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The market power of monopolies can severely restrict citizens' freedom of choice. In the case of utilities, often portrayed as natural monopolies, such power may result in high prices and unreliable or absent services, especially in marginalized communities such as low-income neighborhoods or remote rural villages. While government regulation has been the traditional remedy to curb natural monopolies' power, in this paper, we address a different solution: monopoly bypassing through collective action. We present two types of monopoly bypassing—partial and complete—through the lens of civic wealth creation (CWC): the generation of social, economic, and communal endowments that benefit communities. Through our analysis of three water and sanitation utility services cases, we demonstrate how CWC is used to catalyze the collective action of engaged citizens to effectively bypass monopoly power. The cases highlight the three stakeholder categories involved in CWC initiatives—communities, enterprises, and regimes of support—and illustrate how they act collectively to provide credible market-based solutions. [ABSTRACT FROM AUTHOR]

Using novel shadow bank funding data, I find that shadow banks are funded by the very banks they compete with when originating mortgages. Evidence suggests that banks have market power in the upstream market for shadow banks' funding, which in turn softens mortgage market competition through their strategic behaviors in both markets. I build and calibrate a quantitative model of vertical integration and competition to show that those consumers who would most benefit from shadow bank services are the ones to bear the costs. Secondary market innovation could increase downstream competition by reducing shadow banks' reliance on their competitors. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Collateral is a significant challenge for small and medium enterprises (SMEs) in acquiring formal credit. Bank market concentration can cause to increase collateral demand through enhancing bank market power. This study explores the relationship between bank market concentration and the collateral challenges faced by SMEs in accessing bank credit by employing a probit regression model. The analysis utilizes a sample of over 25,000 firms from 19 developing Asian nations. The datasets combine firm-level data sourced from the Business Environment and Enterprise Performance Survey (BEEPS) with country-level financial data obtained from the Global Financial Development Data (GFDD) which are provided by the World Bank. The results reveal a significant positive correlation between bank market concentration and the collateral challenges encountered by SMEs in developing Asian countries. In markets characterized by high levels of banking concentration, financial institutions tend to exhibit risk-averse behavior, manifesting in an increased propensity to demand collateral for both SME and large enterprise loans. Consequently, this heightened bank concentration exerts additional pressure on SMEs in acquiring bank credit. To foster an environment conducive to SME financing, countries with high levels of banking concentration should enact regulatory measures aimed at managing and constraining market concentration levels. [ABSTRACT FROM AUTHOR]

Background and methods: Competition regulation has a strong influence on the relative market power of firms. As such, competition regulation can complement industry-specific measures designed to address harms associated with excessive market power in harmful consumer product industries. This study aimed to examine, through a public health lens, assessments and decisions made by competition authorities in four jurisdictions (Australia, South Africa, the United States (US), and the European Union (EU)) involving three harmful consumer product industries (alcoholic beverages, soft drinks, tobacco). We analysed legal case documents, sourced from online public registers and dating back as far as the online records extended, using a narrative approach. Regulatory decisions and harms described by the authorities were inductively coded, focusing on the affected group(s) (e.g., consumers) and the nature of the harms (e.g., price increases) identified. Results: We identified 359 cases published by competition authorities in Australia (n = 202), South Africa (n = 44), the US (n = 27), and the EU (n = 86). Most cases (n = 239) related to mergers and acquisitions (M&As). Competition authorities in Australia, the US, and the EU were found to make many decisions oriented towards increasing the affordability and accessibility of alcohol beverages, soft drinks, and tobacco products. Such decisions were very often made despite the presence of consumption-reduction public health policies. In comparison, South Africa's competition authorities routinely considered broader issues, including 'Black Economic Empowerment' and potential harms to workers. Conclusion: Many of the competition regulatory decisions assessed likely facilitated the concentration of market power in the industries we explored. Nevertheless, there appears to be potential for competition regulatory frameworks to play a more prominent role in promoting and protecting the public's health through tighter regulation of excessive market power in harmful consumer product industries. [ABSTRACT FROM AUTHOR]

The South African Competition Act was crafted on the basis that it could be used to address distortions and inequalities in the market through enforcing competition. A question which has arisen is whether competition enforcement has been effective given that many economic sectors are still largely dominated by monopolies, duopolies or oligopolies. In this study, I assess whether competition enforcement has reduced inequality in South Africa by studying the link between market power and inequality, following a competition intervention in selected product markets. Using the nonlinear autoregressive distributed lag model, I assess whether competition enforcement in the market for bread, maize meal, and sunflower oil, has been effective in increasing consumer welfare, by lowering income inequality through lower prices. The findings of this study suggest that firms in these markets abuse their market power even post-intervention, such that they can raise prices and reduce consumer welfare, increasing inequality indirectly. [ABSTRACT FROM AUTHOR]

The paper investigates how regulatory policy modulates the complex relationship between market power and bank lending. The empirical evidence is based on the seemingly unrelated panel regressions by employing a dataset of 52 African countries for the period, 2006–2018. The study finds a U-shaped relationship between market power and bank lending. The study shows that the estimated thresholds fall within the range of -4.38 to 9.67 of market power. It observes that the thresholds of market power in countries with stringent regulatory policies are relatively greater than countries operating in low regulatory policy regimes. The study shows a negative and direct effect of market power on lending. In the light of interactions, the conditional effects are estimated to provide meaningful interpretations. This is relevant to policymakers because our established conditional effects, imply that regulatory policy is a sufficient complementary condition for reducing the negative effect of market power on bank lending. [ABSTRACT FROM AUTHOR]

