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3000px, 100vw' /></picture></a> </div> </div> </div> </div> </div> <div class="wrapper" id="wrapper"> <div class="container"> <main class="content primary" id="content" role="main"> <article class="relative-content"> <div class="menu-glossaire-wrapper sticky-top" id="menu-definition"><ul class="nav menu-glossaire menu-nb-3"><li class='mav-item menu-glossaire-item menu-glossaire-item-auteur'><a class="btn btn-link" href="//en/dictionary/lerner-index#auteur" data-target="#auteur"><span class="picto-round picto-auteur"><img src='squelettes/img/picto-glossaire-auteur.svg?1619777159' alt='' width='20' height='19' /></span><span class="menu-glossaire-item-label">Author Definition</span></a></li> <li class='mav-item menu-glossaire-item menu-glossaire-item-institution'><a class="btn btn-link" href="//en/dictionary/lerner-index#institution" data-target="#institution"><span class="picto-round picto-institution"><img src='squelettes/img/picto-glossaire-institution.svg?1619777159' alt='' width='18' height='16' /></span><span class="menu-glossaire-item-label">Institution Definition</span></a></li> <li class='mav-item menu-glossaire-item menu-glossaire-item-index'><button class="btn btn-link collapsed" role="button" data-target="#index" aria-expanded="false" aria-controls="index"><span class="picto-round picto-index"><img src='squelettes/img/picto-glossaire-index.svg?1619777159' alt='' width='20' height='18' /></span><span class="menu-glossaire-item-label">Table of contents</span></button></li></ul></div> <header class="section section_primary section_cols section_cartouche"> <div class="section__container"> <div class="cartouche cartouche_glossaire"> <h1 class="cartouche__heading" id="start"> <span class="start-mire"></span> <span class="crayon article-titre-85405 ">Lerner index</span> </h1> </div> </div> </header> <section class="section section_primary section_cols section_author scrollable-anchor"> <div class="section__container"> <div class="section__main"> <h2 class="section__heading" id="auteur"> <span>Author Definition</span> </h2> <div class="section__content"> <div class="definition-section"> <h3 id="part-apercu" class="definition-section-title">Definition</h3> <div class="crayon article-chapo-100333 apercu surlignable"><p>The Lerner index, measured as the percentage markup of price above marginal cost, (P-MC)/P, has often been used as a measure of a firm’s market power. The Lerner index always has a value between zero and one. For a textbook-perfectly competitive firm, P=MC so that L=0. The larger is L, the greater is the degree of market power.</p></div> </div> <div class="definition-section"> <h3 id="part-texte" class="definition-section-title">Commentary</h3> <div class="crayon article-texte-100333 texte surlignable"><p>The Lerner index was first developed in Abba Lerner’s 1934 paper, <i>The Concept of Monopoly and the Measurement of Monopoly Power</i>. Elzinga and Mills (2011) offer a historical overview and update. Perhaps the most useful adaption of the Lerner Index comes from the fact that a profit-maximizing firm will price its product inversely to the elasticity of demand facing the firm, L = -1/Ed. Unfortunately, determining a firm-related demand elasticity is much more difficult than determining a market demand elasticity, since a firm must consider how its competitors will react to price changes.</p> <p>There is a significant limitation to the Lerner Index that has particular relevance in today’s technology-driven world. A firm may price substantially above its marginal cost (at its average rather than marginal cost). The reason: the firm needs to cover its fixed costs (moreover, if those expenditures pay for assets that are not redeployable elsewhere, they create a barrier to entry).