Competition Law Conference May 2016 Triage for MFNs
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This document summarizes a presentation on efficiently assessing whether most favored nation (MFN) clauses are likely to lessen competition. It outlines a four step process: 1) applying safe harbors based on market power, coverage, and type of MFN. 2) determining if there is a coherent theory of harm consistent with facts and economic theory. 3) assessing if there are likely substantial benefits also consistent with facts and theory. 4) conducting an empirical assessment using techniques like natural experiments and hypothesis testing. Examples are provided on MFNs in the hotel booking and gas pipeline industries.
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Most Favored Nations (MFN)
The most favoured nation (MFN) clause is a status granted by one country to another to ensure non-discriminatory trade. Countries with MFN status receive reduced tariffs and cannot be discriminated against in trade. The MFN status prevents preferential treatment to certain countries and guarantees equal trade terms. It is an important principle governed by the World Trade Organization that covers trade in goods, services, and intellectual property rights. While MFN aims to promote fair trade, exceptions are made to support developing countries through systems like the Generalized System of Preferences.
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As the focal point in the United Nations system for investment
and technology, and building on 30 years of experience in these
areas, UNCTAD, through the Division on Investment and Enterprise
(DIAE), promotes understanding of key issues, particularly matters
related to foreign direct investment (FDI). DIAE assists developing
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area or of its authorities, or concerning the delimitation of its
frontiers or boundaries. In addition, the designations of country
groups are intended solely for statistical or analytical convenience
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This document summarizes the trade relationship between Pakistan and India, including their history of conflict and the implications of Pakistan granting Most Favored Nation (MFN) status to India. Some key points:
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- Pakistan's trade balance shifted from a surplus to a deficit with India in recent decades as India's economy has grown larger.
- Granting MFN status could increase trade but local Pakistani industries worry about facing competition from subsidized Indian goods without fair conditions.
- While increased trade could benefit both economies, Pakistan needs to ensure reciprocity and a level playing field for its businesses in any
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- Trade between India and Pakistan has fluctuated over time, with Pakistan typically having a favorable balance until the early 1990s when it shifted in India's favor.
- Granting MFN status to India would require Pakistan to treat Indian imports no less favorably than imports from other WTO members under the principle of non-discrimination.
- There are arguments both for and against granting MFN status to India based on potential economic benefits and risks regarding increased imports and trade imbalance.
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and technology, and building on 30 years of experience in these
areas, UNCTAD, through the Division on Investment and Enterprise
(DIAE), promotes understanding of key issues, particularly matters
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and raising awareness about the relationship between investment
and sustainable development. The emphasis is on an integrated
policy approach to investment and enterprise development.
The term “country” as used in this study also refers, as
appropriate, to territories or areas. The designations employed and
the presentation of the material do not imply the expression of any
opinion whatsoever on the part of the Secretariat of the United
Nations concerning the legal status of any country, territory, city or
area or of its authorities, or concerning the delimitation of its
frontiers or boundaries. In addition, the designations of country
groups are intended solely for statistical or analytical convenience
and do not necessarily express a judgment about the stage of
development reached by a particular country or area in the
development process.
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This document summarizes the trade relationship between Pakistan and India, including their history of conflict and the implications of Pakistan granting Most Favored Nation (MFN) status to India. Some key points:
- Trade between the two countries has fluctuated since partition in 1947 due to several armed conflicts between them.
- Pakistan's trade balance shifted from a surplus to a deficit with India in recent decades as India's economy has grown larger.
- Granting MFN status could increase trade but local Pakistani industries worry about facing competition from subsidized Indian goods without fair conditions.
- While increased trade could benefit both economies, Pakistan needs to ensure reciprocity and a level playing field for its businesses in any
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Foot-and-Mouth Disease, Animal Agriculture and Public Opinion - Dr. Sebastian E. Heath VetMB PhD, Branch Chief for Program Development - FEMA, from the 2013 NIAA Merging Values and Technology conference, April 15-17, 2013, Louisville, KY, USA.
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More from Luke Wainscoat
Presentation at Sydney University on digital platform competition_11 October ...
Presentation to students at Sydney University in the competition law course on competition between digital platforms and whether ex ante regulation of those platforms is needed.
The Economics of Regulation - Mergers and Vertical Restraints (2023).pptx
The document discusses how economics can be used to assess the competitive effects of mergers. It outlines several theories of harm for both horizontal and vertical mergers, including coordinated effects if a merger makes collusion easier, and unilateral effects if a merger allows firms to profitably raise prices by reducing competition. It discusses how market concentration, barriers to entry, diversion ratios between firms, and upward pricing pressure (UPP) tests using measures like the gross upward pricing pressure index (GUPPI) can help evaluate whether a merger would have anticompetitive effects. The document provides a hypothetical example merger calculation using GUPPI and discusses how UPP tests were applied to analyze a proposed supermarket merger in the UK between Asda and Sainsbur
The Economics of regulation - mergers and vertical restraints (2022).pptx
Lecture on how economics is used to examined the effect that mergers and vertical restraints can have on competition.