This article investigates the effects of banking integration on banking competition in the ASEAN‐6 countries. Using a data set of 3217 bank‐year observations over the period 1996–2018, our main results indicate that: (i) banking openness positively affects banking competition; (ii) the overall degree of balanced (in/out) integration leads to greater market power; and (iii) the increase in the market monopoly following the participation of foreign banks can be reduced by good regulatory policies. These results remain intact when two alternative competition measures are employed and when a polynomial model and a threshold model are used to reveal the non‐linear and heterogeneous effects of banking integration. [ABSTRACT FROM AUTHOR]

This is the first study to investigate whether country institutional quality influences the impact of supervisory power on insurer soundness. It tests the hypothesis arguing that institutional quality enhances the implementation capacity of supervisors versus the one that maintains that institutional quality mitigates the impact of supervisory power on insurer soundness, particularly when this effect is negative. An analysis is carried out on firms operating in the insurance markets of 12 Muslim-populous countries over the eight-year sample period 2009–2016. As a proxy of insurers' financial stability, we use the Z-score and conduct the study by employing the two-step system generalised method of moments. We find a negative impact of supervisory power on insurer soundness—exercised by increasing portfolio risk—that is mitigated by national institutional quality, in particular by government effectiveness, regulatory quality and control of corruption. The findings emphasise the view that national institutional quality avoids private use of supervision. [ABSTRACT FROM AUTHOR]

We examine how the erosion of morals, norms, and norm compliance in markets depends on the market power of individual traders. Previously studied markets allow traders to exchange at most one unit and provide market power to individual traders by de-activating two forces: (i) the replacement logic, whereby immoral trading is justified by the belief that others would trade otherwise and (ii) market selection, by which the least moral trader determines aggregate quantities. In an experiment, we compare single-unit to (more common) multi-unit markets, which may activate these forces. Multi-unit markets, in contrast to single-unit markets, lead to a complete erosion of morals. This is associated primarily with a deterioration in norm compliance: the observed level of immoral trade is in contrast with the prevailing social norm. The replacement logic is the main mechanism driving this finding. [ABSTRACT FROM AUTHOR]

Feta cheese is a Greek product under Protection Designation of Origin (PDO), benefiting its producing regions with its marketing potential. However, farmers are evidently often excluded from this value chain. This study aims at understanding the opportunities farmers in Greece have for supply chain arrangements (SCAs) that ensure fair market participation. It uses a two-step latent class analysis on data from a farm survey to explore and classify farmer–cheesemaker SCAs based on their perceived characteristics, farmers' satisfaction, availability of alternative options and farmers' sustainability objectives. Results highlight the importance of collective arrangements, economic incentives and price formulation mechanisms in forming farmer-inclusive SCAs. [ABSTRACT FROM AUTHOR]

Accurate load forecasting, especially in the short term, is crucial for the safe and stable operation of power systems and their market participants. However, as modern power systems become increasingly complex, the challenges of short-term load forecasting are also intensifying. To address this challenge, data-driven deep learning techniques and load aggregation technologies have gradually been introduced into the field of load forecasting. However, data quality issues persist due to various factors such as sensor failures, unstable communication, and susceptibility to network attacks, leading to data gaps. Furthermore, in the domain of aggregated load forecasting, considering the potential interactions among aggregated loads can help market participants engage in cross-market transactions. However, aggregated loads often lack clear geographical locations, making it difficult to predefine graph structures. To address the issue of data quality, this study proposes a model named adversarial graph convolutional imputation network (AGCIN), combined with local and global correlations for imputation. To tackle the problem of the difficulty in predefining graph structures for aggregated loads, this study proposes a learnable adjacency matrix, which generates an adaptive adjacency matrix based on the relationships between different sequences without the need for geographical information. The experimental results demonstrate that the proposed imputation method outperforms other imputation methods in scenarios with random and continuous missing data. Additionally, the prediction accuracy of the proposed method exceeds that of several baseline methods, affirming the effectiveness of our approach in imputation and prediction, ultimately enhancing the accuracy of aggregated load forecasting. [ABSTRACT FROM AUTHOR]

AbstractThere has recently been a burgeoning interest in private rental housing, yet few studies have addressed the tenant/landlord relationship as lived. This paper contributes related insights from the ‘young’ markets of Eastern Europe where the tenant/landlord relationship is entirely market based but embedded in specific cultural norms and supply/demand balances. Drawing on cultural theories of risk and rich qualitative data from tenants and landlords in Romania, this paper examines narratives of risk and repertoires of risk mitigation practices of the relational risks of renting. Findings portray a supply-rich market where tenants have market power hence financial checks on tenants are socially unacceptable, evictions are rare, and most tenants feel at home in their rented properties. In this tenant market, landlords rely on the social vibe of the first tenant/landlord encounter, showing openness to construct win-win collaborations. These less institutionalised practices seem more inclusive to tenants’ economic unpredictability but high rents push the poor, and ethnic stigmatisation drives the Roma ‘others’ into alternative housing. [ABSTRACT FROM AUTHOR]

