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Thinking Creatively About Markets

  • Geroski, Paul A

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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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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  1. 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.
  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. 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.
  4. 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.
  5. Fisher, Franklin M, 1987. "Horizontal Mergers: Triage and Treatment," Journal of Economic Perspectives, American Economic Association, vol. 1(2), pages 23-40, Fall.
  6. 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.
  7. 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.
  8. Roberts, Mark J. & Supina, Dylan, 1996. "Output price, markups, and producer size," European Economic Review, Elsevier, vol. 40(3-5), pages 909-921, April.
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