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The Requisite Legal Standard of the Digital Markets Act’s Designation Process 数字市场法》指定程序的必要法律标准
IF 1.5 4区 社会学 Q3 ECONOMICS Pub Date : 2024-09-04 DOI: 10.1093/joclec/nhae011
Alba Ribera Martínez
Moving away from the effects-based approach in EU competition law, the Digital Markets Act introduces renewed requisite legal standards that differ from probabilistic standards of proof. Ideally, this concept should also shape the European Commission’s initial enforcement actions and its judicial review in the EU courts. The paper critically examines the legal standards that the European Commission established in its first set of designation decisions issued in September 2023. It spotlights two significant actions by the Commission: the delineation of core platform services and the consideration of the undertakings’ rebuttals of the presumption of a gatekeeper position deriving from the application of the quantitative thresholds. The paper reveals a disjointed approach by the Commission building upon the idea of the regulation’s plasticity.
数字市场法》摒弃了欧盟竞争法中以效果为基础的方法,引入了新的必要法律标准,不同于概率性的证明标准。理想情况下,这一概念也应影响欧盟委员会的初步执法行动及其在欧盟法院的司法审查。本文严格审查了欧盟委员会在 2023 年 9 月发布的第一批指定决定中确立的法律标准。本文重点介绍了欧盟委员会的两项重要行动:核心平台服务的划分和对企业就适用量化阈值推定把关人地位的反驳的审议。本文揭示了委员会在法规可塑性理念的基础上采取的脱节方法。
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引用次数: 0
Price Effects of Horizontal Mergers: A Retrospective on Retrospectives 横向合并的价格效应:回顾过去
IF 1.5 4区 社会学 Q2 Social Sciences Pub Date : 2024-05-04 DOI: 10.1093/joclec/nhae006
Annika Stöhr
This comprehensive review of ex post merger studies assesses the price effects of horizontal transactions to determine whether there are common post-merger price effects, both overall and in specific markets. The aim is to derive implications for policy makers and competition authorities in terms of effective merger enforcement and competition policy. By combining and further analysing the results of 52 retrospective studies on 82 mergers or horizontal transactions, it can be shown that the sector in which the respective transaction takes place alone is not a strong indicator of the direction of price-related merger effects. In contrast, the ‘size’ or ‘importance’ of a transaction as well as market concentration seem to be correlated with post-transaction price increases, especially in already highly concentrated markets. Overall, this meta-study shows the importance of ex post case studies for improving ex ante merger control: although generalizations can only be made with caution, the subsequent analysis of a case and its ex post observable outcome can provide useful information for future merger enforcement in general, either in the same industry and/or with similar case characteristics, as well as for competition policy regulators.
这篇关于合并后研究的综述评估了横向交易的价格影响,以确定合并后的价格影响是否普遍存在,无论是在整体上还是在特定市场上。目的是为政策制定者和竞争管理机构提供有效实施兼并和竞争政策的参考。通过综合并进一步分析 52 项关于 82 项兼并或横向交易的回顾性研究结果,可以看出,单凭交易发生的行业并不能有力地说明与价格相关的兼并效应的方向。相反,交易的 "规模 "或 "重要性 "以及市场集中度似乎与交易后的价格上涨相关,尤其是在已经高度集中的市场中。总之,这项元研究表明了事后案例研究对于改善事前兼并控制的重要性:尽管只能谨慎地进行概括,但对案例及其事后可观察结果的后续分析可以为未来兼并执法提供有用的信息,无论是相同行业和/或具有类似案例特征的兼并执法,还是竞争政策监管者。
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引用次数: 0
ECONOMIC PRINCIPLES FOR THE ENFORCEMENT OF ABUSE OF DOMINANCE PROVISIONS 执行滥用支配地位条款的经济原则
IF 1.5 4区 社会学 Q2 Social Sciences Pub Date : 2024-03-20 DOI: 10.1093/joclec/nhae003
Chiara Fumagalli, Massimo Motta
The European Commission (EC) has recently announced its intention to issue Guidelines on exclusionary abuses. In this paper, we explain how economics can and should be used to inform a sound and effects-based approach in the enforcement of Article 102 TFEU. In particular, the EC should be guided only by a consumer welfare standard; exclusive dealing and exclusivity rebates should be subject to a (rebuttable) presumption of harm; price–cost tests are meaningful only for predation and other practices that do not reference rivals; essentiality of the input should not be a requirement for vertical foreclosure cases of any type, but such cases should be limited only to dominant firms that satisfy certain criteria.
