Competition Policy in Two-Sided Markets - Some brief remarks Dr Amelia Fletcher Chief Economist Office of Fair Trading LEAR Conference 7th June 2007 NB The views expressed here are my own, and not necessarily those of the OFT What do certain key factors of 2-sided markets mean for: Market definition? Predation? Collusion? Exclusive contracts? Media regulation and mergers? 2-sided markets: First key factor In a typical 2-sided market: DA is function not only of pA but also of qB DB is function not only of pB but also of qA What does this mean for market definition? Market definition SSNIP test: Could a hypothetical monopolist profitably sustain a small but significant and non-transitory increase in price? If no, the relevant antitrust market must be wider If yes, the market is not any wider (but could be narrower) Key question for 2-sided markets: Which feedback loops should be taken into account? Market definition: Feedback loops pA↑ qA↓ πA↑ πA↓ πA↑ Normal Market: Does total πA↑? If yes, market no wider ? Market definition: Feedback loops pA↑ qA↓ DB↓ qB↓ πA↑ πA↓ πB↓ For given pB πA↑ Normal Market: Does total πA↑? If yes, market no wider Feedback to market B Market definition: Feedback loops pA↑ qA↓ DB↓ qB↓ πA↑ πA↓ πB↓ For given pB πA↑ Normal Market: Does total πA↑? If yes, market no wider Feedback to market B Should we take this into account? Market definition: Feedback loops pA↑ qA↓ DB↓ qB↓ DA↓ qA↓ πA↑ πA↓ πB↓ πA↓ For given pB For given pA πA↑ Normal Market: Does total πA↑? If yes, market no wider Feedback to market A Feedback to market B Market definition: Feedback loops pA↑ qA↓ DB↓ qB↓ DA↓ qA↓ πA↑ πA↓ πB↓ πA↓ For given pB For given pA πA↑ Normal Market: Does total πA↑? If yes, market no wider Feedback to market A Feedback to market B Should we take this into account? Market definition: Feedback loops pA↑ qA↓ DB↓ qB↓ DA↓ qA↓ πA↑ πA↓ πB↓ πA↓ For given pB For given pA
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