Zooming in on the European Union's international identity, this paper argues that maturation, and the achievement of a solid international identity, may result from a process in which different identity traits are integrated, even strategically incorporated. It frames this hybridisation argument in terms of Dragon Power Europe and proceeds in two steps. In a first step, the paper develops an integrated analytical framework for studying the European Union's international identity by comparing the Normative Power Europe and Market Power Europe conceptualisations along three dimensions, namely drivers, actions and impact. In a second step, the paper demonstrates the framework's empirical value through an exploration of the European Union's functioning in relation to health information standardisation, investigating the logics behind the inclusion of a new chapter on diagnoses and syndromes associated with Traditional (Chinese) Medicine in the eleventh revision of the World Health Organization's International Classification of Diseases in 2019. The involvement of the European Union and its member states in this specific case of health (information) standardisation shows initial but compelling evidence of NPE-MPE dynamics shaping the EU's international functioning, in particular its drivers, actions and impact. [ABSTRACT FROM AUTHOR]

Recent research has drawn attention to states' backlash against international organizations (IOs), including whether member state withdrawals affect the longevity of IOs. We therefore ask when do member state withdrawals lead to the death of IOs? We are skeptical of a general link between withdrawal and IO death because on average, any one member is not critical for the survival of an IO. Also, withdrawal is often driven by one member state's preferences diverging from remaining members; these remaining states may band together after withdrawal, ensuring or even enhancing the longevity of the IO. Even withdrawal by several states may not contribute to IO death because a smaller group of remaining members may better overcome collective action challenges. Nonetheless, exit by an important member may affect IO survival by removing resources, market power, and guidance. We test these arguments using survival models on an original dataset of withdrawals across 532 IOs from 1909 to 2014/2020 and illustrate the dynamics with case vignettes. The results support our arguments: withdrawals in general do not lead to IO death but the withdrawal of founding members can speed IO death. Interestingly, withdrawal by economically powerful states seems to facilitate IO survival (often through reform and/or re-entry). These findings contribute to a better understanding of the lifecycle of IOs as well as to the resilience and vulnerabilities of international cooperation. [ABSTRACT FROM AUTHOR]

• China's Anti-Monopoly Law (AML) has a positive impact on average labor wage. • Labor income share increases more in local state-owned and nonstate-owned enterprises. • AML effectively promotes industry competition and boosts the labor income share. • AML reduces market power, curbs monopoly profit, and increases the average labor wage. This study examines the impact of increased market competition on labor income share. We use the enactment of China's Anti-Monopoly Law as a quasi-natural experiment. The results reveal that the Anti-Monopoly Law has a significant positive effect on the labor income share of firms with higher market power. This is because the rising market competition, effected by the Anti-Monopoly Law, inhibits market power and increases average labor wages. Our findings are relevant for firms in provinces with higher administrative monopolies, with less competition, and under industries with less competition. [ABSTRACT FROM AUTHOR]

Perseverance in R&D effort is the first fundamental step towards any kind of innovation. We investigate the beginning of the innovation story, rather than its end, through duration models. Among the drivers of our unconventional IO approach, we focus on heterogeneity, path dependence and market power, measured as elasticity of firm-specific demand. The Schumpeterian hypothesis emerges at the firm level. Heterogeneity at the industry level reveals Schumpeterian and Arrovian patterns, as well as U-shaped and inverted U-shaped patterns. We suggest considering the entire supply chain from a holistic perspective when evaluating mergers and innovation policies that support small firms by reducing their financial uncertainty and improving their institutional environment. [ABSTRACT FROM AUTHOR]

Purpose: The trend toward subscription economy accelerated the rise of access-based consumption models for durable consumer goods, replacing individual ownership with subscription contracts. At the same time, disruptive platform businesses have arisen in several consumer markets, bypassing traditional value chains while growing through network effects. In a conceptual approach, the authors address the future market for durable consumer goods in light of developments toward access-based consumption, subscription models and platform business models. Design/methodology/approach: In a conceptual approach, the authors apply a scenario analysis following the Framework Foresight method and address trends, constants, plans and projections shaping the future market of subscriptions for durable goods. The authors create a baseline scenario and two alternative scenarios for the future of consumer durables and thereby discuss platform growth stages and implications for manufacturer brands. Findings: The rising market power of platform companies leads to a baseline scenario where these platforms enter the market of subscriptions for durable goods. Alternative scenario 1 addresses the successful market entry of new platform businesses. In contrast, alternative scenario 2 describes the rise of manufacturer brand platforms. Originality/value: This conceptual research enriches the discussion of access-based business models by creating scenarios depicting possible future developments. Moreover, it adds to the increasing focus on platform business models and thereby addresses the role of traditional manufacturer brands in markets for durable consumer goods subscriptions. [ABSTRACT FROM AUTHOR]

We estimate labor market monopsony power among manufacturing firms in four Sub‐Saharan African countries using a parametric production function approach on panel dataset. Pooled estimate suggests that wages are approximately 38 percent of the marginal revenue product of labor, implying a labor supply elasticity of 0.62. Nonparametric robustness checks indicate these results are robust to concerns over parametric model misspecification. Departure from competitive labor market leads to approximately 50.80 percent higher employer rent, 75.61 percent lower employee rent, and 15.95 percent deadweight loss. Overall, our results are suggestive of monopsonistic labor markets. [ABSTRACT FROM AUTHOR]

