Abstract and Keywords
The use of the market definition paradigm for the purposes of determining market power has long held a central place in competition law. This chapter surveys recent analytical work that has called the paradigm into question. First, it presents two logical challenges to the feasibility of the market definition process. Second, it addresses the coherence of market share threshold tests. Third, it examines whether the hypothetical monopolist test that is widely employed in merger guidelines is counterproductive for the purposes of assessing the price effects of mergers. Finally, it considers whether and when the frequent focus on cross-elasticities is useful.
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