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• W850549 abstract "In antitrust theory and practice, it is widely accepted that high degree of market concentration would curb competition within a market. Thus, the market concentration ratio is an important index to be looked at when ruling on antitrust cases. However, competition is never static; instead, it is characterized by dynamic collision and confrontations between or among competitive brands. Focus only on market concentration ratios without taking into account the dynamic nature of competition among brands could misjudge antitrust cases. This article takes vertical restraints and horizontal mergers as examples to illustrate the concept of Competitive Equilibrium Point that is a useful approach to assess competition. The motorcycle market of Taiwan is included as a case analysis to support the argument. Introduction To determine whether vertical restraints, setting limitations such as the resale prices on buyers or suppliers, bring up an abusive use of market power or whether horizontal mergers give rise to an anti-competition situation, the degree of concentration serves as an important yardstick. Among all the indexes, CRn and HHI are used most frequently to assess the market structure, and the competition level thereof. Though HHI reflects the market structure and competition level more accurately than CRn does, both indexes are calculated by the accumulation of market shares that only describe the static status of macro-market situation, and fail to depict the dynamic competitive interaction among brands. Even though it has long been recognized that concentration is merely an indicator of the potential of market power and that such an indicator provides a static and generally incomplete picture of competition, the amplification of the drawbacks with HHI or CRn would be helpful in developing alternative indicators to assess the competition level within a market. There are of course many other dynamic factors, such as entry barriers, that must be taken into account in the assessment of the extent of market competition; however, the purpose of this paper is, from the discussion of HHI and CRn, to illustrate the concept of Competitive Equilibrium Point that might be a supplementary approach to assess competition, with HHI or CRn specifying boundaries that are simply rough indicators of the likely intensity of further examination of relevant market conditions. It is generally believed that the increase of market concentration ratio would have negative impact on industry performances. Highly concentrated market may allow the incumbent firms to coordinate pricing behaviors, to manipulate production scale, and to forestall the entry of others. Some empirical studies, however, suggested that market shares do not equate market powers, and market concentration is never a proven cause of anti-competition (Bain, 1956; Clarke, Davie & Waterson, 1984; Comanor & Wilson, 1967;Demsetz, 1973; Peltzman, 1977; Stigler, 1963). The relationships among market share, degree of concentration, and market power are either irrelevant or non-directly causal related. Market share is simply one of the many factors that would have influences on market power, even though a relatively coherent relationship existed between the two. The market power of one particular brand would always be restricted by marketing behaviors initiated by other competitive brands. Therefore, the major theme of this paper is focusing on the degree of market concentration without taking the dynamic nature of competition among brands into consideration could easily misjudge the effects of vertical restraints and horizontal mergers. Competitive Equilibrium Point Due to restrictions set upon by other competitive brands, the market share for a particular brand and the resultant market power might change from the original level to a new level, and that Horizontal Relative Market Power (HRMP) is at work in a market. Competitive Equilibrium Point (CEP) refers to the indicative range of market shares between two brands, e. …" @default.
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• W850549 title "The implication of market share for competition: A case study of the Taiwanese motorcycle industry" @default.
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