Our fifth issue of Competition Policy International brings diverse fare from 29 leading economists and lawyers from the European Community and the United States. We begin, as most antitrust matters do, with market definition: a controversial aspect of antitrust analysis at least since Franklin Fisher´s seminal critique based on his involvement in the IBM litigation. Real economists do not define markets, they use microeconomics to examine competitive effects. There´s much wisdom in that position. Yet many economists, including me, have found that market definition can be helpful as a screening device, particularly in merger cases.
Economists thus generally applauded William Baxter´s efforts to impart economic rigor to the market definition process. Nevertheless, it is all too easy for market definition to veer off from its useful role as a screening device. Dennis W. Carlton and Jordi Gual provide cogent commentaries on the good, the bad, and the ugly of market definition in unilateral conduct and merger cases. We then turn to antitrust issues in which intellectual property plays a critical role. The last decade has seen a surge in significant cases in this area. Significant cases some in the investigation state, others in various stages of appeal involve standard-setting organizations, treated by Damien Geradin and Anne Layne Farrar; predatory innovation, examined by Richard Gilbert; and refusal to license critical intellectual property to competitors, considered by Mauri
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