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The Economics and Regulation of Digital Markets by Frank Fagan,James Langenfeld Pdf
Presenting new findings and perspectives from leading international scholars on three critical areas of developing government policies: Digital markets and their regulation, the divergence of expert and public views on European democracy, and the effects of firing notification procedures on wage growth.
Regulating Digital Markets by Antonio Manganelli,Antonio Nicita Pdf
This book illustrates the challenges that regulators and policy makers have faced in the transition from the ‘old’ network industries to the new digital ecosystem. It succinctly describes the evolution of digital economy, its main actors, notably global digital platforms, as well as its interactions, interdependences, and trade-offs. Eventually, it proposes insights about why public rules are needed, what kind of rules could be more effective, fair, and efficient, and who should pose and enforce them. The book is opened by an introduction, dealing with Digital Transformation, Big Techs, and Public Policies, which provides a general conceptual and thematic framework to the following analysis but could be also read as a stand-alone paper. The following chapters are grouped in two parts: I. The Evolution of Digital Markets and Digital Rights, and II. Regulating Big Tech’s Impact on Market and Society. The secondary title - the European approach – has a twofold meaning. It highlights the fact that this work has a clear focus on EU law and policy - although the economic and institutional issues addressed are global phenomena, common to all world’s economies. In addition, it also underlines that European digital policy is not yet complete and effective. This book intends to provide a small contribution to the ongoing policy making process, as well as to the wider academic and policy debate.
Author : Jan Krämer Publisher : Centre on Regulation in Europe (CERRE) Page : 104 pages File Size : 43,5 Mb Release : 2020-11-18 Category : Law ISBN : 8210379456XXX
Digital markets and online platforms: new perspectives on regulation and competition law by Jan Krämer Pdf
Across the world, regulators and policy makers are grappling with how to establish a competitive, safe and fair online environment that also safeguards users’ fundamental rights as citizens. Ahead of the European Commission’s Digital Markets Act (DMA), this book “Digital markets and online platforms: new perspectives on regulation and competition law“, presents CERRE’s latest contribution to the debate with concrete policy recommendations. Together, the policy recommendations in this book present a roadmap that should be pursued for EU policy makers to safeguard competition and innovation in digital platform markets. They can be organised into three key areas for action: (i) More effective enforcement, (ii) increased transparency and switching easiness, and (iii) providing access to key innovation capabilities. “The need to safeguard fair and vibrant competition, which is also seen as an important driving factor for innovation, is nothing new for policy makers. However, the characteristics and complexities of digital markets have challenged some of the traditional approaches.” – Jan Krämer, editor of the book and CERRE Academic Co-Director The book’s recommendations highlight that platform transparency and associated data collection by authorities, as well as data sharing by platforms (initiated through consumers or authorities), are the two most important overarching policy measures for platform markets in the near future. They facilitate enforcement, consumer choice, and innovation capabilities in the digital economy. The contents of this book were presented and debated during a CERRE live debate with guest speakers Anne Yvrande-Billon (Arcep’s Director of Economic, Market and Digital Affairs), MEP Stéphanie Yon-Courtin (Vice-President of the European Parliament’s Committee on Economic and Monetary Affairs) and Javier Espinoza (Financial Times’ EU Correspondent covering competition and digital policy).
The Economics of Digital Markets by Gary Madden,Russel Cooper Pdf
This innovative book provides state-of-the-art analyses of the current condition of the economics of digital markets. The most recent developments in web technology are evolving, creating an increasingly deregulated environment. Much of the impetus for liberalisation is in response to multimedia convergence and the globalisation of markets, leading to uncertainties in the sector. Gary Madden and Russel Cooper examine the microeconomics of platform structure and firm competition within and between digital markets, modern theoretical treatments of regulatory intervention in digital markets and the consideration of forward-looking experimental analysis of demand for yet-to-be provided services. Bringing together a highly focused group of eminent scholars, this book will appeal to academics, postgraduate students, and both international treaty and national government agencies as well as market analysts.
