Quantitative Techniques for Competition and Antitrust Analysis_11 pptx
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 Analysis8 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 ... curvature of the demand curve will determine the elasticity and thereforethe impact of a change in price on quantity demanded.1.1.3.1 Linear DemandThe linear demand is the simplest demand specification....
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Quantitative Techniques for Competition and Antitrust Analysis_2 ppt
... 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: ... generally used model for differentiated product industries. It is, for example,used in particular to model competition in markets for branded consumer goods.1.3.2.4 Price Competition with Capacity ... 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_3 docx
... “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 ... Doingso, according to the standard OLS formula would dramatically reduce the uncer-tainty and standard errors of the OLS estimates, yet clearly there is no real newinformation, just duplicates. ... Reviewestimated by OLS. Unfortunately, heteroskedasticity will usually bias our esti-mates of standard errors unless we use the correct formulas and so the analystmust be careful to do so.Formally, the...
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Quantitative Techniques for Competition and Antitrust Analysis_6 docx
... consider any twonormal goods, say cars and holidays. When the economy is good we will tend to seehigh demand, and hence high prices, for both cars and holidays and yet, of course,we would not want ... 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 ... prices and wrongly conclude that the products are not related.4.2.4 Rival Cost and Demand Data for Price Correlation AnalysisAs in all quantitative analysis, one cannot draw more information...
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Quantitative Techniques for Competition and Antitrust Analysis_11 ppt
... of the “before- and- after” method by taking into account changes in demand and supply conditions.By running a reduced-form regression of the price level on demand and cost factors7 For a good ... ıÄPj Pixj xiPi Phxi xh;where P and x stand for price and quality of the product and h, i, and j are indicators for products of increasing quality. Quality is one dimensional ... was.7.1.2.2 Before and AfterThe “before -and- after” methodology uses the historical time series of the prices ofthe cartelized goods as the main source of information. It looks at the prices beforeand...
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Quantitative Techniques for Competition and Antitrust Analysis_16 pptx
... this chapter. Before doing so we brieflydiscuss informal and semiformal quantitative methods for evaluating the incentive for foreclosure.10.1. Rationales for Vertical Restraints and Integration ... demand specifications.10.2. Measuring the Effect of Vertical Restraints 51910.2.1 Informal and Semiformal Analysis of IncentivesInformal quantitative analysis can sometimes be insightful for ... population and GDP data. They first estimate a nested multinomiallogit (NMNL) demand system for cars. For each market m, the conditional indirectutility of individual i for car j takes the form,uijD...
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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
... caused by movement in costs (which isin addition to any variation in prices explained by movements in the demand curvecaused by the exogenous demand shifting variables X2).Standard errors and ... 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,...
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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. ... market demand and cost structure are such that optimization by individualfirms leads to a concentrated market, high margins may be difficult for even themost powerful and interventionist competition...
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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 ... lnGXgD1exp.Iig/; and hg and gare the nesting parameters which are allowed to vary for the differ-ent groups and subgroups. As always, aggregate demands for a given product arecalculated by integrating...
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Quantitative Techniques for Competition and Antitrust Analysis_1 pptx
... quantity produced and input prices so will take the formC D C.Q;p1;:::;pm;uI˛/:Input demand schedules relate the optimal demand for inputs to the quantity pro-duced and the input prices ... understand this minimization problem first note that the observed data are theinputs and output levels for each firm and that the nonnegative weighted sumsPniD1iqi and PniD1iIji for ... investigations. For example, cost information can shedlight on margins and efficiencies. Firm’s accounting and financial data can provide useful information aboutboth costs and profits. However,...
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Quantitative Techniques for Competition and Antitrust Analysis_2 pptx
... prices and wrongly conclude that the products are not related.4.2.4 Rival Cost and Demand Data for Price Correlation AnalysisAs in all quantitative analysis, one cannot draw more information ... 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 ... attractive16Engle and Granger (1987) studied a single “co-integrating” relationship and showed that applyingOLS to a regression of the form YtD ˛XtC "t, where Y and X are integrated (of order 1) and "tis...
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Quantitative Techniques for Competition and Antitrust Analysis_4 pptx
... the size of the market, a and b are demand parameters, and c and dare the cost parameters. The demand and costs parameters are unobserved and theireffect is therefore included in the error ... individual demands and S identical consumers so that themarket demand is QDemandMarketD S.abp/ and that equilibrium price pis determinedby the intersection of supply and demand, we may ... at the equation for the equilibrium price in248 5. The Relationship between Market Structure and Price And the point to note is that both p and N are correlated with both demand and costs.Thus...
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Quantitative Techniques for Competition and Antitrust Analysis_10 pptx
... 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 ... yields@ ln wj@ ln pkDjk wkˇjwj and therefore we can see that the own- and cross-price elasticities of demand dependon both the model parameters and the expenditure sharesÁjkD8ˆˆˆ<ˆˆˆ:jk...
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Quantitative Techniques for Competition and Antitrust Analysis_11 pptx
... generating good outcomes for consumers. On the other hand, verticalrestraints and integration can generate harm to consumers and therefore form alegitimate focus of attention for a competition authority.10.1.1 ... be much higher for high-endBMWs and Lexuses than for low-end Mazdas and Fords.9.3 Demand Estimation in Merger AnalysisThe above introduction to the common models used for demand system estimationhas ... taste random vector " and the individual’s income and tastes for characteris-tics. We also assume the multinomial logit distribution for " allows us to express theindividual demand for...
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