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The Inevitable Arbitrariness of Market Definitions

In: Welfare Economics and Antitrust Policy - Vol. I

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  • Richard S. Markovits

    (University of Texas School of Law)

Abstract

This chapter analyzes the concepts of classical and antitrust (economic) markets. More specifically, Sects. 6.1 and 6.2 respectively explain why the definitions of “classical economic markets” and so-called antitrust markets are inevitably arbitrary not just at their peripheries but comprehensively. In so doing, Sect. 6.1 reveal the “cost”-ineffectiveness of the conventional approaches to antitrust-law application and antitrust-policy design, which pay considerable attention to the pre-choice and/or post-choice magnitudes of parameters whose definition assumes that relevant markets can be defined non-arbitrarily (e.g., on perpetrator-market-share, conventional-market-concentration, and HHI figures) and (2) explain why this study’s policy-analysis protocols do not instruct the analyst to base decisions on the magnitude of any market-aggregated parameter.

Suggested Citation

  • Richard S. Markovits, 2021. "The Inevitable Arbitrariness of Market Definitions," Springer Books, in: Welfare Economics and Antitrust Policy - Vol. I, chapter 0, pages 111-115, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-79812-3_6
    DOI: 10.1007/978-3-030-79812-3_6
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