Claus KASTBERG NIELSEN launched the conference by presenting the underlying issues of competition on high-tech markets. He stressed the variety of economic actors evolving in high-tech markets and described a myriad of small-scale new entrants facing a few giants. On the topic of mergers in high-tech markets, he raised the question of whether there has been too much leniency on the rule of non-traded data. When prices are not formed in high-tech markets, it causes problems for applying traditional economic models. There are data-based companies in dynamic markets. Claus commended the prestigious speakers and interesting topics to be discussed throughout the conference. He also saluted the variety of attending participants.
David HIGBEE reckoned the topic of competition in high-tech markets is timely, as debates and discussions on this topic are developing around the globe, including in the U.S. Federal Trade Commission. In the U.S., the key issue is whether the ‘consumer welfare’ standard is robust enough to tackle new markets. Another issue is market definition in rapidly changing and dynamic industries. While the debates continue, recent U.S. enforcement activity shows an attempt to offset these doubts.