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Can the HM-test be brought to an end?

机译：HM测试可以结束吗？

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摘要

A significant change seen in the new regulatory framework for communications markets regards issues of market delineation. Relevant markets according to the new regulatory framework should be defined in accordance with competition law methodology/principles, most notably the so-called Hypothetical Monopolist Test (HM-test). Our discussion points to the conceptual and practical difficulties associated with evaluating the effects of a 5-10% price increase on the costs and therefore on the profitability of a hypothetical monopolist. Applying our analysis to fixed retail voice telephony markets we show that, in the presence of scale economies, final results crucially depend on assumptions about the cost function, in particular the relation of variable to fixed costs and the resulting (competitive) margin. The latter, in turn, will depend on the time horizon that is deemed to be relevant for market delineation purposes. Overall quantitative techniques applied to carry out the HM-test rigorously on empirical grounds are highly sensible to those assumptions a priori even if one assumes that (empirical) estimates of elasticities can be derived reasonably.
机译：在新的通信市场监管框架中，重大变化涉及市场划分问题。根据新的监管框架，相关市场应根据竞争法方法/原则进行定义，最著名的是所谓的假想垄断者检验（HM-test）。我们的讨论指出了与评估5％至10％的价格上涨对成本的影响有关的概念和实际困难，因此对假设的垄断者的盈利能力也有影响。将我们的分析应用于固定零售语音电话市场，我们发现，在存在规模经济的情况下，最终结果关键取决于成本函数的假设，尤其是可变成本与固定成本之间的关系以及由此产生的（竞争性）利润率。反过来，后者将取决于与市场划分目的相关的时间范围。即使人们假设可以合理地得出弹性（经验）估计值，但基于经验基础严格执行HM-检验的整体定量技术对这些假设也是高度敏感的。

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