Previous research has debated about whether institutionalization could improve market efficiency. We develop a theoretical model under anticipated utility combined with probability weighting to study the impacts of institutionalization on market participation and market efficiency. The prudence attitude towards probability uncertainty leads to limited participation by investors. We find that institutionalization influences the market in two different ways. An increase in the total sector size of institutional investors facilitates price discovery but discourages market participation from naïve investors due to information asymmetry. However, when the top institution has high market power, this large institution trades strategically to induce more participation by naïve traders for risk-sharing at the cost of lowering information efficiency. [ABSTRACT FROM AUTHOR]

The article discusses the decision made by the Portuguese Competition Authority (PCA) to prohibit Vodafone Portugal's acquisition of Nowo Communications. The PCA raised concerns about the high level of concentration in the telecommunications market, limited diversification of offerings, and the low customer mobility. The article also mentions the potential entry of a new player, Digi, which could disrupt the market. The PCA rejected the commitments proposed by Vodafone to address the competition concerns. The article compares this decision to a similar merger in Spain, where the European Commission approved the merger with certain remedies. The article concludes by mentioning the emergence of potential buyers for Nowo, including Media Capital and Digi. [Extracted from the article]

The European Commission has conducted a comprehensive evaluation of the EU antitrust enforcement framework to determine if updates are needed. The evaluation found that the current procedural rules have generally led to effective and efficient application of antitrust laws. However, there is a need for faster decision-making and improved coordination within the European Competition Network (ECN) to avoid unnecessary parallel investigations by multiple national competition authorities (NCAs). The report suggests that parallel antitrust enforcement is likely to increase, and proposes exploring coordinated actions by multiple NCAs as a more effective and efficient approach. [Extracted from the article]

We assess the relation of macroprudential policy and competition to bank risk for a sample of 1373 banks from 13 East Asian countries, using the IMF iMaPP dataset of macroprudential policy from 1990 to 2018. To our knowledge, this is the first paper to include both macroprudential policy and individual bank market power, as well as their interaction, as determinants of bank risk. On the one hand, we find direct effects of both macroprudential policy and competition on risk, in line with the existing literature. On the other hand, we detect important interaction effects. Notably in the developing and emerging East Asian countries, the interactions between competition and macroprudential measures often show a lesser response to such measures in terms of risk reduction for banks with more market power. We suggest that this links in turn to ability of such banks to undertake risk-shifting in response to macroprudential policy. We also find for banks in advanced East Asian countries—and in wider samples—some tendency in the long term for banks facing intense competition to take relatively more risks in face of macroprudential measures, in line with the traditional "franchise value" view of bank competition and risk taking. These findings have important implications for regulators. [ABSTRACT FROM AUTHOR]

This paper studies the relationship between the heterogeneity of business models and the banking sector's resilience, in light of the interplay between diversification, market power, and resilience. Our goal is to tackle the open puzzle related to the effects of diversification-induced homogeneity of banks' business models on the banking sector's stability. Using a sample of 1268 banks from 33 countries (Europe, Asia, America), for the period between 2005 and 2021, we estimate a 3SLS model that accounts for the interplay between revenue diversification, heterogeneity, market power and resilience. We apply principal components and clustering analysis to identify the banks' business models and compute an ecology-based measure of heterogeneity per country. We find that revenue diversification reduces bank heterogeneity, suggesting that banks pursue uniform diversification strategies. We also uncover a positive relationship between bank heterogeneity and market power, suggesting low rivalry among different business models. Importantly, our results indicate that bank heterogeneity positively impacts resilience and is economically significant. Namely, we estimate a 4.5% increase in the Z-score due to a one (within) standard deviation increase in business model heterogeneity. We discuss several implications of our results for micro- and macro-prudential supervision and regulation, and identify potential avenues for future research. [ABSTRACT FROM AUTHOR]

We examine a supply chain with a single risk-averse manufacturer who purchases from suppliers and sells to consumers. Within this context, we focus on two channels that drive blockchain adoption by the manufacturer: manufacturer risk aversion and consumer information asymmetry. Regarding the first channel, blockchain enables efficient tracing of defective products so that the manufacturer can selectively recall defective products rather than conducting a full recall. This tracing ability reduces the risk involved in the manufacturer purchasing from multiple suppliers and thereby leads the manufacturer to endogenously diversify across suppliers when blockchain is adopted. The diversification enhances the manufacturer's welfare due to the manufacturer's risk aversion and thus drives the manufacturer to adopt blockchain. With regard to the second channel, blockchain stores details from the manufacturing process and reveals them to consumers, thereby ameliorating consumer information asymmetry. This reduction in information asymmetry improves consumer decision making that, in isolation, would enhance consumer welfare. However, the manufacturer responds by increasing the consumer price, thereby transferring potential consumer welfare gains to the manufacturer, and consequently serving as a second channel to drive blockchain adoption by the manufacturer. This paper was accepted by Lin William Cong, finance. [ABSTRACT FROM AUTHOR]

