行为指南草案》进行咨询而提交的评论。GAI竞争倡导计划提供了广泛的建议,以促进采用经济上合理的竞争政策,包括如何分析涉及多边平台和垂直限制的反垄断问题。
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引用次数: 0
Monopsony Theory Revisited 垄断理论重述
Pub Date : 2017-05-02 DOI: 10.2139/ssrn.2964175
X. Méra
Standard monopsony theory, old and new, lacks a realistic criterion to distinguish between monopsony and competitive prices. Consequently, prominent Austrian critics have by and large dismissed it. However, the idea that human action occurs in discrete steps, and consequently that the elasticity of the supply schedules for factors of production, as well as the elasticity of the demand schedules for their products, can be altered as a result of coercion, lead to a theory of "monopoly price-gap", with monopoly and monopsony prices as two features of the same phenomenon.
标准的垄断理论,无论是旧的还是新的,都缺乏一个现实的标准来区分垄断和竞争性价格。因此,著名的奥地利学派批评家基本上对其不予理会。然而,人类行为是在离散的步骤中发生的,因此,生产要素的供应时间表的弹性,以及其产品的需求时间表的弹性,可以由于强制而改变,这一观点导致了“垄断价格差距”理论,垄断和垄断价格是同一现象的两个特征。
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引用次数: 0
Reverse Payment Patent Settlements in the Pharmaceutical Sector Under EU and US Competition Laws: A Comparative Analysis 欧盟和美国竞争法下制药行业反向支付专利和解:比较分析
Pub Date : 2017-05-01 DOI: 10.54648/woco2017029
M. Colangelo
Within the tool-box developed by originator companies in order to prepare and respond to generic entry, a prominent position must be recognized to a category of patent strategies particularly controversial under antitrust scrutiny, i.e. patent settlement agreements, in particular in the form of reverse payment patent settlements (also called pay-for-delay settlements), due to the fact that they provide for the patentee to pay the alleged infringer, rather than the opposite, with the aim of delaying its market entry. It is a fact that reverse payment settlement agreements arise mainly in the pharmaceutical industry. The article firstly analyses US and EU regulatory frameworks in order to highlight similarities and differences between them. Then, it examines the relevant case law in both contexts with a view to conducting a comparative study. Finally, the article discusses the approaches to reverse payment patent settlements adopted by antitrust authorities and courts and their clashes with intellectual property law, and contains a final proposal for the assessment of these agreements.
在发起者公司为准备和应对通用进入而开发的工具箱中,必须承认一类在反垄断审查下特别有争议的专利策略具有突出地位,即专利和解协议,特别是以反向支付专利和解(也称为延迟付款和解)的形式,因为它们规定专利权人向被指控的侵权人付款,而不是相反。目的是推迟其进入市场。事实上,反向付款结算协议主要出现在制药行业。本文首先分析了美国和欧盟的监管框架,以突出两者之间的异同。然后,本文考察了两种情况下的相关判例法,以期进行比较研究。最后,本文讨论了反垄断当局和法院采用的反向支付专利和解的方法及其与知识产权法的冲突,并包含对这些协议进行评估的最终建议。
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引用次数: 3
Emission Taxation, Green Innovations and Inverted-U Aggregate R&D Efforts in a Linear State Oligopoly Game 线性国家寡头博弈中的排放税、绿色创新和倒u型总研发努力
Pub Date : 2017-04-06 DOI: 10.2139/ssrn.2949818
D. Dragone, L. Lambertini, A. Palestini
We revisit the well known differential Cournot game with polluting emissions dating back to Benchekroun and Long (1998), proposing a version of the model in which environmental taxation is levied on emissions rather than the environmental damage. This allows to attain strong time consistency under open-loop information, and yields two main results which can be summarized as follows: (i) to attain a fully green technology in steady state, the regulator may equivalently adopt an appropriate tax rate (for any given number of firms) or regulate market access (for any given tax rate); (ii) if the environmental damage depends on emissions only (i.e., not on industry output) then the aggregate green R&D effort takes an inverted-U shape, in accordance with Aghion et al. (2005), and the industry structure maximising aggregate green innovation also minimises individual and aggregate emissions.
