Economics of competition

Ray Steinwall

Chapter Chapter 2 in Competition Law in ASEAN, 2025, pp 25-49 from Edward Elgar Publishing

Abstract: As competition law is the application of economics, economics concepts are central to the operation and enforcement of competition law. This chapter begins by discussing the nature of competition and the objectives of competition law. It explains the concepts of consumer welfare and economic efficiency, which are the core objectives of competition, before examining the stated objectives of the competition laws of each ASEAN Member State. The chapter also describes and explains several concepts which are applied in competition law analysis, including market concentration and the use of the Herfindahl–Hirschman index, the nature and determinants of market power, the dimensions of a market, how markets are defined and the tools used to determine market boundaries. The chapter ends by describing the market definition guidelines in use in the European Union and the United States and their relevance and application to the competition laws of the ASEAN Member States.

Keywords: Objectives of competition; Economic efficiency; Market definition; Market power; Market concentration; Barriers to entry (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035320110
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