LAW & ECONOMICS: SUBSTITUABILITY - PRICE ELASTICITY - MARKET DEFINTION - CASE LAW

Demand and elasticities: How to assess the relevant market ?

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This paper is the print version of the talk given by Professor Louis Vogel and Me Joseph Vogel at the first session of the training cycle “Economics and competition law” launched by Concurrences Review, on 28 October 2009 in Paris, on substituability. The economists - Mme Anne Perrot, MM. Frédéric Jenny, Emmanuel Combe et David Spector - explained in details the notion of price elasticity and related notions, whereas the lawyers illustrated these by providing case law examples. The sessions of the training cycle are freely open to the public, within the limits of available seats, thanks to the kind sponsorship of five law firms and five economic consultancies. Each session is credited two hours for the Paris Bar Lawyers continuing education. The program of the sessions appears below.

*This article is an automatic translation of the original article, provided here for your convenience. Read the original article. The issue is essential for the lawyer and often of strategic importance for companies: the concept of market is indeed central to the application of competition law. An essential concept 2. The market is certainly an essential concept in the field of abuse of a dominant position or merger law: the implementation of the rule, whether it is a question of sanction ing the abuse a posteriori or preventing ab initio the creation or strengthening of a dominant position, [1]presupposes the definition of the relevant market or markets. Including in antitrust law 3. Traditionally, case law often considers that market definition does not have the same

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