Market Definition as a Problem of Statistical Inference
نویسنده
چکیده
Statistical decision theory can help to explain and improve the market definition decision in competition cases. A Bayesian decision rule shows that market definition involves balancing (1) the weight of evidence in favour and against substitutability, (2) prior probabilities determined by previous cases and research, and (3) the loss function of the decision-maker. Market definition in differentiated product markets need not be arbitrary and there is more information to be gained from the market definition exercise than merely the identification of market boundaries. A recent South African case illustrates some of the principles highlighted here. JEL codes: L40, L41, D40, K00
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تاریخ انتشار 2011