Contents

Preface
What competition policy is, and why we need it x
Competition policy and regulation x
Objective of this book, and how to use it xi

1 Competition Policy: History, Objectives and the Law 1

1.1 Introduction 1
1.2 Brief history of competition policy 1
1.2.1 Anti-trust law in the United States 1
The events leading to the Sherman Act 1
The Sherman Act and its early enforcement 3
The Clayton Act and the Federal Trade Commission Act 3
The inter-war period 4
Until the mid-70s: the activism in anti-trust case law 5
From Sylvania onwards: Chicago School and the Reagan years 5
Recent events 6
1.2.2 Competition laws in the European Union 6
1.2.2.1 Competition law in Germany 6
1.2.2.2 Competition law in the United Kingdom 7
1.2.2.3 Competition law in the European Communities 8
1.3 Objectives of competition policy, and other public policies 11
1.3.1 Objectives of competition policy 12
1.3.1.1 Welfare (total surplus) 12
1.3.1.2 Consumer welfare (consumer surplus) 13
Consumer v. total welfare standard in different jurisdictions 13
Consumer v. total welfare standard for economists 13
1.3.1.3 Defence of smaller firms 15
1.3.1.4 Promoting market integration 15
1.3.1.5 Economic freedom 16
1.3.1.6 Fighting inflation 16
1.3.1.7 Fairness and equity 16
1.3.2 Other public policy factors affecting competition 18
1.3.2.1 Social reasons 18
1.3.2.2 Political reasons 18
1.3.2.3 Environmental reasons 19
1.3.2.4 Strategic reasons: industrial and trade policies 19
1.3.3 Competition policy: a definition 20
1.4 The main features of European Competition Law 21
1.4.1 Article 81: horizontal and vertical agreements 21
1.4.2 Article 82: abuse of a dominant position 23
Dominance 23
Abuse of dominance 24
1.4.3 Mergers 24
1.5 Exercises 26

2 Market Power and Welfare: Introduction 27

2.1 Overview of the chapter 27
2.2 Allocative efficiency 28
 2.2.1 Market power: A definition 28
2.2.2 The allocative inefficiency of a monopoly 29
A simple graphical analysis 29
The determinants of the deadweight loss 29
2.2.3 Rent-seeking activities 30
2.3 Productive efficiency 31
2.3.1 Additional welfare loss from productive inefficiency 31
2.3.2 Why is a monopolist less efficient? 31
2.3.2.1 Monopoly and managerial slack 32
2.3.2.2 Empirical evidence on individual firms' productivity 32
Competition and efficiency: Schmidt's model* 33
2.3.2.3 A Darwinian mechanism: competition selects efficient firms 33
2.3.3 Number of firms and welfare 35
2.3.4 Conclusions 35
2.3.5 Competition and productive efficiency* 35
2.3.5.1 Competition and selection of firms: An example* 35
2.3.5.2 Too many firms in the industry* 37
2.4 Dynamic efficiency 38
2.4.1 The lower incentives to innovate of a monopolist 38
2.4.2 Incentives to invest in R&D 39
2.4.3 Models of competition and innovation* 40
2.4.3.1 Monopoly gives fewer incentives to innovate: an example* 40
Monopoly 40
Comparison between monopoly and duopoly 41
2.4.3.2 R&D and competition** 41
2.4.3.3 Appropriability and R&D* 43
Duopoly under price competition 43
Patent (no spillovers) 44
Conclusions 44
2.5 Public policies and incentives to innovate 44
2.5.1 Ex-ante v. ex-post: property rights protection 45
2.5.2 Essential facilities 46
2.5.3 Price controls and structural remedies 48
2.5.4 Internal vs. external growth 49
2.6 Monopoly: will the market fix it all? 49
2.6.1 Durable good monopolist 49
Some instruments solve (or alleviate) the commitment problem 50
Conclusions 51
2.6.2 Contestable markets 51
2.6.3 Monopoly and free entry 53
Monopolies might exist under free entry 53
Persistence of concentration when (endogenous) sunk costs exists 53
2.6.3.1 Concentration under free entry* 53
A simple example* 53
Finiteness property in vertical differentiation models* 54
2.6.3.2 Switching costs 55
The competitiveness of switching cost markets 56
Conclusions 57
2.6.3.3 Network effects 57
2.6.3.4 A model of (physical) networks* 60
 Two types of equilibria 61
Price discrimination to exclude entry in a network industry 61
2.6.3.5 Exclusionary practices 62
2.7 Summary, and policy conclusions 62
2.8 Exercises 63
2.9 Solutions of exercises 66
Exercise 2.1 66
Exercise 2.4 67
Exercise 2.5 67
Exercise 2.6 67
Solution of exercise 2.8 68
Solution of exercise 2.9 68
Solution of exercise 2.10 68
Exercise 2.14 69
Exercise 2.16 69
Exercise 2.17 70
Exercise 2.18 71

