Quantitative Techniques for Competition and Antitrust Analysis 17 ppt
Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_1 docx
... result from a brand’s image.Suppose we face a market with two differentiated goods and the following lineardemand system:Demand for good 1: q1D a1 b11p1C b12p2;Demand for good 2: ... products and can be shared. For instance, once the reputationembodied in a brand name has been built, it can be cheaper for a firm to launch othersuccessful products under that same brand.Formally, ... a firm doesnot matter for the value of the firm. Of course, most practitioners and academics believed and believethat the proportions of debt and equity do matter and so for fifty years corporate...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_2 pptx
... inFisher (1980, 1986) and Finkelstein and Levenbach (1983). For more general econometrics texts, see, for example, Greene (2007) and Wooldridge (2007). And for an advanced and more technical but ... “reduced-form” equations. Estimating a reducedform for market prices and quantities will require data on equilibrium prices and quantities in that market as dependent variables and then observed demand ... determinants of production and costs,regulations, and firm’s objectives. Demand functions are important in empirical analysis in antitrust. The elas-ticity of demand will be an important determinant...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_3 pptx
... price and quantity data alone it is impossible to empirically quantify the effect of an increasein prices on the quantity demanded and therefore to extract information such as thedemand elasticity.A ... in matrix form and stack the sets of observations in their groups and note that the resulting matrices Xg and Xhwill satisfy X0gXhD 0 for g ¤ hbecause digdihD 0 (see also, for example, ... science and also in social exper-iments. Even economists, working directly or indirectly for firms and governmentscan and do run experiments, at least in the sense that we might evaluate demandand...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_5 pdf
... marginalcustomers—those for whom store A and store B are pretty close substitutes for oneanother but before the price rise at A there was a small preference for going to A.On the other hand, the CC’s ... the prices depend on the intercepts of the demand equations (a1 and a2), the own-price effects (b11 and b22), and the cross-price effects (b12 and b21).They also depend on the cost of ... 4.2. Price Level Differences and Price Correlations 175 profits and compete in prices, we can calculate each firm’s reaction function and then we can solve for the Nash equilibrium in prices...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_6 pdf
... information about demand and in particular the own-price elastic-40This section draws on Harris and Simons (1989) and also the working papers by O’Brien and Wickelgren (2003) and by Katz and ... demand curve.First, following Landes and Posner (1981) and Scheffman and Spiller (1987)consider the dominant-firm model. In that model, the dominant firm faced a mar-ket demand DMarket.p/ and ... prices (or other convenientforms for estimation) only under very strong assumptions. Second, note that all cost and demand shift variables for all products outside the candidate market must inprinciple...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_8 pptx
... to allow for firm heterogeneity and Mazzeo (2002) and Seim (2006) extended the analysis and estimation of entrygames to allow for product differentiation. Davis (2006c) allowed for some forms of ... jurisdictions.4See, for example, the work by Sutton (1991), Klepper (1996), and Klepper and Simons (2000), and in the strategy literature see Markides and Geroski (2005) and McGahan (2004).6.1. ... reportsentry and exit variables for the U.S. manufacturingsector (averages over 387 four-digit SIC industries).scale of existing firms in their product market and therefore account for only 14– 17% share...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_12 potx
... firm and market demand for understanding competition. For example,we have seen that demand is important in determining firm behavior such as pricingdecisions and we have also seen that demand ... demand for sugar and for that purpose we have collected data on the quantity of sugar sold in millions ofpounds and the price at which they were sold in cents per pounds. The first step for analysis ... for j 2=f and also for each firm f:These J equations, together with the J demand equations, provide us with thestructural form for this model. Note that the structural model involves a demandcurve...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_13 pot
... alternative functional form. For example, Berry et al. (1995) believe that the demand for a type of car will dependon a consumer’s level of income and work with the natural logarithm formulation,vj.y ... elasticity of segmentdemand is 2:6 for premium beer, 2:7 for popular beer, and 2:4 for light beer.These price elasticities could be used as important evidence toward a formal testof the hypothesis ... discussion of this and other demand forms in the context of merger simulation, see Werden and Froeb (2005).462 9. Demand System EstimationSymmetry imposes the restrictions, jkD kj for all j ¤...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_15 pptx
... 51910.2.1 Informal and Semiformal Analysis of IncentivesInformal quantitative analysis can sometimes be insightful for evaluating the incen-tive for foreclosure. An example of such an analysis ... strategies in the rest of this chapter. Before doing so we brieflydiscuss informal and semiformal quantitative methods for evaluating the incentive for foreclosure.10.2. Measuring the Effect of ... structural estimation may be necessary ifwe wish to perform quantitative analysis and yet we cannot get information onoutcomes with and without the practice. Horizontal merger simulation is...
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Quantitative Techniques for Competition and Antitrust Analysis_1 pdf
... small. For Lara, Adrian, and Tristan For SaraThis page intentionally left blank Quantitative Techniques for Competition and Antitrust Analysis 8 1. The Determinants of Market OutcomesDemand at ... since understanding thesekey elements of economic analysis is crucial for an appropriate use of quantitative techniques. 1.1 Demand Functions and Demand ElasticitiesThe analysis of demand is probably ... wemust understand the drivers of profits, namely revenues and costs. Demand analysis provides a toolbox for analyzing firm revenues. We now turn to the economists’toolbox for analyzing information...
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