Dynamic Competition Initiative

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-gdpr-compliance domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/dynamie/www2/wp-includes/functions.php on line 6170

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the contact-form-7 domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/dynamie/www2/wp-includes/functions.php on line 6170

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-gdpr-compliance domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/dynamie/www2/wp-includes/functions.php on line 6170

WordPress database error: [INSERT, UPDATE command denied to user 'dynamienew'@'10.151.20.4' for table 'mod150_options']
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WordPress database error: [INSERT, UPDATE command denied to user 'dynamienew'@'10.151.20.4' for table 'mod150_options']
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WordPress database error: [INSERT, UPDATE command denied to user 'dynamienew'@'10.151.20.4' for table 'mod150_options']
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WordPress database error: [UPDATE command denied to user 'dynamienew'@'10.151.20.4' for table 'mod150_options']
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WordPress database error: [UPDATE command denied to user 'dynamienew'@'10.151.20.4' for table 'mod150_options']
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WordPress database error: [UPDATE command denied to user 'dynamienew'@'10.151.20.4' for table 'mod150_options']
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Dynamic Competition Initiative https://dynamiccompetition.com Dynamic Competition Initiative Sat, 25 May 2024 19:32:51 +0000 en-US hourly 1 https://dynamiccompetition.com/wp-content/uploads/2021/07/cropped-LOGO-32x32.png Dynamic Competition Initiative https://dynamiccompetition.com 32 32 DCI Submission to the India Ministry of Corporate Affairs on the Draft Digital Competition Bill https://dynamiccompetition.com/dci-submission-to-the-india-ministry-of-corporate-affairs-on-the-draft-digital-competition-bill/ https://dynamiccompetition.com/dci-submission-to-the-india-ministry-of-corporate-affairs-on-the-draft-digital-competition-bill/#respond Sat, 25 May 2024 19:27:49 +0000 https://www.dynamiccompetition.com/?p=8436
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In its comments on the ‘Draft Digital Competition Bill’ for the Ministry Of Corporate Affairs, India, the Dynamic Competition Initiative (DCI) suggests that the Digital Competition Act should:

focus on commodification of core platform rents, where network effects create longstanding monopoly power, and
incentivise platform exit from the monopoly sector by giving them the freedom to enter other, non-adjacent markets.

Full-length version available on SSRN

Signatories:

Pınar Akman
Carmelo Cennamo
Juliana Oliveira Domingues
Bowman Heiden
Connie Helfat
Pankhudi Khandelwal
Nicolas Petit

]]> https://dynamiccompetition.com/dci-submission-to-the-india-ministry-of-corporate-affairs-on-the-draft-digital-competition-bill/feed/ 0 DCI Submission to the Brazil Ministry of Economy on the Economic. and Competitive Aspects of Digital Platforms https://dynamiccompetition.com/dci-submission-to-the-brazil-ministry-of-economy-on-the-economic-and-competitive-aspects-of-digital-platforms/ https://dynamiccompetition.com/dci-submission-to-the-brazil-ministry-of-economy-on-the-economic-and-competitive-aspects-of-digital-platforms/#respond Wed, 15 May 2024 19:16:30 +0000 https://www.dynamiccompetition.com/?p=8427

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In its comments on the ‘Economic and Competitive Aspects of Digital Platforms’ for the Brazil Ministry of Economy (Ministério da Economia), the Dynamic Competition Initiative (DCI) suggests that law and policy initiatives towards digital platforms should:

focus on curbing monopoly rents in bottleneck markets, and not undermine diversification efforts towards technological frontiers;
leverage the capability and flexibility of existing competition rules to address digital platforms anticompetitive conduct; and
properly credit the consumer welfare gains stemming from digital platforms ecosystems given the domestic economic context.

Full-length version available on SSRN

Signatories:

]]> https://dynamiccompetition.com/dci-submission-to-the-brazil-ministry-of-economy-on-the-economic-and-competitive-aspects-of-digital-platforms/feed/ 0 Submission to the European Commission (EC) on Generative Artificial Intelligence https://dynamiccompetition.com/submission-to-the-european-commission-ec-on-generative-artificial-intelligence/ https://dynamiccompetition.com/submission-to-the-european-commission-ec-on-generative-artificial-intelligence/#respond Thu, 14 Mar 2024 17:40:10 +0000 https://www.dynamiccompetition.com/?p=8304

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The two main messages of the DCI submission are the following:

The technological and economic properties of GenAI do not support a case of tipping in which one firm takes the entire market;
The financial and regulatory context of GenAI could fuel ‘winner takes all or most’ dynamics in GenAI markets.