3 Market definition, and the assessment of market power 72

3.1 Introduction 72
3.2 Market definition 72
3.2.1 Product market definition 73
3.2.1.1 The SSNIP (or hypothetical monopolist) test 73
Demand and supply substitutability 73
Supply substitutability v. entry that constrains market power 74
3.2.1.2 A problem in non-merger cases: the “cellophane fallacy” 75
3.2.1.3 Implementing the SSNIP test 75
Own-price elasticity 76
Cross-price elasticities 76
Price correlation tests 77
Price differences 78
Characteristics and usage of products, and consumer preferences 78
Temporal markets, seasonal markets, multiple markets 79
After-markets (or secondary markets) 79
Consistency of market definitions over time 81
3.2.2 Geographic market definition 81
3.2.2.1 The role of imports (shipment tests) 81
3.2.2.2 Transportation costs 82
3.2.2.3 Other characteristics 82
3.3 The assessment of market power 83
3.3.1 Traditional approach: (indirect) assessment of market power 84
3.3.1.1 The central role of market shares 84
3.3.1.2 Which thresholds for market shares 84
3.3.1.3 Measuring market shares and assessing relative strengths 85
3.3.1.4 Ease and likelihood of entry 86
3.3.1.5 Buyers' power 87
3.3.1.6 Market power, market shares and concentration* 88
3.3.2 Econometric techniques: (direct) assessment of market power* 89
3.3.2.1 Elasticity of residual demand* 89
Estimation of the residual demand elasticity** 91
 Residual demand elasticity in merger analysis 92
3.3.2.2 Logit models** 92
The logit demand model 92
Independence of Irrelevant Alternatives and nested logit models 94
Simulating effects of a merger with logit models 95
3.4 Exercises 97
3.4.1 Solutions to exercises 98
Solution of exercise 3.7 98

4 Collusion and horizontal agreements 99

4.1 Introduction 99
4.1.1 What is collusion? 100
...first, a warning 100
Defining collusion in economic theory 100
What are the main ingredients of collusion? 100
Which collusive price? 101
Coordination: The difference between tacit and overt collusion 101
4.2 Factors that facilitate collusion 102
4.2.1 Structural factors 103
Concentration 103
Entry 104
Cross-ownership and other links among competitors 104
Regularity and frequency of the orders 104
Buyer power 104
Demand elasticity 105
Evolution of demand 105
Product homogeneity 105
Symmetry 106
Multi-market contacts 106
Inventories and excess capacities 107
4.2.2 Price transparency and exchange of information 108
4.2.2.1 Observability of firms' actions 108
Information exchange, I:
Data on past or current prices and quantities 109
4.2.2.2 Coordination issues: The role of communication 109
Information exchange, II: Announcements of future prices 110
“Private” announcements 110
An example of private announcements:
Communication in auctions 111
“Public” announcements 112
4.2.3 Pricing rules and contracts 112
Most-favoured nation and meeting-competition clauses 112
Resale price maintenance 113
Other pricing practices that increase observability 114
4.2.4 Analysis of collusion: conclusions 114
4.2.5 Factors that facilitate collusion* 114
4.2.5.1 Conditions for collusion to arise* 115
4.2.5.2 The basic model to analyse facilitating factors* 115
Concentration 116
Regular orders facilitate collusion 117
 Demand elasticity 117
Collusion and the evolution of demand 117
Symmetry helps collusion 118
Multi-market contacts 118
4.2.5.3 A problem with supergames: multiple equilibria* 119
4.3 Advanced material** 120
4.3.1 Credibility of punishment and optimal penal codes** 120
An example of optimal punishments 120
Nash reversal trigger strategies 120
4.3.2 Cartels and renegotiation** 123
Costly renegotiation 124
Discussion 125
4.3.3 The Green-Porter (1983) model** 125
4.3.4 Symmetry and collusion** 127
4.3.4.1 Discussion and implications 130
4.3.4.2 Proofs 130
Proof of Lemma 4.1 130
Proof of Lemma 4.3 131
Proof of Proposition 4.1 132
4.4 Practice: What should be legal, and what illegal? 133
4.4.1 Standards of proof: market data v. hard evidence 133
Too lenient with the firms? 137
4.4.2 Ex-ante competition policies against collusion 137
Black list of facilitating practices 138
Auction design to avoid bid-rigging 138
Merger analysis 139
4.4.3 Ex-post competition policies against collusion 139
Surprise inspections (“ Dawn raids”) 139
Leniency programmes 139
Leniency programmes** 141
Solution 141
Implementing the optimal policy 144
Fine reductions only before the inquiry is opened 144
4.5 Joint-Ventures and other horizontal agreements 145
4.5.1 Joint-ventures 145
4.5.2 Research joint-ventures 146
4.5.2.1 Treatment of research joint-ventures in US and EU law 147
4.5.3 Other forms of co-operation regarding technology 148
4.5.3.1 Cross-licensing and patent pooling 148
4.5.3.2 Co-operative standard-setting 148
4.5.4 Co-operative R&D* 150
Competition in both stages 150
Last stage: quantity competition 150
Extensions and discussion 152
4.6 A case of parallel behaviour: Wood pulp 152
A brief description of the industry 152
The Commission Decision 153
(1) Concertation within KEA 154
(2) Concertation within Fides 154
(3) Parallel behaviour 155
 (i) The system of price announcements 155
(ii) The near-simultaneity of the announcements 156
(iii) Parallelism of announced prices 156
The Court's conclusions, and a discussion 157
4.7 Exercises 158
4.7.1 Solution of exercises 162
Solution of exercise 4.1 162
Solution of exercise 4.2 162
Solution of exercise 4.5 163
Solution of exercise 4.7 163
Solution of exercise 4.10 163
Solution of exercise 4.11 164
Solution of exercise 4.12 164
Solution of exercise 4.13 165
Solution of exercise 4.16 165
Solution of exercise 4.17 165
Solution of exercise 4.18 166
Solution of exercise 4.19 166
Solution of exercise 4.20 167

