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A Quantitative Methodology for Determining Relevant Geographic Markets in Higher Transportation Cost Industries

机译：确定较高运输成本行业相关地理市场的定量方法

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摘要

The U.S. Department of Justice/Federal Trade Commission Horizontal Merger Guidelines describes the hypothetical monopolist test (HMT) and significant and nontransitory increase in price (SSNIP) as tools to define antitrust markets. However, the discussion leaves some ambiguities with regards to the implementation of such tools. In this article, we present a methodology for quantitatively delineating geographic markets that is consistent with the Guidelines. In particular, for geographic markets that are based on the locations of customers, the market boundaries encompass the region into which sales are made from the merging parties’ plants, and competitors in the market are firms that sell to customers in the specified region. We use two approaches to identify the competitive reach of a plant—one based on actual shipping distances, which reflect the areas where the plant actually sells; and the other based on distances at which the plant’s product can be shipped profitably, which reflect all areas where the plant can potentially compete for customers. These distances are used to “draw circles” around plants to identify areas where one merging party plant’s competitive reach overlaps with the reach of another plant belonging to the merging partner, thus identifying the overlap customers. For each identified overlap customer area, the HMT is implemented using the critical loss analysis following a SSNIP by the hypothetical monopolist. We explain how to calculate the critical loss as well as the likely actual loss from the SSNIP.
机译：美国司法部/联邦贸易委员会横向并购指南将假设的垄断者测试（HMT）和价格的重大和非暂时性上涨（SSNIP）描述为定义反托拉斯市场的工具。但是，讨论在这种工具的实现方面留下了一些歧义。在本文中，我们提出了一种与指南相一致的定量描述地理市场的方法。特别是，对于基于客户位置的地理市场，市场边界涵盖了合并方工厂进行销售的区域，市场上的竞争对手是向指定区域的客户销售产品的公司。我们使用两种方法来确定工厂的竞争能力-一种是基于实际的运输距离，该距离反映了工厂实际销售的区域。另一个则基于工厂产品可获利运输的距离，这反映了工厂可能竞争客户的所有领域。这些距离用于在工厂周围“画圈”，以识别一个合并方工厂的竞争范围与属于合并伙伴的另一工厂的范围重叠的区域，从而确定重叠的客户。对于每个已识别的重叠客户区域，由假设的垄断者使用SSNIP之后的关键损失分析来实施HMT。我们说明了如何计算SSNIP的关键损失以及可能的实际损失。

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