</p> <p>The most common source of the price-cost divergence arises when there are scale economies and the firm prices based on marginal cost. The computer software and pharmaceuticals industries are illustrative. For most software or pharmaceutical companies, marginal cost will be close to zero. Therefore, the presence of substantial fixed costs will lead to a Lerner Index slightly below 1.0, whether the software company is big, small or otherwise, and whether the market is highly competitive or monopolistic.</p> <p>The Lerner Index has not been used extensively in antitrust enforcement. The primary reason is that market power requires the presence of meaningful barriers to entry, whether structural (e.g., substantial scale economies) or behavioural (e.g., substantial brand equity). For antitrust enforcement, the primary focus is on barriers to entry and the secondary focus is on substantial, sustainable high market shares (which are estimated, for example, through the use of the Herfindahl-Hirschman index (HHI).</p> <p>In the US, the Lerner Index received quite a bit of attention in the 1995 monopolization case brought by the Department of Justice (DOJ) against Eastman Kodak. The DOJ’s expert used an estimated demand elasticity of 2 to infer a high Lerner Index (.5) and substantial market power. The court correctly rejected this view, citing among other things the presence of substantial fixed costs (p.109).</p> <p>In the decades following the <i>Kodak</i> opinion, U.S. courts have continued to be critical of reliance on the Lerner Index to prove market power, while not ruling out the possibility that it may nevertheless be informative. In <i>Dial Corp. v. News Corp (2016)</i>, for example, the court held that the plaintiff’s expert’s use of the Lerner Index in a critical loss analysis of market definition could not be excluded, noting that the Second Circuit’s <i>Eastman Kodak</i> decision did not prohibit use of the Lerner Index in all circumstances (pp. 41-42).</p> <p>Furthermore, in <i>In re Solodyn (Minocycline Hydrochloride) Antitrust Litigation, (2018 U.S. Dist. LEXIS 11921)</i> the court found that the presence of high sunk costs does not rule out the price of a branded drug being anticompetitive. The Court noted that high margins indicated by a Lerner Index calculation, without more, are insufficient to demonstrate supra-competitive pricing. A similar conclusion was reached by the court in <i>In re Intuniv Antitrust Litigation 2020 U.S. Dist. LEXIS 187579 (D. Mass. Sep. 21, 2020)</i>, with the Court noting that high margins indicated by a Lerner Index calculation, without more, are insufficient to demonstrate supracompetitive pricing.</p> <p>Explicit use of the Lerner Index in the UK and the European Union has been even less common than in the U.S. Two telecom cases are worth noting. First, the European court found Slovak Telekom in violation of Article 102 <i>(Council Regulation (EC) 1/2003 on Case AT.39523 – Re Slovak Telekom, 2014 O.J. (C 7465))</i>, but also found the use of the Lerner Index to calculate a market demand elasticity (not an individual demand) to be highly implausible as the basis of a relevant market analysis. Along similar lines, the UK Competition Appeals Tribunal agreed with the lower court in <i>British Telecommunications Plc v. Office of Communications (British Telecommunications Plc, Everything Everywhere Ltd. v. Office of Communications, (U.K. Competition Appeal Tribunal (Aug. 1, 2011))</i> that the Lerner Index is likely to suggest overly elastic demand when products included in Lerner Index are complements.