5 Horizontal mergers 168

5.1 Introduction 168
5.2 Unilateral effects 169
5.2.1 Absent efficiencies, a merger increases market power 169
5.2.2 Variables which affect unilateral market power 170
Concentration 170
Market shares and capacities 170
Entry 171
Demand variables 171
Buyer power 171
Failing firm defence 171
5.2.3 Efficiency gains 172
The effect of efficiency gains on outsiders' profits 172
The nature of efficiency gains, and their assessment. 173
Asymmetric information 174
Balancing efficiency and market power considerations 175
5.2.4 Modelling unilateral effects of mergers* 175
5.2.4.1 Unilateral effects of mergers, absent efficiency gains* 175
Pre-merger 176
The effect on insiders' profits 178
The effect on outsiders' profits 178
The effect on total welfare 179
5.3 Pro-collusive effects 179
5.3.1 Factors which affect collusion (reminder) 180
Efficiency gains and pro-collusive effects 180
5.4 A more general model** 181
5.4.1 The model 181
5.4.2 Unilateral effects, without efficiency gains 182
5.4.2.1 Merger effects, and market power 182
5.4.2.2 The welfare effects of a merger 183
 5.4.3 Efficiency gains from mergers 185
The merger effect on consumer surplus. 186
The impact of the merger on producer surplus. 186
The net welfare effect of mergers 187
5.4.4 Efficiency offence: When the merger leads to the exit of the outsiders 188
5.4.5 Proofs 189
Proof of Lemma 5.4 189
Proof of Lemma 5.6 190
5.5 Merger remedies 191
5.5.1 Divestitures 191
5.5.1.1 Problems with divestitures 192
5.5.2 Behavioural remedies 193
5.5.2.1 Problems with behavioural remedies 194
5.6 Merger policy in the European Union 195
5.6.1 Dominance test 195
5.6.1.1 Joint dominance 195
5.6.2 The treatment of efficiency gains 196
5.6.2.1 Efficiency offence? 197
5.6.3 Conclusions 198
5.7 Case studies 199
5.7.1 How to proceed in merger cases 199
Unilateral effects 199
Pro-collusive effects 200
5.7.2 Nestlé/Perrier 200
Product market definition 200
Geographic market 201
Single-firm dominance 202
Unilateral effects 202
Joint firm dominance (pro-collusive effects) 204
Conclusions 204
5.7.3 ABB/Daimler-Benz 205
Product market definition 205
Geographic market 205
Market shares and concentration 206
Joint dominance, or the coordinated effects of the merger 206
Efficiency gains 208
Conclusions 209
5.8 Exercises 209
5.8.1 Solutions to exercises 212
Solution of exercise 5.1 212
Solution of exercise 5.2 212
Solution of exercise 5.3 213
Solution of exercise 5.4 213
Solution of exercise 5.5 214
Solution of exercise 5.6 214
Solution of exercise 5.7 216
Solution of exercise 5.8 216

