Članak
mar 30
Nazad

A FEW THOUGHTS ABOUT COMPETITION POLICY IN TWO-SIDED MARKETS

Dejan Trifunović

10.51204/Anali_PFBU_22202A
SAŽETAK /

Unlike other natural disasters, the coronavirus disease pandemic is global in character, which is why interest among researchers in the price gouging phenomenon is on the rise. Without disputing many solid arguments favouring the market mechanism, we will reconsider the goals and means of potential government intervention. One possibility lies in economic regulation, the other in competition law. In the first case, price ceilings are usually imposed for necessary goods, followed by rationing and export restrictions. On the other hand, competition policy focuses on preventing the exercise of temporary market power. We will try to show that market failures can provide specific arguments for regulation but relying on competition protection policy seems unjustified. Still, since the critical issue is defining excessive prices in the short run, we expect competition authorities to address this issue, considering that they are permanently monitoring various markets.

ČLANAK JE RASPOLOŽIV NA /
Engleskom  
REFERENCE /
  1. Areeda, Phillip, Donald F. Turner. 1975. Predatory Pricing and Related Practices under Section 2 of the Sherman Act. J. Reprints Antitrust L. & Econ. 6: 219. https://doi.org/10.2307/1340237
  2. Argentesi, Elena, Lapo Filistrucchi. 2007. Estimating Market Power in a Two-sided Market: The Case of Newspapers. Journal of Applied Econometrics 22(7): 1247–1266. https://doi.org/10.1002/jae.997
  3. Baxter, William F. 1983. Bank Interchange of Transactional Paper: Legal and Economic Perspectives. Journal of Law and Economics 26(3): 541–588. https://doi.org/10.1086/467049
  4. Behringer, Stefan, Lapo Filistrucchi. 2015. Areeda–Turner in Two-Sided Markets. Review of Industrial Organization 46(3): 287–306. https://doi.org/10.1007/s11151-015-9460-5
  5. Cabral, Luis. 2011. Dynamic Price Competition with Network Effects. Review of Economic Studies 78(1): 83–111. https://doi.org/10.1093/restud/rdq007
  6. Caccinelli, Chiara, Joëlle Toledano. 2018. Assessing Anti-competitive Practices in Two-Sided Markets: The Booking.com Cases. Journal of Competition Law & Economics 14(2): 193–234. https://doi.org/10.1093/joclec/nhy005
  7. Carlton, Dennis W., Alan S. Frankel. 1994. The Antitrust Economics of Credit Card Networks. Antitrust LJ 63: 643.
  8. Correia-da-Silva, Joao, Bruno Jullien, Yassine Lefouili, Joana Pinho. 2019. Horizontal Mergers between Multisided Platforms: Insights from Cournot Competition. Journal of Economics & Management Strategy 28(1): 109–124. https://doi.org/10.1111/jems.12309
  9. Emch, Eric, T. Scott Thompson. 2006. Market Definition and Market Power in Payment Card Networks. Review of Network Economics, 5(1). https://doi.org/10.2202/1446-9022.1088
  10.           Evans, David S. 2011. Antitrust Economics of Two-Sided Markets. 73–134 in Platform Economics, edited by David Evans. Competition Policy International.
  11. Evans, David S., Michael D. Noel. 2008. The Analysis of Mergers that Involve Multisided Platform Businesses. Journal of Competition Law and Economics, 4(3), 663–695. https://doi.org/10.1093/joclec/nhn017
  12. Evans, David, Richard Schmalensee. 2011. The Industrial Organization of Markets with Two-Sided Platforms. 2–29 in Platform Economics, edited by David Evans. Competition Policy International.
  13. Filistrucchi, Lapo. 2011. How Many Markets are Two-sided? Antitrust Chronicle, 1.
  14. Filistrucchi, Lapo, Damien Geradin, Eric Van Damme, Pauline Affeldt. 2014. Market Definition in Two-Sided markets: Theory and Practice. Journal of Competition Law & Economics 10(2): 293–339. https://doi.org/10.1093/joclec/nhu007
  15. Halaburda, Hanna, Bruno Jullien, Yaron Yehezkel. 2020. Dynamic Competition with Network Externalities: How History Matters. RAND Journal of Economics 51(1): 3–31. https://doi.org/10.1111/1756-2171.12304
  16. Harris, Barry C., Joseph J. Simons. 1991. Focusing market definition: How much substitution is necessary? J. Reprints Antitrust L. & Econ. 21: 151.
  17. Iacobucci, Edward, Francesco Ducci. 2019. The Google Search Case in Europe: Tying and the Single Monopoly Profit Theorem in Two-Sided Markets. European Journal of Law and Economics 47(1): 15–42. https://doi.org/10.1007/s10657-018-9602-y
  18. Jullien, Bruno, Wilfried Sand-Zantman. 2021. The Economics of Platforms: A Theory Guide for Competition Policy. Information Economics and Policy 54: 100880. https://doi.org/10.1016/j.infoecopol.2020.100880
  19. Katz, Michael L. 2019. Multisided Platforms, Big Data, and a Little Antitrust Policy. Review of Industrial Organization 54(4): 695–716. https://doi.org/10.1007/s11151-019-09683-9
  20. Pontual Ribeiro, Eduardo, Svetlana Golovanova. 2020. A Unified Presentation of Competition Analysis in Two-Sided Markets. Journal of Economic Surveys 34(3): 548–571. https://doi.org/10.1111/joes.12362
  21. Rochet, Jean-Charles, Jean Tirole. 2002. Cooperation Among Competitors: Some Economics of Payment Card Associations. Rand Journal of Economics 33(4): 549–570. https://doi.org/10.2307/3087474
  22. Rochet, Jean-Charles, Jean Tirole. 2008. Competition Policy in Two-Sided Markets. 543–582 in Handbook of Antitrust Economics, edited by Paolo Buccirossi. Cambridge, Mass: MIT Press.
  23. Schmalensee, Richard, David S. Evans. 2011. The Economics of Interchange Fees and their Regulation. 314–346 in Platform Economics, edited by David Evans. Competition Policy International.
  24. Van Cayseele, Patrick, Stijn Vanormelingen. 2019. Merger Analysis in Two-Sided Markets: The Belgian Newspaper Industry. Review of Industrial Organization 54(3): 509–541. https://doi.org/10.1007/s11151-018-9650-z
  25. Wright, Joshua D., John M. Yun. 2019. Burdens and Balancing in Multisided Markets: The First Principles Approach of Ohio v. American Express. Review of Industrial Organization, 54(4), 717–740. https://doi.org/10.1007/s11151-019-09677-7