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date: 25 February 2021

Abstract and Keywords

Market power – how it arises, and how it is measured – is an important topic for the economics field of “industrial organization” (IO). It is also an important topic for managers and for managerial economics, since it can be related to sustainable advantage for a company and it is usually at the center of antitrust cases in which a company may be involved. This chapter defines market power, discusses how it arises, and describes the various methods that have been used for empirically detecting and measuring it. Attention is also given to the role and measurement of market power in important antitrust contexts.

Keywords: market power, monopoly, oligopoly, competition, Lerner index, S-C-P paradigm, antitrust, merger guidelines

Lawrence J. White

Lawrence J. White, Stern School of Business, New York University

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