6 Vertical restraints and vertical mergers 217

6.1 What are vertical restraints? 217
 Vertical integration (or vertical mergers) 219
6.1.1 Plan of the chapter 219
6.2 Intra-brand competition 220
6.2.1 Double marginalisation 221
Conclusions 222
6.2.1.1 Double marginalisation* 222
Separation and linear pricing 223
Vertical restraints 224
6.2.1.2 Double marginalisation with retailers' risk aversion** 225
6.2.2 Horizontal externality: Free-riding in the provision of services 226
An example of welfare-reducing vertical restraints (too much effort) 227
6.2.2.1 A model of underprovision of services* 228
Separation 228
Vertical restraints 229
Exclusive territories and franchise fee 229
Resale price maintenance and franchise fee 230
Resale price maintenance and quantity forcing 231
Conclusions 231
6.2.2.2 Vertical integration might reduce welfare*: An example 232
Separation 232
Vertical integration (with two retailers) 232
Competition reduces the danger of vertical restraints 232
Separation 233
Vertical integration (with two retailers) 233
6.2.3 A more general treatment* 233
Combining externalities 233
Vertical integration and variety: endogenous number of retailers 234
6.2.3.1 Horizontal and vertical externalities: A model* 235
Vertical separation and linear pricing 236
Vertical integration 236
Externalities 236
Welfare analysis 237
Vertical restraints that restore the vertically integrated solution 238
No advertising spillovers (" =0). 238
Exclusive territories (ET). 238
Resale Price Maintenance (RPM). 238
Advertising spillovers (" =0). 239
Resale Price Maintenance (RPM). 239
6.2.3.2 Vertical integration and variety** 240
6.2.4 Other efficiency reasons for vertical restraints and vertical mergers 241
Quality certification 241
Free-riding among producers 242
Restraints which remove opportunistic behaviour
and promote specific investments 242
Exclusive dealing avoids free-riding on manufacturers' investment* 243
Solution of the game 244
6.2.5 Vertical restraints, vertical mergers, and the commitment problem 245
Vertical mergers 246
Exclusive territories 246
Resale price maintenance 247
 Most favoured nation clause and anti-discrimination laws 247
Conclusions 248
6.2.5.1 Vertical restraints and the commitment problem* 248
Observable contracts: A benchmark 249
Unobservable contracts 249
How to restore market power 249
Vertical mergers and exclusive dealing
when a substitute input exists 250
6.2.6 Conclusions 251
6.3 Inter-brand competition 251
6.3.1 Strategic effects of vertical restraints 252
6.3.1.1 Strategic use of vertical restraints* 253
Two-part tariff with price competition 253
Vertical integration 254
Exclusive territories 255
Competition reduces the risk that vertical restraints lower welfare 256
The results are not robust: Strategic substitutes 257
The model 257
6.3.2 Vertical restraints as collusive devices 259
6.3.2.1 RPM might facilitate collusion 259
6.3.2.2 Common agency 259
Common retailer and RPM help collusion** 260
No RPM (price choices delegated to the common retailer) 260
RPM and common agency 261
6.4 Anti-competitive effects: leverage and foreclosure 261
6.4.1 Anti-competitive effects: Exclusive dealing 262
Post-chicago models 263
6.4.1.1 Exclusive dealing and entry deterrence* 265
Exclusive dealing: Chicago arguments* 265
Contracts as a barrier to entry* 266
No contract 266
Exclusivity contract 266
Naked exclusion* 267
Simultaneous non-discriminatory offers 267
Simultaneous discriminatory offers 267
Sequential offers 268
Conclusions 268
6.4.2 Exclusionary effects of vertical mergers 268
6.4.2.1 Exclusionary effects of vertical mergers* 270
One monopoly profit only* 270
Recent theories: Is there foreclosure from vertical mergers?* 270
Unobservable offers. 271
Downstream firms have market power. Efficient foreclosure 271
Upstream firm is not a monopolist: possible
anti-competitive foreclosure 271
6.5 Conclusions and policy implications 272
Balancing exclusionary and efficiency effects
of vertical mergers and vertical restraints 273
6.6 Cases 273
6.6.1 General Electric/Honeywell 274
 The product markets 274
Horizontal, conglomerate, vertical aspects of the merger 275
The ingredients of GE's dominance 276
Is it dominance? Other factors to take into account 278
Conglomerate aspects: extending dominance 279
Will the merger hurt consumers? 280
Foreclosure through vertical integration: engine starters 281
Conclusions 282
6.6.2 Ice-cream 282
A brief introduction to the industry 283
The definition of the relevant market 284
Market power, and the relative importance of exclusive agreements 285
The foreclosing effects of the exclusivity clauses 286
Efficiency effects of the exclusive agreements 287
6.7 Exercises 288
6.7.1 Solutions of exercises 292
Solution of Exercise 6.1 292
Solution of Exercise 6.2 292
Solution of Exercise 6.3 292
Solution of Exercise 6.4 293
Solution of Exercise 6.5 295
Solution of Exercise 6.6 295
Solution of Exercise 6.7 295
Solution of Exercise 6.8 296
Solution of Exercise 6.9 296
Solution of Exercise 6.10 297

