Alternatives to the U.S. Antitrust Agency Approach to Market Definition
1. Introduction Along with widespread acknowledgement of the importance of relevant market definitions to the outcome of most antitrust cases, there is extensive commentary on the inconsistency with which the concept has been applied by the courts. Consistency, of course, requires a coherent underlying framework. Based on the above statement of Justice Fortas and the central importance of competition policy in a free-enterprise system, it might be expected that economists would have contributed significantly to developing the requisite framework. That this has not historically been the case has been pointed out by Stigler: "My lament is that this battle on market definitions...has received virtually no attention from us economists. Except for a casual flirtation with cross- elasticity of demand and supply, the determination of markets has remained an undeveloped area of economic research at either the theoretical or empirical level."
|Date of creation:||04 Jun 1997|
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