By R. S. Khemani, World Bank, Organisation for Economic Co-operation and Development
A dynamic and aggressive surroundings, underpinned through festival legislation coverage, is an important attribute of winning industry economies. to meet the becoming call for for info on present ways and practices in festival legislation coverage, the undertaking "Framework for the layout and Implementation of pageant Law-Policy" was once initiated by way of the area financial institution, with participation by way of OECD. This resulting quantity displays the most concerns that come up in layout and implementation of festival legislation and coverage on the way to help international locations in constructing an procedure that fits their very own wishes and prerequisites. The perspectives articulated during this book recommend that the management and enforcement of festival legislations coverage should still assign the best significance to fostering monetary potency and purchaser welfare.
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Extra resources for A framework for the design and implementation of competition law and policy
The above example illustrates some counterintuitive aspects of market definition: · Products need not be perfect substitutes to be in the same market. · Products need not have identical qualities to be in the same market. · Products need not have identical prices to be in the same market. · Different parts of a relevant market can be subject to different consumer tastes or preferences. Note that the relevant question is not whether two given products are close substitutes for all buyers, but whether there are a sufficient number of buyers at the margin so that the hypothetical anticompetitive price increase cannot be profitably sustained.
While the structure and conduct instruments of competition policy tend to be applied separately, the relationship between market structure and business conduct is interactive. Proponents of different views about the objectives of competition policy typically share common ground when it comes to cartel agreements. Such agreements are widely acknowledged as blatant attempts to replicate the monopolistic behavior of raising prices above competitive levels by reducing output. This conduct results in the misallocation of resources and a reduction in economic welfare.
The boundaries, colors, denominations, and other information shown on any map in this volume do not imply on the part of the World Bank Group or the Organisation for Economic Co-operation and Development any judgment on the legal status of any territory or the endorsement or acceptance of such boundaries. Shyam Khemani. p. cm. Includes bibliographical references and index. World Bank. Organisation for Economic Co-operation and Development. 0721dc 2198-40938 CIP Page iii Contents Preface v Contributors vii 1.
A framework for the design and implementation of competition law and policy by R. S. Khemani, World Bank, Organisation for Economic Co-operation and Development