我们重新审视了Benchekroun和Long(1998)关于污染排放的著名的差分古诺博弈,提出了一个模型的版本,其中环境税是对排放而不是对环境损害征收的。这允许在开环信息下获得强时间一致性,并产生两个主要结果,可以总结如下:(i)为了获得稳定状态下的完全绿色技术,监管者可以同等地采用适当的税率(对于任何给定数量的公司)或规范市场准入(对于任何给定的税率);(ii)根据Aghion等人(2005)的研究,如果环境损害仅取决于排放(即不取决于产业产出),那么总体绿色研发努力呈倒u形,并且使总体绿色创新最大化的产业结构也使个人和总体排放最小化。
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引用次数: 0
Evolution of Ownership and Control Around the World: The Changing Face of Capitalism 世界范围内所有权和控制权的演变:资本主义面貌的变化
Pub Date : 2017-04-01 DOI: 10.2139/ssrn.2987852
J. Franks, C. Mayer
This chapter documents the evolution of ownership and control of firms around the world over a hundred year period from the beginning of the 20th century to today. It records the substantial changes that have taken place in the nature of stock markets and contrasts these with the persistent patterns of ownership that are observed in many countries around the world. In particular, it documents the growth in dispersion in ownership that took place in many countries from the early part of the 20th century. It reports that this took place in the absence of formal systems of investor protection but in the presence of institutional developments that facilitated the building of trust between investors and firms. Contrary to the view that concentrations of ownership necessarily undermine the operation of equity markets by exploiting minority interests, the chapter argues that in many countries they played a central role not just in exercising control but also in promoting relations between investors and firms that were central to the development of their stock markets. In particular, concentrations of ownership in the hands of families may have been a source of public as well as private benefits. The chapter concludes by looking at recent changes and argues that these reinforce the long-run patterns of the relative decline of the UK and US stock markets, the continued decline of family firms in the UK, the growth of private equity and the emergence of new forms of concentrated shareholdings.
本章记录了从20世纪初到今天的一百年间,世界各地公司所有权和控制权的演变。它记录了股票市场本质上发生的重大变化,并将这些变化与世界上许多国家所观察到的持久的所有权模式进行了对比。特别是,它记录了20世纪初在许多国家发生的所有权分散的增长。报告说,这种情况是在没有保护投资者的正式制度的情况下发生的,但在促进投资者和公司之间建立信任的体制发展的情况下发生的。与所有权集中必然通过剥削少数人利益而破坏股票市场运作的观点相反,本章认为,在许多国家,所有权集中不仅在行使控制权方面发挥了核心作用,而且在促进投资者与公司之间的关系方面也发挥了核心作用,而这种关系对其股票市场的发展至关重要。特别是,所有权集中在家庭手中可能是公共利益和私人利益的一个来源。本章最后考察了最近的变化,并认为这些变化强化了英美股市相对下跌、英国家族企业持续衰落、私人股本增长以及新形式的集中持股的出现等长期模式。
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引用次数: 30
Very Simple Markov-Perfect Industry Dynamics: Theory 非常简单的马尔可夫完美产业动态:理论
Pub Date : 2017-03-31 DOI: 10.2139/ssrn.2945407
J. Abbring, Jeffrey R. Campbell, J. Tilly, N. Yang
This paper develops a simple model of firm entry, competition, and exit in oligopolistic markets. It features toughness of competition, sunk entry costs, and market-level demand and cost shocks, but assumes that firms' expected payoffs are identical when entry and survival decisions are made. We prove that this model has an essentially unique symmetric Markov-perfect equilibrium, and we provide an algorithm for its computation. Because this algorithm only requires finding the fixed points of a finite sequence of contraction mappings, it is guaranteed to converge quickly.
本文建立了寡头垄断市场中企业进入、竞争和退出的简单模型。它以竞争的韧性、沉没进入成本、市场层面的需求和成本冲击为特征,但假设企业在做出进入和生存决策时的预期回报是相同的。我们证明了该模型具有本质上唯一的对称马尔可夫完美均衡,并给出了其计算算法。由于该算法只需要找到有限序列的不动点,保证了收敛速度快。
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引用次数: 10
Market Power and Antitrust Enforcement 市场力量与反垄断执法
Pub Date : 2017-03-23 DOI: 10.2139/ssrn.2942315
J. Kirkwood
Antitrust has returned to the national agenda. Leading Senators, progressive organizations, and many scholars are calling for stronger antitrust enforcement. One important step, overlooked in the discussion to date, is to reform how market power—an essential element in most antitrust violations—is determined. At present, the very definition of market power is unsettled. While there is widespread agreement that market power is the ability to raise price profitably above the competitive level, no consensus exists on how to determine the competitive level. Moreover, courts virtually never measure market power (or, its larger variant, monopoly power) by identifying the competitive level and comparing a defendant’s price to it. Rather, courts define a relevant market and calculate the defendant’s market share, a process that is often complex and misleading. This Article proposes a new approach that would infer market power from the likely effects of the challenged conduct. Courts ought to identify market power by asking whether the challenged conduct is likely to enable the defendant(s) to raise price above the prevailing level or maintain price above the but for level (the level to which price would fall absent the challenged conduct). This method would not only close the definitional gap, it would simultaneously enable courts to resolve two critical elements of most antitrust offenses—market power and anticompetitive effects— while inferring the relevant market from the result. By reducing the cost and improving the accuracy of antitrust enforcement, this step would enhance its impact.
