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The Metaphysics of Market Power: The Zero-sum Competition and Market Manipulation Approach


ISBN13: 9781509928071
Published: May 2019
Publisher: Hart Publishing
Country of Publication: UK
Format: Hardback
Price: £95.00
Paperback edition , ISBN13 9781509945771



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Australian competition law has just emerged from a significant period of reform which has seen the concept of market power become more contested. Central to the debate is the contention that the traditional legal conception of market power does not provide a useful standard in real world markets.

This important new book offers a radical interpretation of market power, based on the power to manipulate. Seeing it in this way allows for positive and normative standards within which to frame a legal theory of liability for misuse of that power.

Subjects:
Competition Law
Contents:
I. The Problem
II. Australia’s Reform Process
III. The Proposed Market Manipulation Approach
IV. Implications of the Study beyond the Present Scope
V. The Problematic Role of Efficiency
VI. Differing Views of the World
VII. Economic Models and the Paradigm of Competition
VIII. The Overseas Experience
IX. What Difference Will Market Manipulation Theory Make?
X. Application to the Digital Economy
XI. Outline of the Chapters
XII. Effective Date of Law

PART I
THE THEORETICAL FRAMEWORK
1. Market Power in Economics and Law
I. Introduction
II. Policy Objectives and Concepts of Efficiency
III. Economic Models and the Paradigm of Competition
IV. Market Manipulation Laws in Securities Markets
V. Thought Experiment: Incumbent Response to New Entry
VI. Norms in Zero-Sum Competition
VII. Zero-Sum Competition, Market Manipulation and Efficiency
VIII. Conclusion
2. The Mischief and Australia’s Institutional Response
I. Introduction
II. The Continuing Influence of the SCP Approach in Australia
III. Australia’s Institutional Division of Functions between Courts and Agencies
IV. Institutional Arrangements in the EU and the US: Court-Centred or Agency-Centred?
V. Conclusion
3. Competition and Efficiency Effects in Europe, North America and Australia
I. Introduction
II. The Current Australian Effects Test Outside Section 46
III. The Harper Review Effects Test and the Role of Efficiency Effects
IV. EU Abuse of Dominance and Defences
V. US Monopolisation and Defences
VI. Efficiency in the Law of Securities Market Manipulation
VII. Adapting Efficiency as a Legal Concept
VIII. Zero-Sum Competition, Market Manipulation and Efficiency
IX. Conclusion

PART II
TESTING MARKET MANIPULATION AND EFFICIENCY APPROACHES
Introduction
4. Refusal to Deal and Margin Squeeze
I. Introduction
II. Queensland Wire: Factual Matrix
III. Gaps in the Factual Matrix
IV. Queensland Wire under Harper Section 46
V. Queensland Wire under Market Manipulation
VI. Melway: Factual Matrix
VII. Melway under Harper Section 46
VIII. Melway under Market Manipulation
IX. Conclusion
5. Predatory Pricing
I. Introduction
II. Boral: Factual Matrix
III. Gaps in the Factual Matrix
IV. Boral under Harper Section 46
V. Boral under Market Manipulation
VI. Conclusion
6. Meeting Competition
I. Introduction
II. Rural Press: Factual Matrix
III. Gaps in the Factual Matrix
IV. Rural Press under Harper Section 46
V. Rural Press under Market Manipulation
VI. Conclusion
7. Raising Rivals’ Costs
I. Introduction
II. Cement Australia: Factual Matrix
III. Gaps in the Factual Matrix
IV. Cement Australia under Harper Section 46
V. Cement Australia under Market Manipulation
VI. Conclusion
8. Bundling
I. Introduction
II. Baxter: Factual Matrix
III. Gaps in the Factual Matrix
IV. Baxter under Harper Section 46
V. Baxter under Market Manipulation
VI. The Implications of Pfizer
VII. Conclusion
9. Institutional and Procedural Implications
I. Introduction
II. NT Power
III. The Burden of Proof
IV. Conclusion

PART III
CONCLUSION
10. Findings and Recommendations
I. Introduction
II. The Concept of Market Power
III. Paradigms of Competition and Norms of Conduct
IV. Forensic Assessment of Misuse of Market Power: Conclusions from the Case Studies
V. Implications for Competition Law

Series: Hart Studies in Competition Law

Competition Law and Economic Inequality ISBN 9781509959273
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Competition Law and Economic Inequality ISBN 9781509959235
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Experimentalist Competition Law and the Regulation of Markets ISBN 9781509945504
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Conceptualising Procedural Fairness in EU Competition Law ISBN 9781509944583
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Experimentalist Competition Law and the Regulation of Markets ISBN 9781509910670
Published November 2020
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Experimentalist Competition Law and the Regulation of Markets (eBook) ISBN 9781509910663
Published November 2020
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Evidence Standards in EU Competition Enforcement: The EU Approach ISBN 9781509945283
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Conceptualising Procedural Fairness in EU Competition Law (eBook) ISBN 9781509935420
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Conceptualising Procedural Fairness in EU Competition Law ISBN 9781509935413
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The Role of Competitors in the Enforcement of State Aid Law ISBN 9781509931330
Published August 2019
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£34.99
Private Power, Online Information Flows and EU Law: Mind the Gap ISBN 9781509928811
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The More Economic Approach to EU Antitrust Law ISBN 9781509927951
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Evidence Standards in EU Competition Enforcement: The EU Approach ISBN 9781509919666
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The Legality of Bailout and Buy Nationals: International Trade Law in a Crisis ISBN 9781509908240
Published September 2017
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The Role of Competitors in the Enforcement of State Aid Law ISBN 9781509906598
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Private Power, Online Information Flows and EU Law: Mind the Gap ISBN 9781509900633
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Private Power, Online Information Flows and EU Law: Mind the Gap (eBook) ISBN 9781509900657
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The More Economic Approach to EU Antitrust Law ISBN 9781849466967
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Fairness in Antitrust: Protecting the Strong from the Weak ISBN 9781509907069
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Sanctions in EU Competition Law: Principles and Practice ISBN 9781509907038
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Anti-Cartel Enforcement in a Contemporary Age: The Leniency Religion ISBN 9781849466905
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Public Procurement and the EU Competition Rules 2nd ed ISBN 9781849466127
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Fairness in Antitrust: Protecting the Strong from the Weak (eBook) ISBN 9781782254027
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Fairness in Antitrust: Protecting the Strong from the Weak ISBN 9781849465151
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Sanctions in EU Competition Law: Principles and Practice ISBN 9781849465182
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Joint Ventures and EU Competition Law (eBook) ISBN 9781782253471
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Cross-Border EU Competition Law Actions (eBook) ISBN 9781782251606
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Cross-Border EU Competition Law Actions ISBN 9781849463744
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Private Enforcement of Competition Law in Ireland ISBN 9781849464130
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Private Enforcement of Competition Law in Ireland (eBook) ISBN 9781782251231
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State Aid and the European Economic Constitution (eBook) ISBN 9781782250517
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Shaping Private Antitrust Enforcement in Europe ISBN 9781849468039

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Publication Abandoned