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Thinking Creatively About Markets

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  • Geroski, Paul A

Abstract

Market definitions are an abstraction: they are useful only to the extent that they help us to organize the way we think about certain types of economic activity. This paper critically examines three different methods of identifying market boundaries, stressing the link between substantive content and the needs of the user of the definition. Most traditional definitions have focused on identifying trading markets (defined by the ‘law of one price’) or anti-trust markets (identified by reference to the ability of a group of firms to artificially elevate prices). A third market concept – that of the strategic market – focuses more directly on the needs of corporate users.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1694.

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Date of creation: Oct 1997
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Handle: RePEc:cpr:ceprdp:1694

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Keywords: Anti-trust; Corporate Strategy; Markets;

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References

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  1. Swann, Peter, 1993. "Identifying Asymmetric Competitor Networks from Characteristics Data: Application to the Spreadsheet Software Market," Economic Journal, Royal Economic Society, vol. 103(417), pages 468-73, March.
  2. Slade, Margaret E, 1986. "Exogeneity Tests of Market Boundaries Applied to Petroleum Products," Journal of Industrial Economics, Wiley Blackwell, vol. 34(3), pages 291-303, March.
  3. Werden, G.J., 1996. "A Robust Test for Consumer Welfare Enhancing Mergers Among Sellers of Differentiated Products," Papers 96-01, U.S. Department of Justice - Antitrust Division.
  4. Werden, Gregory J, 1996. "A Robust Test for Consumer Welfare Enhancing Mergers among Sellers of Differentiated Products," Journal of Industrial Economics, Wiley Blackwell, vol. 44(4), pages 409-13, December.
  5. Stigler, George J & Sherwin, Robert A, 1985. "The Extent of the Market," Journal of Law and Economics, University of Chicago Press, vol. 28(3), pages 555-85, October.
  6. Roberts, Mark J. & Supina, Dylan, 1996. "Output price, markups, and producer size," European Economic Review, Elsevier, vol. 40(3-5), pages 909-921, April.
  7. Uri, Noel D & Rifkin, Edward J, 1985. "Geographic Markets, Causality and Railroad Deregulation," The Review of Economics and Statistics, MIT Press, vol. 67(3), pages 422-28, August.
  8. Fisher, Franklin M, 1987. "Horizontal Mergers: Triage and Treatment," Journal of Economic Perspectives, American Economic Association, vol. 1(2), pages 23-40, Fall.
  9. Baker, Jonathan B & Baresnahan, Timothy F, 1985. "The Gains from Merger or Collusion in Product-differentiated Industries," Journal of Industrial Economics, Wiley Blackwell, vol. 33(4), pages 427-44, June.
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Citations

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Cited by:
  1. Hans L. van Kranenburg, 2005. "Relevant Market and Pricing Behavior of Regional Newspapers in the Netherlands," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 74(3), pages 73-84.
  2. Patrick Mccloughan & Esmaiel Abounoori, 2003. "How to estimate market concentration given grouped data," Applied Economics, Taylor & Francis Journals, vol. 35(8), pages 973-983.
  3. Fontagne, Lionel & Mirza, Daniel, 2007. "International trade and rent sharing among developed and developing countries," Economic Modelling, Elsevier, vol. 24(3), pages 523-558, May.
  4. Lionel Fontagné & Daniel Mirza, 2001. "International Trade and Rent Sharing in Developed and Developing countries," Working Papers 2001-09, CEPII research center.
  5. Willem Boshoff, 2006. "Quantitative competition analysis: Stationarity tests in geographic market definition," Working Papers 17/2006, Stellenbosch University, Department of Economics.
  6. Nenonen, Suvi & Storbacka, Kaj, 2013. "Finding market focus for solution business development," jbm - Journal of Business Market Management, Free University Berlin, Marketing Department, vol. 6(3), pages 123-142.
  7. Christoph Engel, 2003. "Market Definition As a Social Construction (Marktabgrenzung als soziale Konstruktion)," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2003_11, Max Planck Institute for Research on Collective Goods.
  8. Malerba, Franco, 2002. "Sectoral systems of innovation and production," Research Policy, Elsevier, vol. 31(2), pages 247-264, February.
  9. Kranenburg,Hans,van, 2005. "Relevant Market and Pricing Behavior of Regional Newspapers in the Netherlands," Research Memorandum 025, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  10. Paul Geroski & Rachel Griffith, 2003. "Identifying anti-trust markets," IFS Working Papers W03/01, Institute for Fiscal Studies.
  11. Cecere, Grazia, 2012. "Creative and adaptive responses in technological change," 23rd European Regional ITS Conference, Vienna 2012 60396, International Telecommunications Society (ITS).

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