Full-length version available on SSRN

Signatories:

]]> https://dynamiccompetition.com/submission-to-the-european-commission-ec-on-generative-artificial-intelligence/feed/ 0 Situating Dynamic Competition: A Reenactment of Chicagoan Antitrust https://dynamiccompetition.com/situating-dynamic-competition-a-reenactment-of-chicagoan-antitrust/ Fri, 19 Jan 2024 09:00:30 +0000 https://www.dynamiccompetition.com/?p=8123 This short article serves as an introduction to the full-length version available on SSRN.

***

The current antitrust conversation is dominated by neo conservative propositions. The neobrandesian agenda wants to reinstate early 20th-century antitrust doctrine. It is based on the view that large firms, their attorneys, lobbyists, and hired academics enjoy the power to influence not just market outcomes but also political processes, just like in the Gilded Age. On the other side, antitrust as applied by Federal courts clings to 1970s legal precedent. The doctrine’s foundations are that false positives justify a cautious stance towards antitrust enforcement and high burdens on plaintiffs.

Both perspectives are equally conservative. They regurgitate old principles, refusing to consider that economic, legal and technological transformation may require de novo reconsideration of established doctrine, not just a reversion to previous paradigms.

Dynamic competition core ambition is to define an improvement path for the antitrust policy conversation. The way forward for antitrust enforcement under the dynamic competition paradigm is innovation-oriented, empirical, enforcement-friendly, and interdisciplinary.

True, at a high level, the dynamic competition approach may come across as a twenty-first-century reenactment of the Chicago School of Antitrust. A recent article we co-authored shows that the analogy is only partially correct. This short contribution introduces the main reasons why dynamic competition is an evolution beyond Chicago.

1. Situating the Chicago School

The Chicago School of Antitrust is anchored in four fundamental economic ideas: promoting consumer welfare, fostering enterprise efficiency, understanding the impact of market power, and addressing the resource misallocation caused by monopoly pricing. This is, however, not a very distinctive agenda. Scholars that define themselves as Post Chicagoans also adhere to most, if not all four principles.

Rather, the main contribution of the Chicago School of Antitrust compared to other schools lies in the adherence to several distinctive principles intended to simplify the fact-finding and analytical tasks required in antitrust cases. They consist of descriptive and normative propositions about firms, markets, and institutions. Here are the key principles that characterize the Chicago School:

Economics

Economic concentration is an outcome, not a determinant, of the conditions of competition;
Entry barriers are rare and short-lived. Antitrust must concern itself with “artificial barriers” that stem from deliberate predation, Government regulation, or both in a case of “capture.” All other entry obstacles are “natural barriers” that reflect forms of efficiency;
Divisions of any surplus to the advantage of sellers arise when buyers face transactions and mobility/switching costs. Inframarginal rents caused by market imperfections other than market power are beyond the reach of antitrust policy;
The pursuit of efficiency by business firms is the handmaiden of stronger competition and higher consumer welfare. Innovation is rarely featured explicitly, and Chicagoans are not hostile to innovation, but it is best modeled as an efficiency (in economic analysis).

Policy

Antitrust policy should protect competition, not competitors. When a business rival sues, it is safe to infer that the impugned practice benefits consumers;
The function of antitrust policy is to improve allocative efficiency without impairing productive efficiency so greatly as to nullify or undermine consumer welfare;
Neither Congressional intent, nor economic wisdom support a model of antitrust law directed at the promotion of small business welfare, or the protection of “small dealers”;
Antitrust policy should not prohibit durable and widespread business practice and transactions whose effects are uncertain. Survival and diffusion of “complex practices” indicate that they serve a socially beneficial function. Neither should the absence of a justification for market behavior be looked at with inhospitality or suspicion. Firms try dozens of practices. Most of them fail, and firms must try something else or disappear.
Merger policy should be permissive. Most mergers are efficient, unless the transaction involve large firms or leads to a monopoly;
Antitrust enforcement is for the marginal case. It is valuable because in some special situations it can achieve results more rapidly than market forces. These circumstances are rare in judicialized systems, because on average the costs of type 1 errors that make institutions prohibit procompetitive conduct will exceed the costs of type 2 errors that exonerate anticompetitive conduct. Type 1 errors are irreversible and reproduced on third parties through the effect of judicial precedent, while the latter are phased out by market processes.