</p></div> </div> <div class="definition-section"> <h3 id="part-jurisprudence" class="definition-section-title">Case references</h3> <div class="crayon article-reference-100333 reference"><p>U.S. v. Eastman Kodak Co., 63 F.3d 95 (3d. Cir. 1995)</p> <p>Dial Corp. v. News Corp., 165 F. Supp 3d 25 (S.D.N.Y. 2016)</p> <p>In re Solodyn (Monocycline Hdydrochloride) Antitrust Litig., 2018 U.S. Dist. LEXIS<br class='autobr' /> 1921 (D. Mass 2018)</p> <p>In re Intuniv Antitrust Litig., 2020 U.S. Dist. LEXIS 187579 (D. Mass 2020)</p> <p>FTC v. Swedish Match M. Am. Inc., 131 F. Supp. 2d 151 (D.D.C. 2000)</p> <p>In re Aggrenox Antitrust Litig., 199 F. Supp. 3d 662 (D. Conn. 2016)</p> <p><a href="https://www.concurrences.com/en/review/issues/no-1-2015/chroniques/Margin-squeeze-The-European">Slovak Telekom, Re (COMP/AT.39523)</a></p> <p>British Telecom Plc v. Office of Communications, Nos. 1151/3/3/10, 1168/3/3/10, 1169/3/3/10, 2011</p></div> </div> <div class="definition-section"> <h3 id="part-biblio" class="definition-section-title">Bibliography</h3> <div class="crayon article-ps-100333 jurisprudence"><p>Elzinga, Kenneth G. and David E. Mills, “The Lerner Index of Monopoly Power: Origins and Uses,” <i>American Economic Review: Papers & Proceedings</i>, 2011. 101:3, 558-564 ;</p> <p>Pindyck, Robert S. and Daniel L. Rubinfeld, <i>Microeconomics</i>, 9th Edition, Pearson, 2019 ;</p> <p>Lerner, Abba, P. “The Concept of Monopoly and the Measurement of Monopoly,” <i>Review of Economic Studies</i>, 1: 157-75.</p></div> </div> </div> </div> <aside class="section__aside side-col"> <div class="miniplan miniplan_definition sticky-top" id="definition-index"> <ul class="nav nav-list"> <li><a href="//en/dictionary/lerner-index#part-apercu" data-target="#part-apercu">Definition</a></li> <li><a href="//en/dictionary/lerner-index#part-texte" data-target="#part-texte">Commentary</a></li> <li><a href="//en/dictionary/lerner-index#part-jurisprudence" data-target="#part-jurisprudence">Case references</a></li> <li><a href="//en/dictionary/lerner-index#part-biblio" data-target="#part-biblio">Bibliography</a></li> </ul> </div> <h2>Author</h2> <div class="auteurs"> <ul class="liste-items liste-items-well"> <li class="item"><div class="entry auteur" itemscope itemtype="http://schema.org/Person"> <strong class="entry-title"> <a href="en/authors/daniel-rubinfeld" itemprop="url"> <span class='logo-img-wrapper spip_logo' style="width:50px;"><span class="img" style="display:block;position:relative;height:0;width:100%;padding-bottom:100%;overflow:hidden;background:url(local/cache-vignettes/L100xH100/auton55928-5fab9.png?1711361126) no-repeat center;background-size:100%;"> </span></span> <span itemprop="name" class="nom">Daniel L. Rubinfeld</span></a> </strong> <div class="entry-content"> <span class='organisation' itemprop="worksFor" itemtype="http://schema.org/Organization">University of California Berkeley - School of Law</span> </div> <div class="entry-meta"> <span class="pays">United States</span> <span class="articles"><em>11</em> contributions</span> <span class="visites"><em>35004</em> visits</span> </div> </div></li> </ul> </div> <div class="well citation"> <h2>Quotation</h2> <article class="entry article article-dictionary hentry"> <span class="authors">Daniel L. Rubinfeld, </span> <span class="entry-title">Lerner index</span><span class="rubrique"><span class="sep">, </span> Global Dictionary of Competition Law, Concurrences, Art. N° 85405</span> </article> </div> <div class="well stats"> <p><i class="picto picto-eye"></i> <b>Visits</b> <em class="number">19376</em></p> </div> </aside> </div> </section> <section class="section section_primary section_cols section_author scrollable-anchor"> <div class="section__container"> <div class="section__main"> <h2 class="section__heading" id="institution"> <span>Institution Definition</span> </h2> <div class="section__content"> <div class="crayon article-texte-85405 texte surlignable"><p>A measure proposed by economist A.P. Lerner to measure monopoly or<br class='autobr' /> market power. The Lerner Index (LI) is: In perfect competition, LI is equal to zero. The index defines monopoly power in terms of the slope of the demand curve. In the case of a profit maximizing firm in equilibrium, <i>marginal revenue</i> equals <i>marginal cost</i> and the LI is equal to the inverse of the elasticity of demand. The LI is a static measure and does not indicate whether the deviation between price and marginal cost is a worthwhile cost to pay for possible innovation or new plant construction, or whether the disparity between marginal cost and price may reflect superior efficiency rather than the ability of a firm to charge high prices.