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Quantitative Techniques for
Competition and Antitrust Analysis
8 1. The Determinants of Market Outcomes
Demand at ... since understanding these
key elements of economic analysis is crucial for an appropriate use of quantitative
techniques.
1.1 Demand Functions and Demand Elasticities
The...
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 linear
demand system:
Demand for good 1: q
1
D a
1
b
11
p
1
C b
12
p
2
;
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 Competi...
Quantitative Techniques for Competition and Antitrust Analysis_3 docx
... “reduced-form” equations. Estimating a reduced
form for market prices and quantities will require data on equilibrium prices and
quantities in that market as dependent variables and then observed demand ... Doing
so, 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 new
information...
Quantitative Techniques for Competition and Antitrust Analysis_6 docx
... consider any two
normal goods, say cars and holidays. When the economy is good we will tend to see
high demand, and hence high prices, for both cars and holidays and yet, of course,
we would not want ... marginal
customers—those for whom store A and store B are pretty close substitutes for one
another but before the price rise at A there was a small preference for going to A...
Quantitative Techniques for Competition and Antitrust Analysis_8 pdf
... cost and independent
of output and hence prices. If we further assume that S is the total market size and
that (1) market demand is a scaled version of a representative individual’s demand
and ... of standard errors which involve very large numbers
248 5. The Relationship between Market Structure and Price
And the point to note is that both p and N are correlated with both deman...
Quantitative Techniques for Competition and Antitrust Analysis_9 pot
... 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.
4
See, for example, the work by Sutton (1991), Klepper (1996), and Klepper and Simons (2000), and
in the strategy literature see Markides and Geroski (2005) an...
Quantitative Techniques for Competition and Antitrust Analysis_10 ppt
... Without information about costs, the only market events that one could use
for identification are changes in demand. In this section and the next we consider
respectively demand shifts and demand rotations ... the pricing and demand equations and the
conduct parameter remains that we can find (i) a supply shifter that allows us to
identify the demand curve, the parameter ˛
1
, and (...
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 factors
7
For a good ... ı
Ä
P
j
P
i
x
j
x
i
P
i
P
h
x
i
x
h
;
where P and x stand for price and quality of the product and h, i, and j are indicators
for products of increasing quality. Qua...
Quantitative Techniques for Competition and Antitrust Analysis_13 docx
... firm and market demand for understanding competition. For example,
we have seen that demand is important in determining firm behavior such as pricing
decisions and we have also seen that demand ... for j 2=
f
and also for each firm f:
These J equations, together with the J demand equations, provide us with the
structural form for this model. Note that the structural model involv...
Quantitative Techniques for Competition and Antitrust Analysis_16 pptx
... this chapter. Before doing so we briefly
discuss 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 519
10.2.1 Informal and Semiformal Analysis of Incentives
Informal quantitative analysis can sometimes be i...
Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_5 pdf
... produced by a different firm which respectively maximize
12
For a critique of the use of price correlation analysis, see, for example, Werden and Froeb (1993a).
A response is provided by Sherwin ... variation is useful for estimating demand as well. The
price and also sales data from this experiment were collected and used in Davis (2002).
4.2. Price Level Differences and...
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-
40
This 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 deman...
Quantitative Techniques for Competition and Antitrust Analysis_6 pdf
... Without information about costs, the only market events that one could use
for identification are changes in demand. In this section and the next we consider
respectively demand shifts and demand rotations ... parameters of demand and supply functions are useful because we will
often want to understand the effect of one or more variables on either demand or
supply, or both. For insta...
Quantitative Techniques for Competition and Antitrust Analysis_12 pdf
... those markets.
Crawford (2000) provides an alternate model of demand for basic and premium
cable using a similar data set allowing for consumer heterogeneity while Shum and
Crawford (2007) add a ... agreements and concerted practices in the motor vehicle sector.
10.2. Measuring the Effect of Vertical Restraints 519
10.2.1 Informal and Semiformal Analysis of Incentives
Informal qu...
Quantitative Techniques for Competition and Antitrust Analysis_13 pdf
... CA:
University of California Press.
Hurwicz, L., and H. Uzawa. 1971. On the integrability of demand functions. In Preferences,
Utility and Demand (ed. J. Chipman, L. Hurwicz, M. Richter, and H. Sonnenschein). ... and P. Rey. 2008. Resale price maintenance and collusion. RAND Journal of
Economics 38:983–1001.
Just, R., and W. Chern. 1980. Tomatoes, technology and oligopsony. Bell...
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