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Estimating overcharges in antitrust cases using a reduced-form approach: Methods and issues

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    Abstract

    This paper presents several methods and discusses salient issues pertaining to the use of reduced-form models to estimate overcharges in antitrust matters (e.g., price-fixing) where “but-for” prices may be less than actual prices during the anticompetitive period. In particular, two common types of reduced-form estimations are discussed: the “dummyvariable approach” and the “forecasting approach”. Under either methodology, an error correction model is then specified as one way to address technical problems often found in applied time-series analysis – nonstationary data and the existence of short-term and longterm dynamics.

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    File URL: http://www.ucema.edu.ar/publicaciones/download/volume9/nieberding.pdf
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    Bibliographic Info

    Article provided by Universidad del CEMA in its journal Journal of Applied Economics.

    Volume (Year): IX (2006)
    Issue (Month): (November)
    Pages: 361-380

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    Handle: RePEc:cem:jaecon:v:9:y:2006:n:2:p:361-380

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    Keywords: price-fixing; time-series; reduced-form; estimated overcharges; antitrust;

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    1. Baker, Jonathan B & Rubinfeld, Daniel L, 1999. "Empirical Methods in Antitrust Litigation: Review and Critique," American Law and Economics Review, Oxford University Press, vol. 1(1-2), pages 386-435, Fall.
    2. Clarke, Julian L. & Evenett, Simon J., 2002. "The Deterrent Effects of National Anti-Cartel Laws: Evidence from the International Vitamins Cartel," Working paper 131, Regulation2point0.
    3. Forni, Mario, 2002. "Using Stationarity Tests in Antitrust Market Definition," CEPR Discussion Papers 3236, C.E.P.R. Discussion Papers.
    4. John M. Connor, 2004. "Global Antitrust Prosecutions of Modern International Cartels," Journal of Industry, Competition and Trade, Springer, vol. 4(3), pages 239-267, 09.
    5. Higgins, Richard S. & Johnson, Paul A., 2003. "The mean effect of structural change on the dependent variable is accurately measured by the intercept change alone," Economics Letters, Elsevier, vol. 80(2), pages 255-259, August.
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    Cited by:
    1. Carl Chiarella & Xue-Zhong He & Remco C.J. Zwinkels, 2014. "Heterogeneous Expectations in Asset Pricing:Empirical Evidence from the S&P500," Research Paper Series 344, Quantitative Finance Research Centre, University of Technology, Sydney.
    2. Boyer, Marcel & Kotchoni, Rachidi, 2014. "How Much Do Cartels Overcharge?," TSE Working Papers 14-462, Toulouse School of Economics (TSE).
    3. Hüschelrath, Kai & Müller, Kathrin & Veith, Tobias, 2012. "Concrete shoes for competition: The effect of the German cement cartel on market price," ZEW Discussion Papers 12-035, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    4. Doose, Anna Maria, 2013. "Methods for calculating cartel damages: A survey," Ilmenau Economics Discussion Papers 83, Ilmenau University of Technology, Institute of Economics.

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