</p> <p><strong>©</strong> <abbr class="spip_out" rel="external" title='Dead link'><strong>OECD</strong></abbr></p></div> </div> </div> <aside class="section__aside side-col"></aside> </div> </section> <div class="index-overlay collapse" id="index"> <span class="arrow-top"></span> <button class="close">×</button> <div class="glossaire-index"> <div class="main"> <div class="index"> <a class="lettre" href="//en/dictionary/lerner-index#a" data-anchor="#a">a</a> <a class="lettre" href="//en/dictionary/lerner-index#b" data-anchor="#b">b</a> <a class="lettre" href="//en/dictionary/lerner-index#c" data-anchor="#c">c</a> <a class="lettre" href="//en/dictionary/lerner-index#d" data-anchor="#d">d</a> <a class="lettre" href="//en/dictionary/lerner-index#e" data-anchor="#e">e</a> <a class="lettre" href="//en/dictionary/lerner-index#f" data-anchor="#f">f</a> <a class="lettre" href="//en/dictionary/lerner-index#g" data-anchor="#g">g</a> <a class="lettre" href="//en/dictionary/lerner-index#h" data-anchor="#h">h</a> <a class="lettre" href="//en/dictionary/lerner-index#i" data-anchor="#i">i</a> <a class="lettre" href="//en/dictionary/lerner-index#j" data-anchor="#j">j</a> <a class="lettre" href="//en/dictionary/lerner-index#k" data-anchor="#k">k</a> <a class="lettre" href="//en/dictionary/lerner-index#l" data-anchor="#l">l</a> <a class="lettre" href="//en/dictionary/lerner-index#m" data-anchor="#m">m</a> <a class="lettre" href="//en/dictionary/lerner-index#n" data-anchor="#n">n</a> <a class="lettre" href="//en/dictionary/lerner-index#o" data-anchor="#o">o</a> <a class="lettre" href="//en/dictionary/lerner-index#p" data-anchor="#p">p</a> <a class="lettre" href="//en/dictionary/lerner-index#r" data-anchor="#r">r</a> <a class="lettre" href="//en/dictionary/lerner-index#s" data-anchor="#s">s</a> <a class="lettre" href="//en/dictionary/lerner-index#t" data-anchor="#t">t</a> <a class="lettre" href="//en/dictionary/lerner-index#u" data-anchor="#u">u</a> <a class="lettre" href="//en/dictionary/lerner-index#v" data-anchor="#v">v</a> <a class="lettre" href="//en/dictionary/lerner-index#w" data-anchor="#w">w</a> </div> </div> <div class="row entree" id="a"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">a</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/absolute-territorial-protection">Absolute territorial protection </a> <span class="sep">•</span> <a href="en/dictionary/abuse-of-dominant-position-en">Abuse of dominant position</a> <span class="sep">•</span> <a href="en/dictionary/abuse-of-economic-dependence">Abuse of economic dependence</a> <span class="sep">•</span> <a href="en/dictionary/access-to-the-file-en">Access to the file</a> <span class="sep">•</span> <a href="en/dictionary/actual-competitor">Actual competitor </a> <span class="sep">•</span> <a href="en/dictionary/administered-prices">Administered prices</a> <span class="sep">•</span> <a href="en/dictionary/advisory-committee-118302">Advisory committee</a> <span class="sep">•</span> <a href="en/dictionary/agent-en">Agent</a> <span class="sep">•</span> <a href="en/dictionary/agreement-notion-en">Agreement (notion)</a> <span class="sep">•</span> <a href="en/dictionary/ai-collusion-algorithm">AI Collusion (Algorithm)</a> <span class="sep">•</span> <a href="en/dictionary/AKZO-Procedure">AKZO Procedure </a> <span