TABLE OF CONTENTS
List of Figures
List of Tables
Table of Cases
Table of Legislation
List of Abbreviations
1. Introduction: Starting from First Principles
1.1 Competition Economics and You
1.2 What Does Economics Contribute to Competition Law?
1.3 The Book's Approach to Explaining Competition Economics
1.4 Explaining Some Basic Principies the Economic Naturalist's Way
1.5 Some Health Warnings on Competition, Competition Poiicy, and Competition Economists
1.6 lhe Remainder of the Book, and What's New in this Second Edition
2. Market Definition
2.1 Why Market Definition
2.2 Dimensions of the Relevant Market
2.3 The Demand Side: Substitution and Elasticities
2.4 The Hypothetical Monopoiist Test
2.5 Critical Loss Analysis
2.6 lhe Ceiiophane Fallacy
2.7 Supply-side Substitution and Market Aggregation
2.8 Price Discrimination Markets
2.9 Chains of Substitution
2.10 Other Aspects of Geographic Market Definition
2.11 Market Definition for Compiements and Bundies
2.12 MarketsAlong the Vertical Supply Chain
2.13 Product Substitution Versus Product Migration
2.14 Market Definition for Features Other than Price
2.15 Quantitative Toois for Market Definition
2.16 Conclusion: Why Market Definition?
3. Market Power
3.1A Central Concern in Competition Law
3.2 Market Shares and Concentration Measures
3.3 Entry and Exit Barriers
3.4 Profitability as a Measure ofMarket Power
3.5 Buyer Power and Bidding Markets
3.6 Behavioural Economics and Market Power
3.7 Market Power, Investment, and Innovation
4. Abuse of Dominance
4.1 Successful Competitor or Buil in a China Shop?
4.2 General Principies for Assessing Exclusionary Conduct
4.3 Cost Benchmarks for Exclusionary Conduct
4.5 Price Discrimination
4.6 Quanrity, Loyalty, and Exclusivity Rebates
4.7 Margin Squeeze
4.8 Bundling and Tying
4.9 Refusal to Supply and Essential Facilities
4.1 Excessive Pricing
5. Cartels and Other Horizontal Agreements
5.1 Are Ali Cartels Bad?
5.2 Economic Characteristics of Hardcore Cartels
5.3 Concerted Practices and Information Sharing
5.4 Co-operation Among Competirors: Joint Purchasing, Joint Selling, and Other Forms of Collaboration
5.5 Technology and Inteliecrual Property Agreements: Beneficial or Anti-competitive?
5.6 Finding Cartels: Can Economics Help?
6. Vertical Restraints
6.1 Business Practices, the Law, and the Economics
6.2 Economic Rationales for Vertical Restraints
6.3 Is a Resiraint a Restriction? Counterfactual Analysis underArticle 101(1)
6.4 Foreciosure Effects ofVertical Restraints
6.5 'Hardcore Vertical Restraints': Resale Price Maintenance and Exclusive Territories
6.6 Vertical Restraints in Online and Digital Markets
7.1 Mergers Under Scrutiny
7.2 The Substantive Test: SLC, SIEC, and Other Variants
7.3The Counterfactual: Current Market, Entry, or Failing Firm?
7.4 Unilateral Effects: Assessing Closeness ofCoinpetition
7.5 Unilateral Effects: Simulating Price Rises
7.6 Co-ordiriated Effects
7.7 Non-horizontal Mergers
7.8 Minoriry Shareholdings
7.9 Merger Efficiencies
8. Design of Remedies
8.1 After the Diagnosis,What's the Cure?
8.2 Structural Remedies in Mergers
8.3 Structural Remedies in Conduct Cases
8.4 Behavioural Remedies: Price and Access
8.5 Behavioural Remedies: FRAND
8.6 Behavioural Remedies: Insights from Behavioural Economics
8.7 Setting Fines
8.8 Measuring the Costs and Benefits of Remedies, and Of Competition Law
9. Quantification of Damages
9.1 Damages Claims, Economics, and the Law
9.2 Harm from Hardcore Carteis: Conceptual Framework
9.3 Harm from Exclusionary Conduct: Conceptual Framework
9.4 A Classification of Methods and Modeis for Quantifying Damages
9.5 Comparator-based Approaches: Cross-sectional
9.6 Comparator-based Approaches: Time Series
9.7 Comparator-based Approaches: Difference-in-Differences
9.8 Approaches Based on Financial Analysis
9.9 Approaches Based on Market Srructure and Industrial Organization Theory
9.10 Pass-on ofOvercharges
9.11 Interest and Discounting
10. The Use of Economic Evidence in Competition Cases
10.1 Smokescreens and Mud-slingers?
10.2 Best Practice in Presenting Economic Evidence
10.3 Economists in Court: When Can You Rely on Them?
10.4 Economists in Court: Do They Get a Fair Hearing?
10.5 The Use of Economics in Competition Law: A Promising Future?