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The Relevent Market: Possible and Productive

Authors: Gregory J. Werden;

The Relevent Market: Possible and Productive

Abstract

Professor Louis Kaplow capped off his series on the relevant market with a final essay in this the Antitrust Law Journal. His premise remains that relevant market is used only to help assess a firm’s market power based on its market share. He claims: (1) “there exists no valid way to make market power inferences from shares” of a multi-product market; (2) “it is impossible to determine which market definition is superior” in inferring market power “without already formulating one’s best estimate of market power”; and (3) delineating the relevant market is “counterproductive.” This essay demonstrates the relevant market’s utility. It also shows that: (1) Kaplow’s first claim rests on a distorted view of antitrust analysis and faulty economics; (2) Kaplow does not prove his second claim, but rather just that the relevant market is not needed for the purpose he allows for it; and (3) Kaplow’s third claim rests on a misapplication of the hypothetical monopolist test, faulty economics, and erroneous facts.

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Powered by OpenAIRE graph
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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
2
Average
Average
Average
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