class="sep">•</span> <a href="en/dictionary/amicus-curiae">Amicus curiae</a> <span class="sep">•</span> <a href="en/dictionary/ancillary-restraints">Ancillary restraints </a> <span class="sep">•</span> <a href="en/dictionary/annulment">Annulment</a> <span class="sep">•</span> <a href="en/dictionary/anticompetitive-market-distortions">Anticompetitive Market Distortions</a> <span class="sep">•</span> <a href="en/dictionary/anticompetitive-object-or-effect-en">Anticompetitive object or effect</a> <span class="sep">•</span> <a href="en/dictionary/anticompetitive-practices">Anticompetitive practices</a> <span class="sep">•</span> <a href="en/dictionary/Antitrust">Antitrust</a> <span class="sep">•</span> <a href="en/dictionary/applicable-law">Applicable law</a> <span class="sep">•</span> <a href="en/dictionary/arbitration">Arbitration</a> <span class="sep">•</span> <a href="en/dictionary/article-11-letter">Article 11 letter </a> <span class="sep">•</span> <a href="en/dictionary/artificial-intelligence">Artificial Intelligence </a> <span class="sep">•</span> <a href="en/dictionary/aec-as-efficient-competitor-principle-and-test">As-Efficient Competitor (AEC)</a> </div> </div> </div> <div class="row entree" id="b"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">b</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/barriers-to-entry-en">Barriers to entry</a> <span class="sep">•</span> <a href="en/dictionary/bertrand-nash-equilibrium">Bertrand (Nash) equilibrium</a> <span class="sep">•</span> <a href="en/dictionary/bid-rigging">Bid rigging</a> <span class="sep">•</span> <a href="en/dictionary/block-exemption-regulation">Block exemption (Regulation) </a> <span class="sep">•</span> <a href="en/dictionary/boycott">Boycott</a> <span class="sep">•</span> <a href="en/dictionary/brand-competition-en">Brand competition</a> <span class="sep">•</span> <a href="en/dictionary/bundling">Bundling</a> <span class="sep">•</span> <a href="en/dictionary/burden-of-proof">Burden of proof</a> <span class="sep">•</span> <a href="en/dictionary/buyer-power">Buyer power </a> </div> </div> </div> <div class="row entree" id="c"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">c</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/cartel">Cartel </a> <span class="sep">•</span> <a href="en/dictionary/clearance-phase-ii-merger">Clearance phase II (merger)</a> <span class="sep">•</span> <a href="en/dictionary/collecting-society">Collecting society </a> <span class="sep">•</span> <a href="en/dictionary/collective-dominance">Collective dominance</a> <span class="sep">•</span> <a href="en/dictionary/collective-redress-class-action">Collective redress (class action)</a> <span class="sep">•</span> <a href="en/dictionary/comity">Comity </a> <span class="sep">•</span> <a href="en/dictionary/commission-communication">Commission communication</a> <span class="sep">•</span> <a href="en/dictionary/competence">Competence </a> <span class="sep">•</span> <a href="en/dictionary/competition-policy-89181">Competition policy</a> <span class="sep">•</span> <a href="en/dictionary/complaint">Complaint </a> <span class="sep">•</span> <a href="en/dictionary/Compliance-programme">Compliance programme </a> <span class="sep">•</span> <a href="en/dictionary/compulsory-license">Compulsory license</a> <span class="sep">•</span> <a href="en/dictionary/concentration-indexes-en">Concentration indexes</a> <span class="sep">•</span> <a href="en/dictionary/concerted-practices-en">Concerted practices</a> <span class="sep">•</span> <a href="en/dictionary/concession-86056">Concession</a> <span class="sep">•</span> <a href="en/dictionary/concurrent-jurisdiction">Concurrent jurisdiction</a> <span class="sep">•</span> <a href="en/dictionary/Consortium-12192">Consortium </a> <span class="sep">•</span> <a href="en/dictionary/consumer-protection">Consumer