Evidence

Observable market trends should not be ignored on the ground of idealized alternative states of the world. Clear price and output trends can be dispositive of the need for counterfactual evidence;
Price, and output, reveal the preferences of utility maximizing consumers. For example, the concentration of output in one firm will say that consumers prefer its products. Similarly, rising prices and output indicate that external events other than market power are at play;
No antitrust policy should prohibit above cost prices on suspicion of anticompetitive exclusion.

2. Situating Dynamic Competition in Relation to the Chicago School

Despite its differences, dynamic competition does share common ground with the Chicago School. This includes a shared skepticism towards conventional market narratives, reliance on economic theory as a foundational method, a focus on welfare as the primary function of antitrust law, and the use of efficiency (in the broad sense) as a key guideline in the application of antitrust principles.

However, dynamic competition diverges from the Chicago School in several significant aspects. It advocates for more active institutional intervention in dynamically evolving technological markets and emphasizes the importance of interdisciplinary insights in understanding market dynamics. This approach challenges the traditional Chicagoan principles, such as the concept of market self-correction and the reliance on simplistic economic models. It proposes a more complex and nuanced understanding of market dynamics, particularly emphasizing the role of innovation in shaping market behavior and policy. Below is a short elaboration on several key areas of divergence.

Institutional Perspectives: The dynamic competition approach questions the Chicago School’s skeptical view of antitrust institutions’ abilities to manage economic complexity. Instead, it promotes the idea that antitrust agencies and courts can effectively intervene in fast-moving, technologically dynamic markets. This requires a shift from traditional dogmas to a reevaluation of market dynamics in the context of digital platforms and other rapidly evolving sectors.
Rethinking Rivalry and Regulation: Dynamic competition proposes a different view of market rivalry and antitrust law enforcement. Unlike the Chicago School, which strictly applies antitrust law to protect only efficient competition, dynamic competition acknowledges that today’s inefficient rivals might evolve into competitive threats tomorrow. This nuanced understanding extends to the regulation of market dynamics, where dynamic competition envisions antitrust laws as rules for a more complex game that evolves with the market itself.
The Role of Innovation: A key departure from the Chicago School is the emphasis dynamic competition places on innovation. It argues that technological innovation is a critical determinant of industry performance, business conduct, and market structure, and thus should be central to antitrust analysis. This approach contrasts with the Chicago School, which has generally treated innovation as an external factor with little significance in antitrust considerations.

3. Dynamic Competition in Practice

What is dynamic competition in practice? We can use a merger review context to illustrate. Protecting dynamic competition means a concern against the adverse impacts of mergers on long-term competition. Under current law, merger agencies remedy harms within a period of two years. In practice, the time horizon may occasionally be extended.

Chicagoans would view a general extension of the time dimension as an insurmountable challenge. No intelligence—even a computational one—can forecast the long-term strategic price effects of mergers or the change in parties’ ability and incentives to foreclose. Prediction and control in a timeframe of 10 to 15 years is a fool’s errand.

A dynamic competition approach to mergers, however, poses a different question: can the relevant firms grow equally absent the merger? If the answer is no, the merger should be allowed. If the answer is yes, the merger should be challenged. All merger laws are based on a preference for organic growth rather than growth by amalgamation.

Below are several key issues to be addressed in operationalizing dynamic competition.