7 Predation, monopolisation, and other abusive practices 298

7.1 Introduction 298
7.2 Predatory pricing 299
7.2.1 Predation: search for a theory 299
7.2.2 Recent theories of predatory pricing 301
7.2.2.1 Reputation models 302
7.2.2.2 Signaling models 303
Predation for mergers 304
Other signaling models 304
7.2.2.3 Predation in imperfect financial markets 305
7.2.3 Models of predatory pricing* 306
7.2.3.1 Selten's chain-store paradox* 306
7.2.3.2 A reputation model of predation** 307
Separating equilibrium. 307
Semi-separating equilibrium. 308
Comment 309
7.2.3.3 Milgrom and Roberts' limit pricing model** 310
Separating equilibrium 311
Pooling equilibrium 312
Conclusion 312
7.2.3.4 Predation to merge** 313
Separating equilibrium 313
7.2.3.5 Deep pocket predation* 314
 Solution for the two-period case: T=K=1 315
Solution of the general case 315
Comments 316
7.2.3.6 Deep pocket predation with imperfect financial markets** 316
Financing investments in an imperfect capital market 316
A deep pocket model of predation 318
Some comments 319
Extensions: Renegotiation and Bolton and
Scharfstein's model 319
The trade-off between moral hazard
and deterring predation 319
7.2.4 Practice: How to deal with predatory pricing allegations? 321
7.2.4.1 Ability to increase prices (is there dominance?) 322
7.2.4.2 Sacrifice of short-run profits 323
Which definition of cost in a “price below cost” test? 325
7.2.4.3 Testing predatory pricing: further discussion 326
Intent (existence of a predatory scheme) 327
No need to prove recoupment or success of predation ex-post 327
No need to prove ex-post damage to consumers 327
Meeting prices of a competitor as a defence 328
Predatory prices in high-technology markets 328
Price below average variable cost: not a general rule 330
7.3 Non-price monopolisation practices 330
7.3.1 Strategic investments 330
7.3.1.1 Strategic investments to deter entry* 332
Innocent behaviour 333
Strategic behaviour 333
Is entry deterrence anti-competitive? 334
7.3.2 Bundling and tying 335
7.3.2.1 Efficiency reasons for tying 335
7.3.2.2 Tying as a price discrimination device 336
Bundling 336
Requirements tying as a metering device 336
7.3.2.3 Exclusionary tying in recent models 337
7.3.2.4 Practice: Assessment of tying practices 340
7.3.2.5 Models of tying, I: Requirements tying as a metering device* 341
No tying (if all consumers buy). 341
7.3.2.6 Models of tying, II: Tying, foreclosure,
and exclusion in Whinston (1990)* 343
A simple example of exclusion with homogenous goods* 344
The model with differentiated goods in market B** 344
When goods are complementary* 348
7.3.2.7 Models of tying, III: Tying to deter entry
in complementary markets* 349
Price sub-game 350
Investment sub-game 350
Tying decisions 351
7.3.3 Incompatibility, and other strategic behaviour in network industries 352
Complementary products 352
Competing networks 352
 Product pre-announcements in network industries 353
7.3.3.1 Interoperability choices in asymmetric networks* 353
Tipping to the firm with the large installed base 355
Tipping to the entrant 355
The choice of interoperability 356
7.3.4 Refusal to supply and exclusive contracts (reminder) 357
7.3.5 Raising rivals' costs 357
7.4 Price discrimination 358
The two main ingredients of price discrimination 358
7.4.1 Welfare effects of price discrimination 359
7.4.1.1 First-degree (perfect) price discrimination 359
7.4.1.2 Quantity discounts 359
7.4.1.3 Price discrimination between countries 360
7.4.1.4 Dynamic effects of price discrimination: incentives to invest 361
7.4.1.5 Does market power matter? 362
7.4.1.6 Price discrimination as a monopolisation device 362
Selective discounts and fidelity rebates 363
Price transparency 363
7.4.1.7 Anti-dumping 364
7.4.2 Price discrimination* 365
7.4.2.1 Third-degree price discrimination)* 365
Price discrimination 365
7.4.2.2 Quantity discounts: Two-part tariffs as price discrimination* 367
Non-discrimination 367
Quantity discounts (two-part tariff) 367
Quantity discounts and uniform pricing: a comparison 368
7.4.2.3 Price discrimination and investments* 368
Uniform pricing 368
Price discrimination 369
7.4.2.4 Price discrimination and market power* 369
Uniform pricing 369
Price discrimination 370
The effect on investments 371
7.4.2.5 Price discrimination under entry* 371
Price discrimination 371
Uniform pricing 371
7.5 US v. Microsoft 372
7.5.1 A short description of the case 372
Middleware 373
7.5.2 Monopolisation 374
7.5.2.1 Monopoly power 374
7.5.2.2 Anti-competitive conduct 375
Licenses issued to OEMs 375
Integration of IE and Windows 376
Agreements with IAPs 377
Java 378
7.5.2.3 Causation 379
7.5.3 Attempted monopolisation 379
7.5.4 Tying 379
7.5.5 Remedies 380
 7.5.6 Conclusions 381
7.5.7 The District Court judgment on remedies 381
7.6 Exercises 382
7.7 Solutions of exercises 385
Solution of exercise 7.1 385
Solution of exercise 7.2 386
Solution of exercise 7.3 387
Solution of exercise 7.4 387
Solution of exercise 7.5 387
Solution of exercise 7.6 388
Solution of exercise 7.7 389
Solution of exercise 7.8 389

