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Vol 23 No 2 Feb/March 2018

Book of the Month

Cover of The UK Supreme Court Yearbook Volume 8: 2016-2017 Legal Year

The UK Supreme Court Yearbook Volume 8: 2016-2017 Legal Year

Edited by: Daniel Clarry
Price: £120.00

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Definition of the Relevant Market: (Lack of) Harmony between Industrial Economics and Competition Law

ISBN13: 9781780681375
Published: December 2014
Publisher: Intersentia Publishers
Country of Publication: UK
Format: Paperback
Price: £57.00

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Market definition plays a critical role in EC competition law, as the first step of any investigation into the nature of competition in a given industry. While not an end in itself, the definition of the relevant market serves to identify those products and areas which effectively restrain the behaviour of the firms of interest, so that those firms could not act independently within the market.

This book strives for a greater harmony between law and economics in defining antitrust markets. To that end, it brings together a wide array of quantitative tests routinely utilised by European competition authorities, such as price correlation analysis or the analysis of trade flows, together with more sophisticated quantitative measures such as merger simulation models or critical loss analysis.

Taken together, this book proffers a comprehensive and protracted account of economic and empirical methods dominating the antitrust discourse to date, which carry the potential to revolutionise the quality of antitrust enforcement, its transparency, predictability and the accuracy of its results.