By M. A. Utton
Industry dominance - encompassing single-firm dominance, overt and tacit collusion, mergers and vertical restraints - increases many complicated analytical and coverage matters, all of which stay the topic of theoretical examine and coverage reform. This moment variation of this article extends the arguments and combines an research of the problems with a dialogue of exact coverage and case experiences. It addresses the basic alterations in anti-trust legislations, in particular within the united kingdom and the ecu, and reports a few excessive profile and arguable instances akin to the Boeing-McDonnell Douglas merger and the Microsoft monopoly. the writer strikes directly to take care of a number of unresolved questions together with the conflicts among exchange and anti-trust coverage, the overseas take-over of family resources and extra-territorial claims made via sure nations.
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Extra resources for Market Dominance and Antitrust Policy
III Some evidence on market dominance Given the importance of market dominance in economic analysis and to antitrust policy, it is hardly surprising that considerable effort has gone into its measurement, both for single years and over time. The main purpose of this section is thus to discuss some of these estimates, largely derived from the UK. A useful starting-point in an enquiry into possible positions of market dominance is to observe the extent to which sales are concentrated in the hands of a few sellers.
If the working of an economy allows the emergence of such rents, many individuals will find it profitable to expend resources for The economic analysis of market dominance 23 this purpose. Some advertising may have this objective but so also may expenditures on lobbying, public relations, political contributions and even bribery. To the extent that the Cowling and Mueller estimates effectively draw attention to the potential waste involved in these activities they have served their purpose. However, the argument can be taken one stage further.
In this case, the firm could be classed as a natural monopoly; see Stigler (1968, ch. 6). 2. f. Leibenstein, 1978, with Stigler, 1976). 26 Market dominance and antitrust policy 3. For an early airing of the controversy, see Rowley (1969) and Sutherland (1971). More recent and opposing views appear in Fisher and McGowan (1983) and Kay (1987). 4. This line of reasoning has led two distinguished US authorities to argue that where appropriate all sales of ‘distant’ producers including foreign firms should be included in the calculation of market shares in antitrust cases.