Digital Platforms, Competition Law, and Regulation by Kalpana Tyagi,Anselm Kamperman Sanders,Caroline Cauffman Pdf
This open access book offers a comparative and inter-disciplinary perspective on the unique competition law challenges presented by the converged digital markets. Following the digitalisation of even the most traditional bricks-and-mortar sectors of the economy, a well-functioning internal market can only be guaranteed by ensuring the competitiveness of the digital markets. What role do intellectual property law and competition law play in this digital world? How can a more economic analysis strengthen innovation policies to achieve a truly competitive digital single market? The book provides a rigorous discussion of the many reasons why the regulatory responses, not just in Europe but in other jurisdictions too, may fall short. It addresses an array of procedural, substantive and other issues that are generating intense debate across the antitrust community. This includes the scope and objectives of digital regulation, whether the application of ex-ante rules would result in fragmentation and inconsistencies, and whether such regulatory regimes are an appropriate tool for substantive assessment. The book explores whether the application of these rules would effectively tackle the competition enforcement challenges seen under the competition laws, whether they can be applied without undermining other rights such as privacy, and whether they are appropriate for this digital age as well as the new digital era ahead of us. Part 1 offers a detailed inter-disciplinary perspective on the most recent legislative solutions in the European Union, namely, the Digital Services Act, the Digital Markets Act, and the Data Act. Part 2 offers competition and regulatory responses to these ever-emerging digital challenges by the UK, Latin American, Indian and Chinese regulators. The ebook editions of this book are available open access under a CC BY 4.0 licence on bloomsburycollections.com.
Modern Economic Regulation by Christopher Decker Pdf
Economic regulation affects us all, shaping how we access essential services such as water, energy and transport, as well as how we communicate with one another in the digital world. Modern Economic Regulation describes the core insights of economic theory on which regulatory policies are based and connects this with evidence of how regulation is applied. It focuses on fundamental questions such as: why are certain industries regulated? What principles can inform regulation? How is regulation implemented? Which regulatory policies have been more, or less, effective in practice? All chapters in this second edition are fully updated to reflect the latest research and evidence, while five new chapters cover behavioural economics and the regulation of rail, aviation, payment systems and digital platforms. Each chapter contains discussion questions and topical case studies, and online materials include over 60 applied exercises that explore real-life regulatory problems from around the world.
The role of data for digital markets contestability by Jan Krämer,Daniel Schnurr,Sally Broughton Micova Pdf
This report analyses the processes that turn data into economic value for online search, e-commerce and media platforms. It concludes that forcing data sharing through policy intervention would not prevent dominant incumbents to continue to benefit economically from greater access to data over new entrants. Instead, policy makers should focus on enabling niche entry, niche growth and a level playing field for competitors in new and emerging markets. Data play a central role in the business models that shape competition and innovation in digital markets. As dominant providers of online services collect ever more user data they generate data-driven network effects. They can then improve their services faster, and venture faster into related markets than competitors with less data, thereby raising entry barriers for innovative start-ups. The authors, Sally Broughton Micova (CERRE & University of East Anglia), Jan Krämer (CERRE & University of Passau) and Daniel Schnurr (University of Passau), have analysed processes that transform data into economic value for online search, e-commerce and media platforms. They find that in each case, more data, especially on user behaviour, gradually improves the quality of the service, thereby generating high economic benefits for the firm. The authors find that data-driven network effects can nevertheless be a source of efficiency which can ultimately benefit consumers. Even if some data is shared through policy intervention, dominant incumbents will continue to benefit economically and competitively from greater access to data over new entrants. “We conclude that it is neither realistic nor desirable to try to break data-driven network effects through policy intervention. Instead, we would strongly encourage policy makers to focus on enabling niche entry and niche growth. To do so, they should facilitate the sharing of behavioural user data gathered by the dominant firm with other firms.” The authors provide policy recommendations for data access remedies to safeguard competition, innovation and the openness of the digital ecosystem: 1. Remedies that achieve a more level playing field in the digital economy by breaking the data-driven network effects of data-rich incumbents should be entertained as a last resort and only under specific conditions. 2. Policy makers should foster data sharing on two levels to strike a balance between consumers’ privacy, competition and innovation. They should require the sharing of aggregated and anonymised raw user data in bulk, after a careful review and on a case-by-case basis. They should also facilitate the sharing of detailed raw user data through improved data portability, based on individual users’ consent. Bulk sharing of raw user data should be limited to data that was collected as a by-product of the incumbent’s dominant user-facing service, such as search logs, in order to maintain incentives for innovation and data collection. The main challenge will be to balance privacy concerns with maintaining enough detailed data to ensure it is of value to third-parties. 3. Dominant firms should also be obliged to allow consumers to port their raw data to another provider continuously and in real time. Privacy concerns can then be overcome and the shared user profiles can be more detailed than under bulk sharing. In concert with bulk-sharing, data portability can be a valuable source for attaining both detailed and representative data sets.