In the current model, the unclear and unreasonable method of revenue sharing among wind-solar-storage hybrid energy plants may a lso hinder the effective measurement of energy storage power station costs. This lack of clarity discourages energy storage from effectively collaborating with renewable energy stations for green power trading and spot trading. Therefore, this study proposes an optimal revenue sharing model of wind-solar-storage hybrid energy plant under medium and long-term green power trading market to facilitate the coordinated operation and equitable revenue allocation. Firstly, a method for decomposing transaction volume of green power is introduced by considering the uncertainty of spot market prices and physical delivery characteristics of green power trading. Then, a coordinated scheduling strategy of hybrid renewable energy plant is proposed to maximize revenues generated from both the green power and spot markets. Consequently, a cost-benefit contribution index system is developed to quantify the contribution of energy storage in the wind-solar-storage hybrid power plant. The revenue sharing model based on the minimum cost-remaining savings (MCRS) method can significantly increase overall revenue for renewable energy plants by reducing deviation penalties. It also enhances the operating revenue of energy storage power stations by considering the contributions of both energy storage and renewable energy plant in the green power market. The superiority of the proposed cooperation revenue sharing model for profitability enhancement of energy storage is validated through comparative case studies. [ABSTRACT FROM AUTHOR]

This research leverages bibliometric methodologies, enhanced by the visual analytics capabilities of CiteSpace, to meticulously examine the evolution and current trends in energy trading within power markets, analyzing 642 scholarly articles from the Web of Science Core Collection spanning from 1996 to 2023. The study aims to illuminate the prevailing research landscape, growth patterns, and future directions in energy trading dynamics. Key findings include: (1) A noticeable escalation in the volume of publications, especially from 2021 to 2023, indicating a burgeoning interest and rapid evolution in this research area; (2) The author and institutional collaboration networks are in a nascent stage, with a predominantly China-centric international collaboration pattern, including significant partnerships with the United States, Australia, and the United Kingdom; (3) The focal points of research are centered around themes such as "energy management", "demand-side innovation", "decentralized energy trading", and "strategic optimization", covering areas such as intelligent grid technologies, energy market dynamics, and sustainable energy solutions. The study recommends enhancing collaborative networks, fusing technological and strategic dimensions in research, increasing focus and funding for emerging technologies, and promoting wider international and cross-disciplinary collaborations to enrich the understanding of energy trading dynamics in the context of electricity markets. [ABSTRACT FROM AUTHOR]

The antitrust laws are fully stated in two statutes that seem absurdly brief in relation to the work they do. Their brevity in relation to coverage has led to three phenomena. First is the tendency of courts to use the statutory text as no more than a starting point, treating it as a general principle, or "Magna Carta," of free enterprise, and sometimes ignoring the statutory language altogether. Second, courts have responded to the statutory brevity with judicial development of numerous rules not mentioned in the statutory texts. The third phenomenon is a kind of expansionism, or belief that the antitrust laws can be used to control the entire world, or at least the entire economic world. This article considers what antitrust policy would look like if an antitrust "textualist" actually relied on the antitrust statutes themselves to control all important issues of interpretation. The language of the antitrust laws, although brief, actually says a great deal more than is commonly acknowledged. Further, the Sherman and Clayton Acts are statutes after all. They should provide the first place to look to for guidance on enforcement policy. How much different would antitrust look if we centered policy on the statutory language, using only generally accepted forensic tools and recognized canons of statutory interpretation to understand it? Among the areas where the statutory language provides considerable direction are the goals of the antitrust laws; market power and market delineation requirements; the probabilistic effects requirement of the Clayton Act, standing and the indirect purchaser rule, conspiratorial capacity and antitrust personhood, and extraterritorial effects. [ABSTRACT FROM AUTHOR]

Over 70% of Medicaid beneficiaries are enrolled in Medicaid managed care (MMC). MMC provider networks therefore represent a critical determinant of access to the Medicaid program. Many MMC insurers also participate in commercial insurance markets where prices are high, and some insurers exercise considerable market power. In this paper, we examined the relationship between commercial insurer market power and MMC physician network breadth using linked national enrollment data and provider directory data. Insurers with more commercial market power had broader Medicaid physician networks. Insurers with over 30% market share had 37.3% broader Medicaid networks than insurers in the same county that had no commercial market share. These differences were driven by greater breadth among primary care providers, as well as other specialists including OB/GYNs, surgeons, neurologists, and cardiologists. Commercial insurance market power may have spillovers on access to care for MMC beneficiaries. [ABSTRACT FROM AUTHOR]

Based on a unified framework, this study explores the influence of regional intellectual property protection (IPP) on domestic value added in exports. A theoretical model is constructed to illustrate that IPP affects the types and prices of intermediate goods through effects of market power, product category, and crowding-out, influences the choice of domestic and imported raw materials, and finally affects the domestic added value in exports of enterprises. Empirical evidence on the influence of IPP on the domestic added value in exports is provided utilizing China Customs Statistics, the Chinese Industrial Enterprise Database, and Chinese prefectural-level data from 2000 to 2007. The results show that IPP significantly promotes the domestic value added of exports in China, but the effect is heterogeneous in terms of region and mode of enterprise trade; in the eastern region and processing trade enterprises the IPP effect is more pronounced. [ABSTRACT FROM AUTHOR]