The economics of regulation 2020 week 3 - examples of regulated industries
This document provides examples of economic regulation in Australia across several industries:
1. Airport regulation involves light-handed monitoring by the ACCC rather than price regulation, as airports have not been found to exercise substantial market power.
2. Railway regulation uses a floor and ceiling approach to constrain below-rail operators' market power while allowing for pricing flexibility.
3. Electricity distribution remains regulated as a natural monopoly, while generation and retail have been deregulated.
Benefit of anti -competitive conduct - luke wainscoat - 31 august 2019
The document discusses techniques for estimating the benefits of anti-competitive conduct in order to calculate the maximum penalty under Australian competition law. Currently, maximum penalties are typically based on a percentage of the firm's turnover rather than the estimated benefits. The document outlines two techniques - the before and after technique and difference-in-differences technique - that can be used to estimate what prices would have been in the absence of anti-competitive conduct and thereby determine the financial benefits obtained. While benefits have rarely been used to set penalties so far, the author expects they will be attempted to be calculated in upcoming cases.
The economics of regualtion: mergers and vertical restraints
This document discusses how economics can help assess the competitive effects of mergers. It outlines how economists examine whether a merger could substantially lessen competition in a market. Key factors discussed include market definition, theories of harm such as coordinated or unilateral effects, barriers to entry, diversion ratios between firms, and tools like the Herfindahl-Hirschman Index and upward pricing pressure tests. It provides an example analysis of a proposed supermarket merger in the UK that was blocked.
The+economics+of+regulation+2017+ +week+3+-+some+examples+final
This document provides examples of economic regulation in Australia, including for airports and railways. It discusses how some industries like airports and below-rail railway operations have natural monopoly characteristics that give them substantial market power. Economic regulation aims to address this by setting rules for prices, access, and investment in these industries to prevent the abuse of market power and ensure benefits for consumers. For airports, Australia moved to a lighter-touch monitoring regime where the ACCC monitors prices and quality rather than directly setting prices.
Competitive effect of concerted practices
This document summarizes the key points from a presentation on concerted practices regarding motor insurers sharing price information in the UK. It discusses how information sharing can facilitate collusion or soften competition. For there to be a substantial lessening of competition, the sharing would need to make collusion more internally and externally stable. The document also analyzes how the specific information shared between motor insurers could aid collusion and whether the market is susceptible. It considers potential efficiency gains but finds the sharing in this case is more likely to harm competition. The document concludes by discussing how regulators decided to accept undertakings to reduce risks to collusion rather than prosecute the conduct.
The Economics of Regulation
The document provides an overview of economic regulation in Australia through examples related to airport regulation, railway regulation, and electricity networks regulation. It discusses how economic regulation addresses natural monopoly problems and potential abuse of market power. Key aspects covered include the differences between ex ante regulation and ex post competition law, criteria for determining when ex ante regulation is needed, approaches to regulating monopolies in different infrastructure sectors like setting price caps for airports and electricity networks, and facilitating access to essential facilities through declaration of infrastructure under competition laws.
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This document discusses how economics can help assess the competitive effects of mergers and vertical restraints. It provides an overview of how economists examine whether mergers or vertical agreements are likely to substantially lessen competition in violation of competition laws. The document outlines different theories of harm, such as coordinated effects, barriers to entry, and unilateral effects when firms set quantities or prices. It also discusses how concepts like the Herfindahl-Hirschman Index and Upward Pricing Pressure tests can be used in merger analysis. The document then discusses how similar economic techniques can be applied to analyze the potential anti-competitive effects and pro-competitive efficiencies of vertical restraints.
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Introduction to Competition Economics - Lecture 1
This document provides an introduction to competition economics. It discusses how economics can provide insights into competition law and outlines some key economic concepts like demand and supply, elasticity, costs, and market power. Perfect competition and monopoly models are introduced as examples of different market structures. Perfect competition maximizes economic welfare when price equals marginal cost, while monopoly leads to higher prices, lower output, and deadweight loss compared to perfect competition. The document previews topics to be covered in the next lecture, including game theory, models of price and quantity competition, and other applied competition topics.
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The document provides an introduction to competition economics and game theory. It discusses how game theory can be used to analyze strategic interactions between firms. It presents examples of static and sequential games, including the prisoner's dilemma, coordination games, and the ultimatum game. Equilibrium concepts for games such as dominant strategies and Nash equilibria are introduced. Models of oligopoly including Bertrand price competition and Cournot quantity competition are examined. Applications of game theory to issues like entry deterrence and predatory pricing are also summarized.