欧盟委员会(EC)最近宣布打算发布关于排他性滥用的指南。在本文中,我们解释了在执行《欧盟运作条约》第 102 条的过程中,经济学如何能够并应该被用来为基于效果的合理方法提供依据。具体而言,欧盟委员会只应以消费者福利标准为指导;排他性交易和排他性回扣应服从(可反驳的)损害推定;价格-成本测试只对掠夺和其他不涉及竞争对手的行为有意义;投入的基本性不应成为任何类型的纵向取消赎回权案件的要求,但此类案件应仅限于满足某些标准的支配性企业。
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引用次数: 0
MERGING LAGGARDS 合并落后者
IF 1.5 4区 社会学 Q2 Social Sciences Pub Date : 2024-01-24 DOI: 10.1093/joclec/nhad020
Jorge Padilla, Salvatore Piccolo, Paul Reynolds
We argue that mergers among market laggards (new entrants or innovation challengers) should be treated differently than those involving leaders (established players or first-mover innovators). We show that these mergers can be rivalry-enhancing, either by accelerating entry or promoting innovations, leading to lower quality-adjusted prices and higher consumer surplus. This is more likely to happen when entry (or innovation) costs are relatively high, so that entry (or innovation) is profitable only when it is limited to a few players. In these circumstances, if laggards enter, they will do so probabilistically and inefficiently since each of them would have to condition its entry to scenarios in which other laggards stay out, which may not be possible since entry decisions are secret. By removing or mitigating this coordination failure, a merger among laggards may lead to more entry (or innovation). Such a merger will also be more likely to benefit consumers when the products of laggards and leaders are sufficiently differentiated—that is, when competition is not too intense absent the merger. Importantly, we find that in the presence of fixed entry costs and endogenous entry, fixed cost synergies are relevant for assessing the welfare effects of mergers. These efficiencies enhance the social value of mergers among laggards insofar as they make entry into the market for the merged entity less costly, thereby expanding the spectrum of products available to consumer and increasing their welfare.
我们认为,对于市场落后者(新进入者或创新挑战者)之间的兼并,应区别对待领先者(老牌企业或先行创新者)之间的兼并。我们表明,这些兼并可以通过加速进入或促进创新来增强竞争,从而降低质量调整价格,提高消费者剩余。当进入(或创新)成本相对较高时,这种情况更有可能发生,因此只有当进入(或创新)仅限于少数参与者时才有利可图。在这种情况下,如果落后者进入市场,他们将以概率和低效率的方式进入市场,因为他们每个人都必须以其他落后者不进入市场为条件,而这可能是不可能的,因为进入市场的决定是保密的。通过消除或缓解这种协调失灵,落后者之间的合并可能会带来更多的进入(或创新)。当落后者和领先者的产品有足够的差异时,这种合并也更有可能使消费者受益,也就是说,在没有合并的情况下,竞争不会太激烈。重要的是,我们发现,在存在固定进入成本和内生进入的情况下,固定成本协同效应与评估兼并的福利效应息息相关。这些效率提高了落后企业兼并的社会价值,因为它们降低了被兼并企业进入市场的成本,从而扩大了消费者的产品范围,增加了他们的福利。
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引用次数: 0
The Effective Use of Economics in the EU Digital Markets Act 欧盟数字市场法》中经济学的有效运用
IF 1.5 4区 社会学 Q2 Social Sciences Pub Date : 2024-01-10 DOI: 10.1093/joclec/nhad018
Amelia Fletcher, Jacques Crémer, Paul Heidhues, Gene Kimmelman, Giorgio Monti, Rupprecht Podszun, Monika Schnitzer, Fiona Scott Morton, Alexandre de Streel
Economic thinking and analysis lie at the heart of the objectives and the design of the EU Digital Markets Act (DMA). However, the design of the DMA reflects a very deliberate—and reasonable—intention to ensure clarity, speed, administrability, and enforceability. In doing so, this pro-competitive regulation omits several elements of standard competition law where economics has typically played a key role. Nonetheless, we believe that economic insights and analysis—including behavioural economic thinking—will continue to play an important role in enabling the DMA to achieve its ambitious and laudable goals, albeit in a somewhat different way.