The traditional, price-focused antitrust tools for assessing dominance under Article 102 TFEU and merger control are challenged by the business models and features of multisided digital platforms. This article demonstrates the importance of data in digital markets and how data enable the utilization of network effects and economies of scale in a manner that challenges the traditional dominance evaluation. Based on this, the article systematizes the solutions to the challenges caused by decreased accuracy of price-based tools through an analysis of various approaches to the issue. It is argued that potential competition should be emphasized more strongly throughout the dominance assessment and that different approaches can be chosen based on the case at hand. Thus the article contributes to the development of the dominance analysis for digital markets with a thorough overview of possible solutions and ties it to the proposed renewal of the Market Definition Notice. [ABSTRACT FROM AUTHOR]

This paper examines the antitrust investigations by the European Commission (AT.40703 – Amazon Buy Box) and Italian Competition Authority (A528-FBA AMAZON), and the regulatory proceeding by the Italian Authority for Communications and Postal Services (AGCom's resolution 94/22/CONS), surrounding Amazon's Store, and the interplay with its logistics and delivery services. While these authorities have raised concerns about Amazon's alleged "self-preferencing", rapid growth, and its alleged ability to leverage its (upstream) e-commerce market power to strengthen its position in (downstream) logistics services, this paper highlights alternative perspectives that are often overlooked or neglected. To achieve a comprehensive understanding of Amazon's conduct related to the above-mentioned investigations, we consider its business model, monetisation strategy, and underlying incentives. By delving deeper into the Amazon Store and its connection to logistics services, we argue that the allegations do not fully capture the evidence surrounding Amazon's practices. [ABSTRACT FROM AUTHOR]

Increasing market concentration has become a topical issue in competition law worldwide. This article explores how firms, especially digital platform businesses, increase market concentration which may facilitate entrenched market power and anti-competitive conduct in their upstream or downstream markets. It considers in an Australian context two specific ways in which the power of a dominant firms including digital platforms may be constrained. The first is allowing the parties with lesser market power to collectively bargain, which can redress the imbalance in bargaining power to make the market work more effectively. A second and related option is the introduction of mandatory codes of conduct, which may be suitable in markets where perennial problems with market power imbalances exist. Australian experience suggests that these options can assist markets to function more effectively, and they may provide additional flexibility for other jurisdictions. [ABSTRACT FROM AUTHOR]

The advent of digital economy, more particularly platform markets has increased the role of 'data' massively. Data is the central fuel around which business strategies are made coupled with associated algorithms to increase the conversion rates. It is true that since today's markets are data-driven in nature, dominant undertakings having access to data may end up prohibiting competitors to scale up their networks by exhibiting some explicit or implicit exclusionary conduct against them. Moreover, platform economies exhibit certain distinct characteristics such as network effects, feedback loops, economies of scope and scale and switching costs which in reality end up facilitating ostracization of small or new players. Various antitrust cases against big tech giants such as Google, Microsoft etc. in the recent past have brought forth the reality of such exclusionary conduct. Considering the fact that data is not only needed but is essential for today's digital businesses, the question arises if sharing of data with market players in certain situations must be ensured. From the lens of antitrust, the central issue is whether data should be considered as an 'essential facility' and under what circumstances. Essential facilities doctrine is inspired by the firms' duty to share which initially was applicable for infrastructural facilities such as phone lines and bridges, but considering that firms may refuse to share data impeding innovation in today's era, the author argues that the said doctrine, with some qualifications, must be revisited to grant open access to data. [ABSTRACT FROM AUTHOR]

Interconnectors play a crucial role in electric power systems. They contribute to balancing demand and supply in real-time, guaranteeing efficient dispatch in wide geographic regions, and increasing competition by creating large markets. However, interconnector capacity is a scarce resource because vertically integrated utilities were required to have generating capacity enough to supply most customers within their operating region under a regulated monopoly. Hence, identifying the efficient allocation method is essential, particularly after recent electricity market restructuring. This study evaluates the competitive effect of the implicit auction on the interconnector transmission capacity. The implicit auction allocates all the interconnector capacity simultaneously with electric energy in the day-ahead market. This method prevents market participants from strategically withholding the physical interconnector capacity ex ante to exercise market power, as allowed under the first come, first served rule. This study empirically shows how the capacity was withheld from the day-ahead market under the first come, first served rule using detailed reservation data. Next, I show that the implicit auction increases interconnector capacity available at the day-ahead market and trade volume. I use machine-learning methods, such as random forest and deep neural networks, to predict the counterfactual market outcomes without implicit auction. I find that the gain from trade under the implicit auction is more than US$55 million per year in Japan, which is more than 100 times the implementation cost of the implicit auction. [ABSTRACT FROM AUTHOR]

The ability to substitute goods and services is crucial for maintaining market stability during price fluctuations, particularly in the livestock market, where products are interchangeable. This study aimed to analyse market integration and asymmetric price transmission concerning livestock commodity prices in Thailand. Specifically, it focused on beef cattle, swine, broiler chicken, and chicken egg prices, using time-series data from January 2011 to December 2022. The analysis employed unit root tests to check if the time series data were stationary, Granger causality tests to determine the direction of relationships among livestock prices and an asymmetric price transmission model to examine short-term asymmetry and adjustment in cross-commodity prices. The findings indicate three directions of price integration in Thailand's livestock market: from broiler chicken price to chicken egg price, from swine price to chicken egg price, and from swine price to broiler chicken price. The results suggest that price transmission in Thailand is symmetrical, demonstrating an efficient interdependent relationship. Thus, the findings indicate that chicken eggs are a substitute for broiler chickens and swine when prices fluctuate, while broiler chickens are a substitute for swine. The results reveal that chicken eggs can replace swine consumption more effectively than broiler chickens within Thailand. This study highlights that chicken eggs are the most effective substitute during livestock price fluctuations in Thailand, with broiler chickens being the second most effective. Consequently, stakeholders in the livestock supply chain, such as policymakers, entrepreneurs, and farmers, should understand the integration of different commodities and price transmission in Thailand's livestock market. To guarantee market stability, stakeholders should manage the demand and supply of livestock commodities and acquire chicken eggs and broiler chickens during significant fluctuations in domestic livestock commodity prices. [ABSTRACT FROM AUTHOR]