The Economic Regulation of Broadcasting Markets by Paul Seabright,Jürgen von Hagen Pdf
New technology is revolutionizing broadcasting markets. As the cost of bandwidth processing and delivery fall, information-intensive services that once bore little economic relationship to each other are now increasingly related as substitutes or complements. Television, newspapers, telecoms and the internet compete ever more fiercely for audience attention. At the same time, digital encoding makes it possible to charge prices for content that had previously been broadcast for free. This is creating new markets where none existed before. How should public policy respond? Will competition lead to better services, higher quality and more consumer choice - or to a proliferation of low-quality channels? Will it lead to dominance of the market by a few powerful media conglomerates? Using the insights of modern microeconomics, this book provides a state-of-the-art analysis of these and other issues by investigating the power of regulation to shape and control broadcasting markets.
Competition Law and Big Data by Beata Mäihäniemi Pdf
In this timely book, Beata Mäihäniemi analyses and evaluates how the characteristics of information as a good, as well as the characteristics of digital platforms, affect the application of competition law in both theory and practice.
Market definition and market power in the platform economy by Jens-Uwe Franck,Martin Peitz Pdf
With the rise of digital platforms and the natural tendency of markets involving platforms to become concentrated, competition authorities and courts are more frequently in a position to investigate and decide merger and abuse cases that involve platforms. This report provides guidance on how to define markets and on how to assess market power when dealing with two-sided platforms. DEFINITION Competition authorities and courts are well advised to uniformly use a multi-markets approach when defining markets in the context of two-sided platforms. The multi-markets approach is the more flexible instrument compared to the competing single-market approach that defines a single market for both sides of a platform, as the former naturally accounts for different substitution possibilities by the user groups on the two sides of the platform. While one might think of conditions under which a single-market approach could be feasible, the necessary conditions are so severe that it would only be applicable under rare circumstances. To fully appreciate business activities in platform markets from a competition law point of view, and to do justice to competition law’s purpose, which is to protect consumer welfare, the legal concept of a “market” should not be interpreted as requiring a price to be paid by one party to the other. It is not sufficient to consider the activities on the “unpaid side” of the platform only indirectly by way of including them in the competition law analysis of the “paid side” of the platform. Such an approach would exclude certain activities and ensuing positive or negative effects on consumer welfare altogether from the radar of competition law. Instead, competition practice should recognize straightforwardly that there can be “markets” for products offered free of charge, i.e. without monetary consideration by those who receive the product. ASSESSMENT The application of competition law often requires an assessment of market power. Using market shares as indicators of market power, in addition to all the difficulties in standard markets, raises further issues for two-sided platforms. When calculating revenue shares, the only reasonable option is to use the sum of revenues on all sides of the platform. Then, such shares should not be interpreted as market shares as they are aggregated over two interdependent markets. Large revenue shares appear to be a meaningful indicator of market power if all undertakings under consideration serve the same sides. However, they are often not meaningful if undertakings active in the relevant markets follow different business models. Given potentially strong cross-group external effects, market shares are less apt in the context of two-sided platforms to indicate market power (or the lack of it). Barriers to entry are at the core of persistent market power and, thus, the entrenchment of incumbent platforms. They deserve careful examination by competition authorities. Barriers to entry may arise due to users’ coordination failure in the presence of network effect. On two-sided platforms, users on both sides of the market have to coordinate their expectations. Barriers to entry are more likely to be present if an industry does not attract new users and if it does not undergo major technological change. Switching costs and network effects may go hand in hand: consumer switching costs sometimes depend on the number of platform users and, in this case, barriers to entry from consumer switching costs increase with platform size. Since market power is related to barriers to entry, the absence of entry attempts may be seen as an indication of market power. However, entry threats may arise from firms offering quite different services, as long as they provide a new home for users’ attention and needs.