经济思维和分析是《欧盟数字市场法》(DMA)目标和设计的核心。然而,《数字市场法》的设计反映了一种深思熟虑的合理意图,即确保清晰、快速、可管理和可执行性。在此过程中,这项有利于竞争的法规忽略了标准竞争法中经济学通常发挥关键作用的几个要素。尽管如此,我们相信经济学的见解和分析--包括行为经济学思想--将继续发挥重要作用,使《公平竞争法》能够实现其宏伟而值得称赞的目标,尽管方式有些不同。
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引用次数: 0
Competitor Coupons: A Remedy for Residual Collusion 竞争者优惠券:剩余串通的补救措施
IF 1.5 4区 社会学 Q2 Social Sciences Pub Date : 2023-12-23 DOI: 10.1093/joclec/nhad019
Joseph E Harrington
There are well-documented episodes of prices remaining at supracompetitive levels even after a cartel was shut down by the competition authority. As long as market conditions remain reasonably stable, collusive prices may still be incentive compatible so the collusive equilibrium could continue after firms are no longer engaging in illicit communications. This situation poses a challenging dilemma: consumer harm persists because of past unlawful conduct but there is no apparent recourse. This paper offers a remedy in the form of coupons. As part of the penalty imposed by the competition authority, each cartel member is required to distribute coupons to its past purchasers. Contrary to their usual form, these coupons can only be used to buy from a firm’s competitors. I show how this temporary intervention can help destabilize collusion and restore competition.
有充分证据表明,即使卡特尔被竞争管理机构关闭,价格仍保持在超竞争水平。只要市场条件保持合理稳定,合谋价格仍可能与激励相容,因此合谋平衡可能在企业不再从事非法交流后继续存在。这种情况提出了一个具有挑战性的难题:由于过去的非法行为,对消费者的伤害依然存在,但却没有明显的补救措施。本文以优惠券的形式提供了一种补救措施。作为竞争主管机构处罚的一部分,每个卡特尔成员都必须向过去的购买者发放优惠券。与通常形式不同的是,这些优惠券只能用于向企业的竞争对手购买。我将向大家展示这种临时干预是如何帮助稳定合谋并恢复竞争的。
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引用次数: 0
Product Hopping and Innovation Incentives 产品跳跃和创新激励
IF 1.5 4区 社会学 Q2 Social Sciences Pub Date : 2023-12-07 DOI: 10.1093/joclec/nhad017
Jorge Lemus, Olgu Ozkul
We study innovation incentives under “product hopping,” whereby an incumbent patents a minor modification of a pioneer drug (for example, a new delivery method) and promotes the modified version to shift demand from the original drug. We develop a model in which an incumbent races against an entrant to discover a drastic innovation. We show that product hopping can decrease the total research and development (R&D) investment for drastic innovation. Moreover, an incumbent only chooses to engage in product hopping when drastic innovation is sufficiently difficult. Although product hopping may boost ex-ante R&D for pioneer drugs, it comes at the expense of decreasing R&D for subsequent drastic innovations and consumer surplus through socially wasteful marketing expenses. Our results contribute to the policy debate on product hopping, welfare, and antitrust.
我们研究了 "产品跳跃 "下的创新激励机制,在这种激励机制下,在位者为先驱药物的细微改动(例如,一种新的给药方法)申请专利,并推广改动版本,以转移对原有药物的需求。我们建立了一个模型,在该模型中,在位者与新进入者竞相发现一项重大创新。我们的研究表明,产品跳跃可以减少重大创新的研发(R&D)总投资。此外,在位者只有在大幅创新足够困难时才会选择进行产品跳跃。虽然产品跳跃可能会提高先驱药物的事前研发投入,但其代价是通过浪费社会资源的营销费用降低了后续大幅创新的研发投入和消费者剩余。我们的研究结果为有关产品跳跃、福利和反垄断的政策辩论做出了贡献。
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引用次数: 0
Legal Design in Sustainable Antitrust 可持续反垄断的法律设计
IF 1.5 4区 社会学 Q2 Social Sciences Pub Date : 2023-11-27 DOI: 10.1093/joclec/nhad016
Roman Inderst, Stefan Thomas
We lay out a roadmap for how the legislator could create a framework of ‘sustainability corridors’ that would allow relying on the ancillary restraints/Wouters doctrine to make antitrust law more accommodating of sustainability considerations. Our analysis goes beyond the general feasibility of such corridors. It discusses different use-cases for such exemptions and methods for assessing the necessity of competitive restraints to achieve a legislatively defined sustainability goal. We show how this avoids the pitfalls of a multigoals approach, under which it would be left to antitrust authorities and courts to reconcile sustainability and competition objectives independent of a legislative specification, whereas out-of-market benefits (externalities) that would escape even a broad consumer welfare approach can still be accounted for. Our proposal sets out specific requirements for such sustainability corridors that ensure that the ensuing antitrust assessment is governed by a strict and quantifiable indispensability test. Specifically, we discuss three such instances: specific sustainability obligations placed on individual firms, which may however require collective actions; specific mandates that are targeted at the respective industry rather than individual firms; and policy objectives that are not targeted at individual firms or industries but provide a metric for the measurement of sustainability benefits (for example, by way of conducting an abatement cost analysis).