Longer Time Horizon: Dynamic competition challenges the traditional view that antitrust enforcement should primarily focus on immediate market impacts, such as price and output. Instead, it argues for a broader view that considers how business practices and mergers affect the market’s evolutionary path, including impacts on innovation, industry structure, and consumer welfare over a longer horizon.
Integration of Interdisciplinary Insights: A significant aspect of dynamic competition is its call for integrating insights from various disciplines, including economics, technology studies, and business management. This interdisciplinary approach is crucial for understanding the complexities of modern markets, particularly in sectors characterized by rapid technological change and innovation.
Using Capabilities to Operationalize Dynamic Competition: To operationalize dynamic competition, the approach suggests a focus on capabilities evaluation as a means to understand the potential long-term impacts of business decisions. This involves assessing the technological, managerial, and financial strengths of firms to determine their ability to innovate and compete effectively in the future. The approach advocates for using capabilities assessments in merger reviews and other antitrust analyses to ensure that decisions are made with an eye toward fostering dynamic, long-term competition.
Agency Roles and Responsibilities: Dynamic competition assigns a more proactive role to antitrust agencies. Rather than merely reacting to market failures, agencies are encouraged to actively monitor and manage market dynamics, using a variety of tools, including market studies, interim measures, and sector inquiries. This proactive stance is seen as essential for ensuring that markets remain competitive and innovative over time.
Judicial Adaptability and Learning: Dynamic competition also implies a need for judicial adaptability. Courts and agencies must be willing to learn and evolve their understanding of markets and competition. This includes being open to new economic theories and empirical evidence and the willingness to revise legal doctrines in light of new insights into market dynamics and innovation.

4. Conclusion

A new school of antitrust thought focused on the economic study of dynamic competition and its protection by legal and policy implementation is emerging. The approach is new, but familiar. It shares common blood with what the Chicago school of antitrust sought to achieve in the second half of the twentieth century. The dynamic competition approach does not take for granted mainstream descriptions of the economy, ascribes a welfare function to antitrust law, adopts economics as a method, and uses efficiency as a guideline.

The dynamic competition approach also differs substantially from the Chicago school of antitrust. It is more confident in the ability of antitrust intervention to deliver welfare-increasing impacts, less naive about the self-correcting properties of markets in the economy, and more explicitly concerned with the protection of innovation. Last, but not least, dynamic competition considers a base of enforcement of antitrust law across instruments to be necessary, if only to build evidence in favor or against government intervention in a changing economy. Allowing marginally more intervention by decision makers might be the price to pay to derive empirical learning from the cases, increase our collective stock of knowledge, and answer if, and how, antitrust limits deserve renovation.

Nicolas Petit, Bowman Heiden & Thibault Schrepel

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Reminder: this short article serves as an introduction to the full-length version available on SSRN.

]]> Gatekeepers, landlords, or superstars? An empirical study of rents in the digital economy https://dynamiccompetition.com/gatekeepers-landlords-or-superstars-an-empirical-study-of-rents-in-the-digital-economy/ https://dynamiccompetition.com/gatekeepers-landlords-or-superstars-an-empirical-study-of-rents-in-the-digital-economy/#respond Mon, 13 Nov 2023 07:27:14 +0000 https://www.dynamiccompetition.com/?p=8047 Working paper by Sotirios Georgousis, Bowman Heiden, Nicolas Petit, 2023

Abstract

Whether digital firms earn monopoly profits has been a subject of significant debate within economic literature. This paper seeks to contribute to this discussion by adopting an empirical approach to examine the determinants of profits in digital firms. Economically, profits can be attributed to monopoly, Ricardian, or Schumpeterian rents. To shed light on which types of rents, or combinations thereof, determine profits in digital firms, we develop and empirically test a set of hypotheses. In our empirical analysis, we focus on five major players in the digital industry: Google, Apple, Meta, Amazon, and Microsoft. Our findings challenge the traditional monopoly model as an accurate descriptor of the rents extracted by these tech giants. The study reveals substantial variations in the rent profiles of these companies, emphasizing the importance of considering firm-specific factors. The results of this research underscore the need for further research into the nature of rents in the digital sector. Additionally, the findings call for a cautious approach in antitrust law and regulatory policymaking, as the characteristics of digital firms invite a nuanced understanding of their value creation and value capture mechanisms.

Click here to read

]]> https://dynamiccompetition.com/gatekeepers-landlords-or-superstars-an-empirical-study-of-rents-in-the-digital-economy/feed/ 0 The impact of the AI Act on dynamic competition https://dynamiccompetition.com/ai-act-dynamic-competition/ https://dynamiccompetition.com/ai-act-dynamic-competition/#respond Mon, 23 Oct 2023 11:08:46 +0000 https://www.dynamiccompetition.com/?p=7987 This short article serves as an introduction to Thibault Schrepel’s latest working paper, “Decoding the AI Act: A Critical Guide for Competition Experts” (open-access)

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Europe is experiencing a legislative frenzy. In recent months, European institutions have adopted or debated the Digital Markets Act (“DMA”), the Digital Services Act (“DSA”), the Data Act, the Data Governance Act, and the Artificial Intelligence Act (“AI Act”). They run hundreds of pages, making the navigation of the new regulatory landscape a real craft.