Regulation and Markets provides the up to date, integrated analysis of regulatory policies and the administrative process that is needed in today's field of regulation economics. The book takes a modern perspective, using the tools of industrial organization and game theory. It is the only unified treatment of the field and combines theoretical models with consideration of public policy issues in the areas of antitrust, price regulation, environmental regulation, product quality, and workplace safety. The discussion considers both the welfare effects of regulation and the institutional aspects of the administrative regulatory process. Developments in the fields of law and political science have been integrated in a rigorous manner into the economic framework.Sections of the book address administrative process and market allocation, competition and pricing under increasing returns to scale, administrative regulation of markets, and antitrust enforcement. The conclusion evaluates regulatory policy and deregulation. Extensive literature citations throughout enhance the books value as a reference.
Author : Björn Lundqvist,Michal S. Gal Publisher : Edward Elgar Publishing Page : 400 pages File Size : 42,7 Mb Release : 2019-12-27 Category : Law ISBN : 9781788971836
Competition Law for the Digital Economy by Björn Lundqvist,Michal S. Gal Pdf
The digital economy is gradually gaining traction through a variety of recent technological developments, including the introduction of the Internet of things, artificial intelligence and markets for data. This innovative book contains contributions from leading competition law scholars who map out and investigate the anti-competitive effects that are developing in the digital economy.
The Digital Markets Act by Konstantina Bania,Damien Geradin Pdf
This book provides an in-depth exploration of the Digital Markets Act (DMA). With an ensemble of contributors who have been involved in major antitrust cases that shaped the legislative text, the book explains the rationale for the DMA, introduces the reader to the digital services falling within its scope, and provides insights into the interpretation issues and enforcement challenges that arise from the obligations it establishes.Analysing the DMA in the broader legal and market context, the chapters examine tensions between the DMA and other (EU and national) rules governing the conduct of online platforms, compare the DMA to similar initiatives undertaken in other jurisdictions, and bring perspectives from other disciplines, such as data protection regulation. A companion website reports on important developments in relation to the DMA, such as the decisions designating tech giants as gatekeepers and subsequent litigation arising therefrom, and provides links to analysis discussing the developments.An authoritative treatment of the DMA is paired with an easy-to-follow writing style to make this comprehensive compendium essential reading for practitioners, judges, regulators, and researchers working on matters relating to the digital economy.
Vertical Restraints in the Digital Economy by Adina Claici,Denis Waelbroeck Pdf
Vertical agreements between undertakings at the various levels of a supply chain have long been seen as a fundamental focus for antitrust legislation, such as the European Union’s Vertical Block Exemption Regulation (VBER). It goes without saying that such issues are particularly prevalent in digital markets. This authoritative commentary analyses the main restrictions in vertical agreements, emphasising the numerous new and contentious issues arising in the context of Internet distribution. It offers both legal and economic perspectives, as well as examines enforcement and possible changes to the legislation. The contributors – leading competition authority officials, lawyers, economists, and academics – provide in-depth discussions of topics that have emerged as areas for conscious policy choices, including the following: restrictions of online sales; price parity obligations; resale price maintenance; the duration of non-compete obligations; sustainability agreements; geo-blocking practices; and restraint of trade in pharmaceuticals. The contributions have emerged from the 2020 conference of the Global Competition Law Centre at the College of Europe in the context of the currently ongoing review of the VBER and vertical guidelines. With its multidisciplinary approach highlighting the efficiencies and harms caused by the restrictions at stake, this important book clearly shows how law and practice apply to specific issues relating to digital markets and how the law is likely to change in the near future. It will be of immeasurable value to lawyers and officials concerned with European competition law and academics in the field.