Calculations for 15 countries reveal falling unit costs of financial intermediation in most cases, especially where unit cost was high during the 1970s. This result coincides with the concomitant convergence of both unit cost and the deregulation index over the period: Countries with a high unit cost were initially more strictly regulated and subsequently deregulated more. Despite this, the international unit cost barely declined due to the decreasing weight of low unit cost countries in total financial production after the mid‐1980s. Focusing on the specific effect of deregulation, the econometric analysis displays a negative and significant link between deregulation change and unit cost variation. Further analyses reveal that the effect of a change in deregulation depends on banks' market power. Thus, the stagnating unit cost observed in the United States and the United Kingdom, the two largest providers of financial services, could be due to weaker deregulation reforms—deregulation was already high in these countries during the 1980s—and a concomitant reduction in competition. [ABSTRACT FROM AUTHOR]

This paper provides direct empirical evidence that preferential trade agreements (PTAs) are consistent with the terms‐of‐trade theory. Using PTAs that occur between 2001 and 2015, we first show a PTA is associated with being more likely if countries have greater importer market power over one another. Second, using recently available tariff data for 39 bilateral PTAs, we show high levels of importer market power lead to tariff cuts that are larger in magnitude when PTAs enter into force. These results provide a rationale for why PTAs are permitted by the World Trade Organization. [ABSTRACT FROM AUTHOR]

This research focuses on market power in the private healthcare sector. This topic has been poorly explored by the extant literature and the reasons mainly rely on the peculiarities of the sector and the specific market. In fact, health providers' market power is influenced by multiple factors and by the fact that prices are often regulated by national or regional public authorities. To fill this gap, the article explores the relationship between performance characteristics and health providers' market power, measured through the Lerner index. The research is based on the analysis of panel data for 437 Italian private healthcare providers over the period 2012–2020. To explore the determinants of health providers' market power, this research employs System-generalized method of moments (SYS-GMM) estimation models. The results highlight a significant and non-linear relationship between market power and process performance, as well as with gender diversity. Intangible assets are another input variable that has a significant and positive relationship with market power. The study contributes to the identification of the performance characteristics driving health providers' market power. [ABSTRACT FROM AUTHOR]

The final version of the 2023 Merger Guidelines, which were issued in December 2023, is a vast improvement over an earlier draft—which indicates that the Agencies took the many comments that they received on a draft very seriously. These Guidelines break some new ground that older Guidelines did not address, and make many positive contributions, which this paper spells out. They are also excessively nostalgic for a past era, however, and this may explain their propen sity to treat empirical questions as issues of law: This is one way to insulate these Guidelines from further revision. The excessive reliance on one decision, Brown Shoe, is unfortunate—particularly since that decision has been so often repudiated, even by the Supreme Court itself. This paper pays particular attention to: the Guidelines' treatment of structural triggers and direct measures of competitive effects; their aggressive position on potential competition mergers; their willingness to weigh a "trend" toward concentration as a factor; and their treatment of serial acquisitions. The Guidelines include a welcome new section on mergers involving multi-sided networks, although their view of networks is too one-sided; and the Guidelines also contain an expanded section on mergers with harmful effects on suppliers—including labor. The Guidelines' treatment of market definition is likely to lead to underenforcement because they define markets too broadly. Finally, the Guidelines could have made better use of recent retrospective studies—many of which would have provided further support for the substantive positions that the Guidelines take. [ABSTRACT FROM AUTHOR]

This article explores the intersection between market power and the environment, based on a study of environmental disasters in Brazil and their relationship with the activities of dominant firms. It argues that a narrow focus on price dimensions of corporate behaviour limits the legal responses for addressing broader environmental concerns emerging from market power. This highlights the need for a broader approach to understanding the operation of major players and the resulting impact on the environment. The paper concludes by discussing the institutional implications of an integrated approach for diverse fields of law for addressing market power as a driver of environmental harm, emphasising the importance of structural remedies that transcend mere compensation of affected parties. [ABSTRACT FROM AUTHOR]

This study used the New Empirical Industrial Organization (NEIO) approach to estimate the presence and factors affecting the market power of the rice milling industry in Sri Lanka. Annual data from 1982 to 2019 were used for the analysis. The miller's pricing and demand models were estimated using the non-linear Seemingly Unrelated Regression (SUR) estimation technique. The estimated conjectural variation elasticity and the Lerner index of the Sri Lankan rice milling industry were 0.348 and 0.677 correspondingly and the results were significantly (p < 0.05) different from zero and one respectively. This depicts that the rice milling market exhibits oligopoly power in setting the price of rice above its marginal cost. Market power was significantly (p < 0.05) reduced by the implementation of the Government Ceiling Price (GCP) on rice. The study findings suggest the importance of consistent implementation and monitoring of GCP policies to control the market power of the rice milling industry in Sri Lanka. JEL Classification: D22, D43, L00 [ABSTRACT FROM AUTHOR]