Introduction to Competition Economics Lecture_1_2016_For Publication
This document provides an introduction to competition economics for a university law school course. It outlines how economics can provide insights into competition law and discusses key economic concepts like demand and supply, perfect competition, monopoly, and market power. The document presents models of perfect competition and monopoly to illustrate how firm behavior and market outcomes differ. It also previews topics to be covered in the next lecture, including game theory, price and quantity competition models, and other applied competition topics.
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Presentation at Sydney University on digital platform competition_11 October ...
Presentation at Sydney University on digital platform competition_11 October ...
The Economics of Regulation - Mergers and Vertical Restraints (2023).pptx
The Economics of Regulation - Mergers and Vertical Restraints (2023).pptx
The Economics of regulation - mergers and vertical restraints (2022).pptx
The Economics of regulation - mergers and vertical restraints (2022).pptx
The economics of regulation 2020 week 3 - examples of regulated industries
The economics of regulation 2020 week 3 - examples of regulated industries
Benefit of anti -competitive conduct - luke wainscoat - 31 august 2019
Benefit of anti -competitive conduct - luke wainscoat - 31 august 2019
The economics of regualtion: mergers and vertical restraints
The economics of regualtion: mergers and vertical restraints
The+economics+of+regulation+2017+ +week+3+-+some+examples+final
The+economics+of+regulation+2017+ +week+3+-+some+examples+final
Lecture at Sydney University - Mergers and Vertical Restraints
Lecture at Sydney University - Mergers and Vertical Restraints
Introduction to Competition Economics Lecture_2_2016_For Publication
Introduction to Competition Economics Lecture_2_2016_For Publication
Introduction to Competition Economics Lecture_1_2016_For Publication
Introduction to Competition Economics Lecture_1_2016_For Publication
Competition Law Conference May 2016 Triage for MFNs
- 1. HoustonKemp.com Triage for MFNs How to efficiently assess whether MFNs are likely to lessen competition Dr Luke Wainscoat Senior Economist, HoustonKemp 21 May 2016 Competition Law Conference, Sydney
- 3. HoustonKemp.com MFN MFN MFN MFN MFN MFN MFN 3 Triage for MFNs Theory of harm Safe harbour test
- 4. HoustonKemp.com MFN MFN MFN MFN MFN MFN MFN 4 Triage for MFNs Assessment of benefits Theory of harm Safe harbour test
- 5. HoustonKemp.com MFN MFN MFN MFN MFN MFN MFN 5 Triage for MFNs Empirical analysis Assessment of benefits Theory of harm Safe harbour test
- 6. HoustonKemp.com Step 1: Safe harbours 6 Market power Market coverage Type of MFN
- 7. HoustonKemp.com Step 2: Is there a coherent theory of harm? • Theory of harm that is consistent with › the facts and circumstances of the case › economic theory 7 Soften competition Facilitate collusion Exclude rivals Main theories of harm
- 8. HoustonKemp.com HRS provided marketing services to hotels 8 Anna Retail price HRS Christofer DerykBrunhilde $90 $105 Hotel costs Fee HRS Profit $100
- 9. HoustonKemp.com HRS competed with Booking.com and others 9 Retail price $100 $90 $105 HRS Booking.com Hotel costs Fee Profit HRS Booking Anna Christofer DerykBrunhilde
- 10. HoustonKemp.com HRS suffers reduced traffic if it increases its fee 10 Retail price $100 $90 $110 HRS Hotel costs Fee Profit $105 HRS Booking Anna Christofer DerykBrunhilde Booking.com
- 11. HoustonKemp.com MFN allows HRS to increase price without losing volume 11 Retail price $100 $90 HRS Hotel costs Fee Profit $110 $105 HRS Booking Anna Christofer DerykBrunhilde Booking.com
- 12. HoustonKemp.com Step 3: Are there likely to be substantial benefits? 12 • Benefits need to be consistent with › the facts and circumstances of the case › economic theory Retail MFNs Traditional MFNs Reduce free-riding on platform Reduce hold-up problem Increase competition on quality of service Reduce delays in contracting Reduce transaction costs Main benefits
- 13. HoustonKemp.com Step 4: Empirical assessment of net effects 13 Natural experiments Hypothesis testing Modelling exercises
- 14. HoustonKemp.com Gas pipelines in the United States 14
- 15. HoustonKemp.com Collusion: probability of MFN falls with more buyers 15 Number of buyers ProbabilityofMFNadoption
- 16. HoustonKemp.com Efficient contracting: probability of MFN rises with more buyers 16 Number of buyers ProbabilityofMFNadoption
- 17. HoustonKemp.com 17 Pattern of MFNs inconsistent with facilitating collusion theory of harm Number of buyers ProbabilityofMFNadoption
- 18. HoustonKemp.com Sydney Level 40 161 Castlereagh Street Sydney NSW 2000 Phone: +61 2 8880 4800 Singapore 12 Marina View #21-08 Asia Square Tower 2 Singapore 018961 Phone: +65 6653 3420 Contact Us