英文标题：
《A New Solution to Market Definition: An Approach Based on
  Multi-dimensional Substitutability Statistics》
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作者：
Yan Yang
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最新提交年份：
2019
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英文摘要：
  Market definition is an important component in the premerger investigation, but the models used in the market definition have not developed much in the past three decades since the Critical Loss Analysis (CLA) was proposed in 1989. The CLA helps the Hypothetical Monopolist Test to determine whether the hypothetical monopolist is going to profit from the small but significant and non-transitory increase in price (SSNIP). However, the CLA has long been criticized by academic scholars for its tendency to conclude a narrow market. Although the CLA was adopted by the 2010 Horizontal Merger Guidelines (the 2010 Guidelines), the criticisms are likely still valid. In this dissertation, we discussed the mathematical deduction of CLA, the data used, and the SSNIP defined by the Agencies. Based on our research, we concluded that the narrow market conclusion was due to the incorrect implementation of the CLA; not the model itself. On the other hand, there are other unresolvable problems in the CLA and the Hypothetical Monopolist Test. The SSNIP test and the CLA are bright resolutions for market definition problem during their time, but we have more advanced tools to solve the task nowadays. In this dissertation, we propose a model which is based directly on the multi-dimensional substitutability between the products and is capable of maximizing the substitutability of product features within each group. Since the 2010 Guidelines does not exclude the use of models other than the ones mentioned by the Guidelines, our method can hopefully supplement the current models to show a better picture of the substitutive relations and provide a more stable definition of the market.
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中文摘要：
市场定义是premerger调查中的一个重要组成部分，但自1989年提出临界损失分析（CLA）以来，市场定义中使用的模型在过去三十年中发展不多。CLA有助于假设垄断者测试，以确定假设垄断者是否将从微小但显著的非暂时性价格上涨（SSNIP）中获利。然而，长期以来，CLA因其倾向于得出一个狭窄的市场而受到学术学者的批评。尽管《2010年横向合并指南》（2010年指南）采纳了CLA，但这些批评可能仍然有效。在本论文中，我们讨论了CLA的数学推导、使用的数据以及机构定义的SSNIP。根据我们的研究，我们得出结论，狭窄的市场结论是由于不正确地实施了CLA；而不是模型本身。另一方面，CLA和假设垄断测试中还有其他无法解决的问题。SSNIP测试和CLA在他们的时代是市场定义问题的光明解决方案，但我们现在有更先进的工具来解决这一任务。在本论文中，我们提出了一个直接基于产品之间多维可替代性的模型，该模型能够最大限度地提高产品特征在各组中的可替代性。由于2010年指南并未排除使用指南中提及的模型以外的其他模型，因此我们的方法有望补充当前模型，以更好地展示替代关系，并提供更稳定的市场定义。
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分类信息：

一级分类：Economics        经济学
二级分类：General Economics        一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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