8 A Toolkit: Game Theory and Imperfect Competition Models 390

8.1 Introduction 390
8.2 Monopoly 390
8.2.1 Single-product monopoly 390
A specific functions example 391
8.2.2 Multi-product monopoly 392
8.2.2.1 Independent demand and cost functions 392
8.2.2.2 Interdependent demands 392
A dynamic interpretation of demand interdependence 394
Intertemporal complementarity: Introductory price offers 394
Intertemporal substitutability: Durable goods 395
8.2.2.3 Interdependent costs: Economies (or diseconomies) of scope 395
An intertemporal example: learning-by-doing 396
8.2.3 Nash equilibrium 397
8.2.3.1 The prisoners' dilemma 398
8.2.3.2 Coordination games and equilibrium selection 398
Pareto dominance as an equilibrium selection device 399
Elimination of weakly dominated strategies 399
8.2.3.3 Mixed strategies 399
Mixed strategies 400
8.2.4 Dynamic games, and sub-game perfect Nash equilibrium 400
8.2.4.1 Backward induction 401
8.3 Oligopoly I: Market competition in static games 402
8.3.1 Product market competition with homogenous goods 402
8.3.1.1 Price competition (Bertrand model) 403
Bertrand under cost asymmetric firms 404
Large asymmetries 405
Small asymmetries 405
Bertrand under capacity constraints 405
8.3.1.2 Quantity competition (Cournot model) 406
Cournot with cost asymmetries 407
Cournot with n firms 408
8.3.1.3 Joint-profit maximisation 408
8.3.1.4 Benchmark models of product competition: A comparison 409
8.3.2 Product market competition with (exogenously) differentiated goods 409
8.3.2.1 A linear demand model of differentiated goods 409
Quantity competition 411
 Equilibrium comparison 412
Strategic substitutes v. strategic complements 412
Stability of the equilibrium 413
Joint-profit maximisation 414
Price competition 415
Joint-profit maximisation 416
Repeated product market interaction 416
8.3.2.2 Finite horizon 416
8.3.2.3 Infinite horizon 417
8.4 Oligopoly II: Dynamic games 417
8.4.1 Strategic investments 418
8.4.1.1 Quantity competition (strategic substitutes) 418
Accommodation 419
Entry deterrence 419
8.4.1.2 Price competition (strategic complements) 420
Accommodation 420
Entry deterrence 420
Discussion and interpretation 421
Examples of strategic investments 421
8.5 Appendix 421

Endnotes 422

Bibliography 472

Case References
European cases: Decisions of the Commission of the European Communities 493
European cases: Decisions of the Court of First Instance
and the European Court of Justice 495
European treaties 497
European legislation and guidelines 497
UK cases and MMC Reports 497
UK legislation and guidelines 497
US cases 497
US legislation and guidelines 499

