Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés 13 pot
Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_1 docx
... result from a brand’s image.Suppose we face a market with two differentiated goods and the following lineardemand system:Demand for good 1: q1D a1 b11p1C b12p2;Demand for good 2: ... a firm doesnot matter for the value of the firm. Of course, most practitioners and academics believed and believethat the proportions of debt and equity do matter and so for fifty years corporate ... costs as expand production keepingoutput of each good in proportion. Source: Authors’rendition of a multiproduct cost functionprovided by Evans and Heckman (1984a,b) and Bailey and Friedlander (1982).Economies...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_2 pptx
... inFisher (1980, 1986) and Finkelstein and Levenbach (1983). For more general econometrics texts, see, for example, Greene (2007) and Wooldridge (2007). And for an advanced and more technical but ... “reduced-form” equations. Estimating a reducedform for market prices and quantities will require data on equilibrium prices and quantities in that market as dependent variables and then observed demand ... determinants of production and costs,regulations, and firm’s objectives. Demand functions are important in empirical analysis in antitrust. The elas-ticity of demand will be an important determinant...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_3 pptx
... questions and the more usual experience is to iterate back and forth between them.On the other hand, in the context of antitrust investigations, the question and laboratory may be very well defined. For ... caused by movement in costs (which isin addition to any variation in prices explained by movements in the demand curvecaused by the exogenous demand shifting variables X2).Standard errors and ... price and quantity data alone it is impossible to empirically quantify the effect of an increasein prices on the quantity demanded and therefore to extract information such as thedemand elasticity.A...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_5 pdf
... produced by a different firm which respectively maximize12 For a critique of the use of price correlation analysis, see, for example, Werden and Froeb (1993a).A response is provided by Sherwin ... would be for liquid egg, but the set of potential competitorsmay involve liquid egg and (formerly) smoothie producers.Finally, we note that the responses by rivals can be to enter or expand productionfollowing ... variation is useful for estimating demand as well. Theprice and also sales data from this experiment were collected and used in Davis (2002).4.2. Price Level Differences and Price Correlations...
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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-40This 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 demand DMarket.p/ and ... collapse to a form which is linear in logs of prices (or other convenientforms for estimation) only under very strong assumptions. Second, note that all cost and demand shift variables for all products...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_8 pptx
... 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.4See, for example, the work by Sutton (1991), Klepper (1996), and Klepper and Simons (2000), and in the strategy literature see Markides and Geroski (2005) and McGahan (2004).6.1. ... market demand and cost structure are such that optimization by individualfirms leads to a concentrated market, high margins may be difficult for even themost powerful and interventionist competition...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_12 potx
... firm and market demand for understanding competition. For example,we have seen that demand is important in determining firm behavior such as pricingdecisions and we have also seen that demand ... outside options, and imperfect monitoring. In the theoretical litera-ture, these issues have been tackled, for example, by Green and Porter (1984) and Rotemberg and Saloner (1986) and some empirical ... for j 2=f and also for each firm f:These J equations, together with the J demand equations, provide us with thestructural form for this model. Note that the structural model involves a demandcurve...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_13 pot
... segmentdemand is 2:6 for premium beer, 2:7 for popular beer, and 2:4 for light beer.These price elasticities could be used as important evidence toward a formal testof the hypothesis that ... alternative functional form. For example, Berry et al. (1995) believe that the demand for a type of car will dependon a consumer’s level of income and work with the natural logarithm formulation,vj.y ... discussion of this and other demand forms in the context of merger simulation, see Werden and Froeb (2005).462 9. Demand System EstimationSymmetry imposes the restrictions, jkD kj for all j ¤...
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Quantitative Techniques for Competition and Antitrust Analysis by Peter Davis and Eliana Garcés_15 pptx
... 51910.2.1 Informal and Semiformal Analysis of IncentivesInformal quantitative analysis can sometimes be insightful for evaluating the incen-tive for foreclosure. An example of such an analysis ... strategies in the rest of this chapter. Before doing so we brieflydiscuss informal and semiformal quantitative methods for evaluating the incentive for foreclosure.10.2. Measuring the Effect of ... very difficult to find an appropriate instrument for vertical integration and Chipty’s reduced-form results are therefore subject to the standard and poten-tially important endogeneity critique...
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Quantitative Techniques for Competition and Antitrust Analysis_1 pdf
... small. For Lara, Adrian, and Tristan For SaraThis page intentionally left blank Quantitative Techniques for Competition and Antitrust Analysis 8 1. The Determinants of Market OutcomesDemand at ... since understanding thesekey elements of economic analysis is crucial for an appropriate use of quantitative techniques. 1.1 Demand Functions and Demand ElasticitiesThe analysis of demand is probably ... loans and insurance coveringunemployment, accident, and sickness were complementary only in the sense that the demand for insur-ance was affected by the credit price while the demand for credit...
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