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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.

Suggested Citation

  • Geroski, Paul A, 1997. "Thinking Creatively About Markets," CEPR Discussion Papers 1694, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:1694
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Lionel Fontagné & Daniel Mirza, 2001. "International Trade and Rent Sharing in Developed and Developing countries," Working Papers 2001-09, CEPII research center.
    2. 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.
    3. Marc Gruber & Ian C. MacMillan & James D. Thompson, 2008. "Look Before You Leap: Market Opportunity Identification in Emerging Technology Firms," Management Science, INFORMS, vol. 54(9), pages 1652-1665, September.
    4. Paul Geroski & Rachel Griffith, 2004. "Identifying Antitrust Markets," Chapters,in: The International Handbook of Competition, chapter 8 Edward Elgar Publishing.
    5. 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.
    6. Christoph Engel, 2003. "Market Definition As a Social Construction (Marktabgrenzung als soziale Konstruktion)," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2003_11, Max Planck Institute for Research on Collective Goods.
    7. John Cuddington & Zhongmin Wang, 2006. "Assessing the Degree of Spot Market Integration for U.S. Natural Gas: Evidence from Daily Price Data," Journal of Regulatory Economics, Springer, vol. 29(2), pages 195-210, March.
    8. Patrick Mccloughan & Esmaiel Abounoori, 2003. "How to estimate market concentration given grouped data," Applied Economics, Taylor & Francis Journals, vol. 35(8), pages 973-983.
    9. 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.
    10. Cecere, Grazia, 2012. "Creative and adaptive responses in technological change," 23rd European Regional ITS Conference, Vienna 2012 60396, International Telecommunications Society (ITS).
    11. Malerba, Franco, 2002. "Sectoral systems of innovation and production," Research Policy, Elsevier, vol. 31(2), pages 247-264, February.
    12. 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).
    13. Willem Boshoff, 2006. "Quantitative competition analysis: Stationarity tests in geographic market definition," Working Papers 17/2006, Stellenbosch University, Department of Economics.

    More about this item

    Keywords

    Anti-trust; Corporate Strategy; Markets;

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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