Index of Tables 500

Index of Figures 501
Tables 502
Figures 521
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9b_
 Entrant t

stay out enter

Incumbent
(0, π M )
fight accommodate

(π EP , π IP ) (π EA , π IA )
 E
enter out
I
prey & π M + δπ M #
$ 0 !
% "
E E
out stay out

& π P + δπ M #
I & π A + δπ M #
$ P ! $ A !
% π < 0 " % π "
prey accommodate

& π A + δπ P # & π A + δπ A #
$ A P ! $ A A!
% π + δπ " % π + δπ "
 1 2 3
• • • • • time
prey or 1st period pay F effort 2nd period
accommodate payoff or out decisions payoff
 i ii 1 2 3
• • • • • • • time
contract effort prey or 1st period pay F effort 2nd period
decisions accommodate payoff or out decisions payoff
 q2
R1 ( x1P )

R1 ( x1 = 0)

q2N ( x1 = 0) . π 2 ( x1 = 0)

.
π 2 ( x1P ) = F

q1N ( x1 = 0) q1
 p B1
RB 2
RB1

.
E
~
R1
t2 + cB1
2

t2 + cB1 − (v − c A )
.
~
E

pB2
p
O

pm R

pc S c
T

Oʹ′
qm qc q
 Index of tables

Table 2.1. The entry game

Table 2.2. Consumers 1 and 2's payoffs under price discrimination

Table 4.1. The revelation game

Table 5.1 Number of final decisions on mergers taken by the EC Commission

Table 5.2. Product market definition in the rail technology industry

Table 5.3. Market shares and concentration indexes in the rail technology industry

Table 6.1. Segal - Whinston: simultaneous offers

Table 6.2. Segal - Whinston: discriminatory offers

Table 7.1. Consumers valuations of goods

Table 8.1. A simple game

Table 8.2. The prisoners' dilemma game

Table 8.3. The battle of the sexes game

Table 8.4. A pure coordination game

Table 8.5. An asymmetric game

Table 8.6. The matching pennies game

Table 8.7. The entry deterrence game

Table 8.8. Strategic effect of a shock that reduces firm 1's costs

Table 8.9. Strategic investments to reduce firm 1's costs

Table 2.1. The entry game

2
1 E NE

E - f, - f ΠM -f, 0

NE 0, ΠM -f 0, 0
Table 2.2. Consumers 1 and 2's payoffs under price discrimination

2
1 buy I buy E

buy I v(2) - p1, 0 v(2) - p1, -cE

buy E -cE, 0 v(2) - cE, v(2) - cE

Table 4.1. The revelation game

firm 2 Reveal Not Reveal

firm 1

ΠN ΠN
− R, − R,
1− δ 1− δ
Reveal
ΠN ΠN
−R −F
1−δ 1−δ

ΠN Π Π
− F, p( N − F ) + (1 − p) M ,
1−δ 1− δ 1− δ
Not Reveal
ΠN Π Π
−R p( N − F ) + (1 − p) M
1−δ 1−δ 1−δ
Table 5.1. Number of final decisions on mergers taken by the EC Commission

Final Decisions (R.4064/89) Final Decisions (Art.66 ECSC Treaty, 1992-1999)

300
9

10
250

200

10
150 7
7 270
12 238
26
100
10 6
142
125
50 109
91
60 60 57

0
1991 1992 1993 1994 1995 1996 1997 1998 1999

Source. Report on Competition Policy, European Commission, DG IV (various years)

Table 5.2. Product market definition in the rail technology industry

Electrical locomotives
Diesel locomotives
Mainline trains Train sets for mainline transportation
Passenger coaches
Freight wagons
Rolling
stock
Electrical multiple units
Regional trains
Diesel multiple units

Trams (light rail and trolleys)

Local trains and systems Metro vehicles
Automated guided transportation

Catenary systems
Wayside systems Traction power supply
Stationary Train control and protection systems
equipment
Maintenance and refurbishment
Miscellaneous
Information systems and ticketing
Table 5.3. Market shares and concentration indexes in the rail technology industry

Product Market Market Shares (%) HHI Δ HHI

ABB DB Siemens DWA LHB Elpro
Electrical locom. 37 17 46 np np Np 5032 1258
Mainline train sets 5 26 46 18 np Np >3401 260
Reg. electr. m/units 18 26 25 17 14 Np >3046 936
Reg. diesel m/units 0 49 23 np 19 Np >3291 0
Trams 15 29 41 np 8 Np >3681 870
Metro vehicles 42 22 19 np 11 Np >4578 1848
Catenary systems 30 31 33 np np 6 4846 1860
Traction power supply 6 26 35 np np 13 >2418 312
Table 6.1. Segal-Whinston: simultaneous offers