我们为立法者如何创建一个“可持续性走廊”框架制定了路线图,该框架将允许依靠辅助限制/Wouters原则使反垄断法更能适应可持续性考虑。我们的分析超出了这种走廊的一般可行性。它讨论了这种豁免的不同用例和评估竞争性限制为实现立法规定的可持续性目标的必要性的方法。我们展示了这如何避免多目标方法的陷阱,在多目标方法下,它将留给反垄断当局和法院来协调独立于立法规范的可持续性和竞争目标,而即使是广泛的消费者福利方法也无法解决的市场外利益(外部性)仍然可以被解释。我们的建议为这种可持续性走廊提出了具体要求,以确保随后的反垄断评估受到严格和可量化的不可或缺性测试的约束。具体来说,我们讨论了三个这样的例子:个别公司承担的具体可持续发展义务,但这可能需要集体行动;针对各自行业而非个别公司的具体授权;政策目标不是针对个别公司或工业,而是提供衡量可持续性效益的标准(例如,通过进行减排成本分析)。
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引用次数: 0
INVESTMENT AND PATENT LICENSING IN THE VALUE CHAIN 价值链中的投资和专利许可
4区 社会学 Q2 Social Sciences Pub Date : 2023-11-08 DOI: 10.1093/joclec/nhad015
Gerard Llobet, Damien Neven
Abstract At which stage in the production chain should patent licensing take place? In this paper we show that under realistic circumstances a patent holder would be better off by licensing downstream. This occurs when the licensing revenue can depend on the downstream value of the product either directly or through the use of ad-valorem royalties. Downstream licensing is also preferred by the patent holder when, instead, we assume that the downstream licensee is less informed about the validity of the patent. In most cases, downstream licensing increases allocative efficiency. However, it might reduce the manufacturer’s incentives to invest and, thereby, decrease welfare. We characterize the circumstances under which a conflict arises between the stage at which patent holders prefer to license their technology and the stage at which it is optimal from a social standpoint that licensing takes place.
专利许可应该发生在生产链的哪个阶段?在本文中,我们表明,在现实情况下,专利持有人将更好地授权下游。当许可收入直接或通过使用从价版税取决于产品的下游价值时,就会出现这种情况。当我们假设下游被许可人对专利的有效性了解较少时,专利持有人也更倾向于下游许可。在大多数情况下,下游许可提高了配置效率。然而,它可能会降低制造商的投资动机,从而降低福利。我们描述了在专利持有人倾向于许可其技术的阶段与从社会角度来看许可发生的最佳阶段之间发生冲突的情况。
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引用次数: 0
Industrial Policies, Competition, and Efficiency: The Need for State Aid Control 产业政策、竞争与效率:国家援助控制的必要性
4区 社会学 Q2 Social Sciences Pub Date : 2023-10-31 DOI: 10.1093/joclec/nhad014
Joanna Piechucka, Lluís Saurí-Romero, Ben Smulders
Abstract This paper contributes to the current debate on industrial policies, by discussing the potential scope and design principles of efficiency-enhancing industrial policies and providing a framework of assessment based on the European experience with State aid control. It argues four main points. First, there is scope for efficiency-enhancing industrial policies that address well-defined market failures. Second, the design of any industrial policy must achieve its objective in the most efficient way possible, in particular avoiding unnecessary distortions to competition. Third, European Union (EU) State aid control rules, as part of competition policy, reflect the economic principles of efficiency-enhancing industrial policies and provide a blueprint that could be applied more broadly to improve the design of industrial policies. Fourth, the pressure from industrial policies of non-EU governments comes with risks of global subsidy races that would produce a suboptimal outcome for all. Some limiting principles must therefore be found. We then illustrate how State aid control can contribute to a more efficient design of climate and industrial policies, contributing to a more efficient green transition, preserving competitive markets, and fostering industrial competitiveness.
本文通过讨论提高效率的产业政策的潜在范围和设计原则,并根据欧洲国家援助控制的经验提供了一个评估框架,为当前关于产业政策的辩论做出了贡献。它提出了四个主要观点。首先,提高效率的产业政策可以解决明确的市场失灵问题。其次,任何产业政策的设计都必须以最有效的方式实现其目标,尤其是避免对竞争造成不必要的扭曲。第三,欧洲联盟(欧盟)国家援助管制规则作为竞争政策的一部分,反映了提高效率的工业政策的经济原则,并提供了可以更广泛地应用于改进工业政策设计的蓝图。第四,来自非欧盟国家政府产业政策的压力伴随着全球补贴竞争的风险,这将给所有国家带来次优结果。因此必须找到一些限制原则。然后,我们说明了国家援助控制如何有助于更有效地设计气候和产业政策,促进更有效的绿色转型,维护竞争市场,促进产业竞争力。
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引用次数: 0
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Journal of Competition Law & Economics
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