Faced with regulatory complexity, experts in competition law may find comfort in the notion that possessing a great command of the DMA alongside familiarity with other relevant statutes is sufficient. It is not. A careful examination of the draft AI Act reveals the necessity for competition experts to acquire in-depth knowledge of the forthcoming rules on artificial intelligence. There are two reasons for this.

First, the AI Act will have significant implications for competition law. The current draft provides supervisory agencies with new procedural powers that will transfer to competition agencies. The AI Act is transforming computational antitrust, and could alter the approach courts and agencies may take towards analyzing several competition infringements.

Second, the AI Act is expected to have an impact on competitive dynamics. The scope of the AI Act is broad and flexible, indicating that its importance will continue to grow in the coming years. Article 2 explicitly states that the AI Act applies to all organizations involved in the introduction or deployment of AI systems within the Union, users of AI systems located within the Union, and providers and users of AI systems situated in third countries, provided that the generated output is used within the Union. Given the digitalization of the economy, one can expect a large number of companies to rely or offer products and services incorporating AI systems.

Against this background, the present article endeavors to provide antitrust experts with a practical yet critical guide of the AI Act. The article aims to bridge an existing gap in literature by merging a “law and economics” analysis with a “law and technology” approach to underscore crucial considerations of the impending AI Act for competition (law).

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]]> https://dynamiccompetition.com/ai-act-dynamic-competition/feed/ 0 A Dynamic Competition Evaluation of the Draft Merger Guidelines 2023 https://dynamiccompetition.com/draft-merger-guidelines/ Fri, 22 Sep 2023 06:39:28 +0000 https://www.dynamiccompetition.com/?p=7827

The Federal Trade Commission and the U.S. Department of Justice published a draft update of their merger guidelines in July 2023. Bowman Heiden, Filip Lubinski, Nicolas Petit, Thibault Schrepel review the Draft Merger Guidelines from a dynamic competition perspective. They base their findings and recommendations on recent economic literature dealing with innovation. Read it here: contribution.

]]> Abuse of Platform Power https://dynamiccompetition.com/abuse_of_platform_power/ Fri, 21 Jul 2023 15:21:52 +0000 https://www.dynamiccompetition.com/?p=7657

DCI Affiliate Scholar Friso Bostoen‘s book “Abuse of Platform Power” has recently been published by Concurrences. His work was awarded the 2022 Concurrences Ph.D. Award in Law.

This book presents an in-depth study of the abuse of dominance in the platform economy. It starts by studying platform business strategy and then systematically analyzes how different forms of leveraging abuse (tying, refusal to supply, margin squeeze, discrimination) should be reinterpreted in the platform economy. The book also recognizes the procompetitive role of platforms and suggests safeguarding it by duly considering justifications. Finally, the book surveys ex ante measures targeted at platforms such as non-discrimination rules, portability and interoperability measures, forced access, and break-up.

Read the Introduction by Catherine Prieto, the Foreword by Wouter Devroe, Browse the Table of Contents and Read the First Chapter here.

]]> DCI symposium on the Network Law Review https://dynamiccompetition.com/symposium-network-law-review/ Thu, 06 Jul 2023 09:27:53 +0000 https://www.dynamiccompetition.com/?p=7641 The Dynamic Competition Initiative held its first annual conference in April 2023. Following the event, we asked all of our guest speakers and panelists to submit an article discussing their contribution to dynamic competition. These papers are currently being published in the Network Law Review. We encourage you to take a look.

READ OUR SYMPOSIUM

]]> Being an Arthurian https://dynamiccompetition.com/being-an-arthurian/ Fri, 12 May 2023 07:28:51 +0000 https://www.dynamiccompetition.com/?p=7749 DCI co-Founder Thibault Schrepel has a new working paper, “Being an Arthurian: Complexity Economics, Law , and Science”.

Abstract: W. Brian Arthur is the father of complexity economics. He is also known for his work on the nature of technology, his experiments with agent-based modeling, and his entrepreneurial approach to science. This article seeks to explore the reasons why a scholar might identify as an “Arthurian,” with the aspiration of encouraging others to embrace Arthur’s research interests and emulate his approach to science.

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