B2 Accept Reject
B1

Accept CSm+t, CSm+t CSm+t, CSm

Reject CSm, CSm+t CSe, CSe

Table 6.2. Segal-Whinston: discriminatory offers

B2 Accept Reject
B1

Accept CSm+t1, CSm+t2 CSm+t1, CSm

Reject CSm, CSm+t2 CSe, CSe

Table 7.1. Consumer valuations of goods

1's willingness to pay 2's willingness to pay

Good A 7 4

Good B 5 8

Goods A and B 12 12
Table 8.1. A simple game

B
A b1 b2 b3

!1 2, 0 2, 5 1, 1

!2 0, 2 0, 3 2, 2
Table 8.2. The prisoners' dilemma game

B
A High Low

High 10, 10 5, 15

Low 15, 5 6, 6
Table 8.3. The battle of the sexes game

B
A Indian Thai

Indian 3, 2 0, -1

Thai -1, 0 2, 3
Table 8.4. A pure coordination game

B
A Indian Italian

Indian 2, 2 0, 0

Italian 0, 0 1, 1
Table 8.5. An asymmetric game

B
A pL pH

pL 0, 0 0, 0

pH 0, -2 2, 0
Table 8.6. The matching pennies game

B
A Heads Tails

Heads -1, 1 1, -1

Tails 1, -1 -1, 1
Table 8.7. The entry deterrence game

I
E Accommodate Fight

Enter 4, 5 -1, 0

Stay out 0, 10 0, 10
Table 8.8. Strategic effect of a shock that reduces firm 1's costs

Strategic substitutes Strategic complements

Accommodation: π1 ↑; π2 ↓ Accommodation: π1 ↓; π2 ↓

Entry deterrence: π2 ↓ (! π1 ↑) Entry deterrence: π2 ↓ (! π1 ↑)

Table 8.9. Strategic investments to reduce firm 1's costs

Strategic substitutes Strategic complements

Accommodation: over-invest Accommodation: under-invest

Entry deterrence: over-invest Entry deterrence: over-invest

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 Index of Figures

Figure 2.1. Welfare loss from monopoly

Figure 2.2. Possible additional loss from rent seeking activities

Figure 2.3. Additional loss from productive inefficiency

Figure 2.4. Welfare Wc as a function of the number of firms n (!"#"$; c = .5; g = 4)

Figure 4.1. Incentive Constraints along collusive and punishment paths

Figure 4.2. Conditions for collusion: Nash reversal (δ cn ) v. two-phase (δ )

punishment strategies

Figure 4.3. Game tree, at t = 2

Figure 4.4. Equilibrium solutions for given policy parameters

Figure 5.1. Effects of a merger absent efficiency gains: Strategic complements

Figure 5.2. Effects of a merger absent efficiency gains: Strategic substitutes

Figure 5.3. Effects of a merger with efficiency gains

Figure 5.4. Levels of efficiency gains and exclusion of competitors

Figure 5.5. Study of functions used in Lemma 7

Figure 6.1. Double marginalisation

Figure 6.2. Horizontal externality

Figure 6.3. Competing vertical chains

Figure 6.4. Tariffs as strategic device: Strategic complements

Figure 6.5. Tariffs as strategic device: Strategic substitutes

Figure 6.6. The "Chicago School" critique to foreclosure

Figure 6.7. Segal-Whinston: sequential offers

Figure 7.1. State game at time t, chain-store paradox game

Figure 7.2. Deep pocket predation, with T = K = 1

Figure 7.3. Time line: a (financial) long purse model of predation

Figure 7.4. Time line: Bolton-Scharfstein's model

Figure 7.5. Entry-deterring investment

Figure 7.6. Strategic effect of bundling

Figure 7.7. Welfare under perfect price competition

Figure 8.1. Extensive form of the game

Figure 8.2. Extensive form of a quality game

Figure 8.3. Reaction functions in the Cournot model

Figure 8.4. Toughness of product market competition: Bertrand (B), Cournot (C), and
joint-profits maximization (M)

Figure 8.5. Reaction functions under price competition

Figure 8.6. (a) Stable Nash Equilibrium; (b) Unstable Nash Equilibrium

Figure 8.7. Effects of a shock (s > 0) that reduces firm 1's marginal cost: Strategic
substitutes

Figure 8.8. Effects of a shock (s > 0) that reduces firm 1's marginal cost: Strategic
complements
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