反垄断重回国家议程。主要参议员、进步组织和许多学者都在呼吁加强反垄断执法。迄今为止在讨论中被忽视的一个重要步骤是改革市场力量的确定方式——这是大多数反托拉斯违法行为的基本要素。目前,市场支配力的定义尚未确定。虽然人们普遍认为市场力量是将价格提高到竞争水平之上的能力,但在如何确定竞争水平方面没有达成共识。此外,法院实际上从未通过确定竞争水平并将被告的价格与之比较来衡量市场力量(或其更大的变体,垄断力量)。相反,法院定义相关市场并计算被告的市场份额,这一过程往往复杂且具有误导性。本文提出了一种从被质疑行为的可能影响中推断市场力量的新方法。法院应通过询问被质疑的行为是否可能使被告能够将价格提高到高于现行水平或将价格维持在高于除非水平(即如果没有被质疑的行为,价格将下降到的水平)来识别市场力量。这种方法不仅可以缩小定义上的差距,还可以同时使法院能够解决大多数反垄断违法行为的两个关键因素——市场力量和反竞争效应——同时从结果中推断相关市场。通过降低成本和提高反垄断执法的准确性,这一步骤将增强其影响。
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引用次数: 0
High Frequency Trading: Strategic Competition between Slow and Fast Traders 高频交易:快慢交易者的战略竞争
Pub Date : 2017-03-21 DOI: 10.2139/ssrn.2938593
Herve Boco, Laurent Germain, Fabrice Rousseau
In the following paper we analyze the strategic competition between fast and slow traders. A fast or High Frequency Trader (HFT) is defned as a trader that has the ability to react to information faster than other informed traders and as a consequence can trade more than other traders. This trader benefits from low latency compared to slower trader. In such a setting, we prove the existence and the unicity of an equilibrium with fast and slow traders. We and that the speed advantage of HFTs has a beneficial effect on market liquidity as well as price effciency. The positive effect on liquidity is present only if there are 2 or more HFTs. However, despite those effects slower traders are at a disadvantage as they are not able to trade on their private information as many times as their HFTs counterpart. Once they can, most of their private information has been incorporated into prices due to the lower latency of HFTs. This implies that slower traders are worse off when HFTs are present. The speed differential benefits HFTs as they earn higher expected profits than their slower counterparts and also benefits liquidity traders. We find the existence of an optimal level of speed for HFT.
本文分析了快慢交易者之间的战略竞争。快速或高频交易者(HFT)被定义为能够比其他知情的交易者更快地对信息做出反应的交易者,因此可以比其他交易者进行更多的交易。与较慢的交易者相比,这个交易者受益于低延迟。在这种情况下,我们证明了具有快速交易者和慢速交易者的均衡的存在性和唯一性。我们发现高频交易的速度优势对市场流动性和价格效率都有有益的影响。只有当有2个或更多的高频交易时,对流动性的积极影响才存在。然而,尽管有这些影响,慢速交易者处于不利地位,因为他们不能像高频交易对手那样多次交易他们的私人信息。一旦他们可以,由于高频交易的低延迟,他们的大部分私人信息已经被纳入价格。这意味着当高频交易出现时,速度较慢的交易者的情况更糟。速度差异有利于高频交易者,因为他们比速度较慢的同行获得更高的预期利润,也有利于流动性交易者。我们发现高频交易存在一个最优的速度水平。
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引用次数: 1
Multi-Dimensional Pass-Through and Welfare Measures under Imperfect Competition 不完全竞争下的多维传递与福利措施
Pub Date : 2017-02-16 DOI: 10.2139/ssrn.2919856
Takanori Adachi, M. Fabinger
This paper provides a comprehensive analysis of welfare measures when oligopolistic firms face multiple policy interventions and external changes under general forms of market demands, production costs, and imperfect competition. We present our results in terms of two welfare measures, namely, marginal cost of public funds and incidence, in relation to multi-dimensional pass-through. Our arguments are best understood with two-dimensional taxation where homogeneous firms face unit and ad valorem taxes. The first part of the paper studies this leading case. We show, e.g., that there exists a simple and empirically relevant set of sufficient statistics for the marginal cost of public funds, namely unit tax and ad valorem pass-through and industry demand elasticity. We then specialize our general setting to the case of price or quantity competition and show how the marginal cost of public funds and the pass-through are expressed using elasticities and curvatures of regular and inverse demands. Based on the results of the leading case, the second part of the paper presents a generalization with the tax revenue function specified as a general function parameterized by a vector of multi-dimensional tax parameters. We then argue that our results are carried over to the case of heterogeneous firms and other extensions.
本文综合分析了在市场需求、生产成本和不完全竞争的一般形式下,寡头垄断企业面临多重政策干预和外部变化时的福利措施。我们提出了我们的结果在两个福利措施,即公共资金的边际成本和发生率,在多维传递。我们的论点最好用二维税收来理解,其中同质企业面临单位税和从价税。本文的第一部分对这一主导案例进行了研究。例如,我们表明存在一组简单且与经验相关的公共资金边际成本的充分统计数据,即单位税和从价传递以及行业需求弹性。然后,我们将我们的一般设置专门用于价格或数量竞争的情况,并展示如何使用常规需求和反向需求的弹性和曲率来表示公共资金的边际成本和传递。第二部分在前一个案例的基础上,将税收函数定义为一个由多维税收参数向量参数化的一般函数。然后,我们认为,我们的结果延续到异质企业和其他扩展的情况。
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引用次数: 9
期刊
ERN: Monopoly
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