On the (ir)relevance of the relevant market (Jel: K21, L40)

Pierluigi Sabbatini

Mercato Concorrenza Regole, 2012, issue 3, 495-518

Abstract: Two articles of eminent lawyer (Kaplow) and economists (Farrell and Shapiro) have recentlyquestioned the relevance and the utility itself of the notion of the relevant market.These articles do not confine themselves to show the main critiques but also propose differentoptions. In this short paper we broadly review those present methodologies whichcan be used in substitution of market definition. We portray a dark and light picture inwhich only a few types of antitrust interventions (against cartels and unilateral effects ofmergers) can be considered fully freed from the recourse to the definition of the relevantmarket. For others (against coordinated effects of mergers or abuses of dominant positions)we are still waiting for substantial advances either in the economic analysis or inempirical techniques. In these cases the notion of relevant market maintains its role tosome extent but it requires to be complemented by further indicators.

Keywords: relevant market; simulation models; merger guidelines; market power. (search for similar items in EconPapers)
Date: 2012
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