This paper examines one million land transactions and firm census data sets to determine the effect of market concentration on entry deterrence in China from 2006 to 2013. We find that a one standard deviation increase in the Herfindahl–Hirschman Index leads to a one standard deviation decrease in local government‐designated industrial land sales to nonlocal firms and to a 2.9 standard deviation increase in land cost. Further evidence suggests that firms with high market power lobby their local governments to deter the entry of nonlocal firms. [ABSTRACT FROM AUTHOR]

This paper contributes to the literature that postulates a relationship between income inequality and the relative importance of "market" and "organization" in the direction of resources. The paper emphasizes that both are endogenous; therefore, the empirical associations observed in the empirical data between inequality measures and production organization variables cannot be interpreted as indicative of causal relationships. The paper solves for the composition and size of occupational groups, the distribution of firm size, and the distribution of income as market equilibrium outcomes of an occupational choice economy, and performs a comparative static analysis. We find that the interaction between cross‐economy differences in the distribution of general skills in the labor force and the loss of control in the supervision of workers by managers can explain the empirical regularities observed in the relationship between the organization of production (distribution of firm size) and income inequality (distribution of labor income). This explanation of the empirical regularities differs from others proposed in the literature, such as those based on institutional constraints or the market power of firms. [ABSTRACT FROM AUTHOR]

Abstract Background and methods Competition regulation has a strong influence on the relative market power of firms. As such, competition regulation can complement industry-specific measures designed to address harms associated with excessive market power in harmful consumer product industries. This study aimed to examine, through a public health lens, assessments and decisions made by competition authorities in four jurisdictions (Australia, South Africa, the United States (US), and the European Union (EU)) involving three harmful consumer product industries (alcoholic beverages, soft drinks, tobacco). We analysed legal case documents, sourced from online public registers and dating back as far as the online records extended, using a narrative approach. Regulatory decisions and harms described by the authorities were inductively coded, focusing on the affected group(s) (e.g., consumers) and the nature of the harms (e.g., price increases) identified. Results We identified 359 cases published by competition authorities in Australia (n = 202), South Africa (n = 44), the US (n = 27), and the EU (n = 86). Most cases (n = 239) related to mergers and acquisitions (M&As). Competition authorities in Australia, the US, and the EU were found to make many decisions oriented towards increasing the affordability and accessibility of alcohol beverages, soft drinks, and tobacco products. Such decisions were very often made despite the presence of consumption-reduction public health policies. In comparison, South Africa’s competition authorities routinely considered broader issues, including ‘Black Economic Empowerment’ and potential harms to workers. Conclusion Many of the competition regulatory decisions assessed likely facilitated the concentration of market power in the industries we explored. Nevertheless, there appears to be potential for competition regulatory frameworks to play a more prominent role in promoting and protecting the public’s health through tighter regulation of excessive market power in harmful consumer product industries.

Farmers have little market power and improving their market positions can be achieved by organizing and implementing joint marketing activities. Joint marketing activities contribute to addressing the market challenges faced by Bulgarian farmers. The purpose of the article is to propose a model for organizing and conducting joint marketing activities. Implementation of joint marketing activities can only be achieved if successful management models are developed in agribusiness. The correct design of the interaction between independent agricultural holdings requires the construction of relevant structures to which specific rights and responsibilities for the implementation of joint marketing activities will be delegated. The activities themselves are implemented through the management functions - planning, organizing, implementation, and control.

The ability to substitute goods and services is crucial for maintaining market stability during price fluctuations, particularly in the livestock market, where products are interchangeable. This study aimed to analyse market integration and asymmetric price transmission concerning livestock commodity prices in Thailand. Specifically, it focused on beef cattle, swine, broiler chicken, and chicken egg prices, using time-series data from January 2011 to December 2022. The analysis employed unit root tests to check if the time series data were stationary, Granger causality tests to determine the direction of relationships among livestock prices and an asymmetric price transmission model to examine short-term asymmetry and adjustment in cross-commodity prices. The findings indicate three directions of price integration in Thailand’s livestock market: from broiler chicken price to chicken egg price, from swine price to chicken egg price, and from swine price to broiler chicken price. The results suggest that price transmission in Thailand is symmetrical, demonstrating an efficient interdependent relationship. Thus, the findings indicate that chicken eggs are a substitute for broiler chickens and swine when prices fluctuate, while broiler chickens are a substitute for swine. The results reveal that chicken eggs can replace swine consumption more effectively than broiler chickens within Thailand. This study highlights that chicken eggs are the most effective substitute during livestock price fluctuations in Thailand, with broiler chickens being the second most effective. Consequently, stakeholders in the livestock supply chain, such as policymakers, entrepreneurs, and farmers, should understand the integration of different commodities and price transmission in Thailand’s livestock market. To guarantee market stability, stakeholders should manage the demand and supply of livestock commodities and acquire chicken eggs and broiler chickens during significant fluctuations in domestic livestock commodity prices