protection</a> <span class="sep">•</span> <a href="en/dictionary/consumers-associations-en">Consumers’ associations</a> <span class="sep">•</span> <a href="en/dictionary/control-change">Control (change)</a> <span class="sep">•</span> <a href="en/dictionary/control-notion">Control (notion)</a> <span class="sep">•</span> <a href="en/dictionary/cooperation-between-competition-authorities-en">Cooperation between competition authorities</a> <span class="sep">•</span> <a href="en/dictionary/coordinated-effects">Coordinated effects</a> <span class="sep">•</span> <a href="en/dictionary/copyright">Copyright</a> <span class="sep">•</span> <a href="en/dictionary/corruption">Corruption</a> <span class="sep">•</span> <a href="en/dictionary/cost-based-access">Cost-based access</a> <span class="sep">•</span> <a href="en/dictionary/cournot-nash-equilibrium">Cournot (Nash) equilibrium</a> <span class="sep">•</span> <a href="en/dictionary/criminal-sanctions">Criminal sanctions</a> <span class="sep">•</span> <a href="en/dictionary/cross-subsidisation">Cross subsidisation </a> </div> </div> </div> <div class="row entree" id="d"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">d</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/damages">Damages</a> <span class="sep">•</span> <a href="en/dictionary/de-minimis-notice">De minimis notice</a> <span class="sep">•</span> <a href="en/dictionary/digital-markets-act">Digital Markets Act</a> <span class="sep">•</span> <a href="en/dictionary/direct-effect">Direct effect</a> <span class="sep">•</span> <a href="en/dictionary/discriminatory-practices">Discriminatory practices</a> <span class="sep">•</span> <a href="en/dictionary/distribution-agreement">Distribution agreement</a> <span class="sep">•</span> <a href="en/dictionary/divestiture">Divestiture</a> <span class="sep">•</span> <a href="en/dictionary/dominance-notion">Dominance (notion)</a> <span class="sep">•</span> <a href="en/dictionary/downstream-market-117440">Downstream market</a> </div> </div> </div> <div class="row entree" id="e"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">e</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/echr">ECHR</a> <span class="sep">•</span> <a href="en/dictionary/economic-analysis">Economic analysis</a> <span class="sep">•</span> <a href="en/dictionary/economic-efficiency">Economic efficiency</a> <span class="sep">•</span> <a href="en/dictionary/economies-of-scale">Economies of scale </a> <span class="sep">•</span> <a href="en/dictionary/ecosystem-failures">Ecosystem Failures</a> <span class="sep">•</span> <a href="en/dictionary/effect-on-trade-between-member-states">Effect on trade between Member States</a> <span class="sep">•</span> <a href="en/dictionary/effective-judicial-protection">Effective judicial protection</a> <span class="sep">•</span> <a href="en/dictionary/effects-doctrine-118100">Effects doctrine</a> <span class="sep">•</span> <a href="en/dictionary/efta-surveillance-authority-esa-court">EFTA Surveillance Authority (ESA) & Court </a> <span class="sep">•</span> <a href="en/dictionary/environmental-protection-en">Environmental protection</a> <span class="sep">•</span> <a href="en/dictionary/error-costs-108946">Error costs</a> <span class="sep">•</span> <a href="en/dictionary/essential-facility">Essential facility</a> <span class="sep">•</span> <a href="en/dictionary/european-competition-network-ecn-en">European Competition Network (ECN)</a> <span class="sep">•</span> <a href="en/dictionary/excessive-prices-en">Excessive prices</a> <span class="sep">•</span> <a href="en/dictionary/exchange-of-information">Exchanges of information</a> <span class="sep">•</span> <a href="en/dictionary/exclusionary-practice">Exclusionary practice </a> <span class="sep">•</span> <a href="en/dictionary/Exclusive-distribution-12218">Exclusive distribution </a> <span class="sep">•</span> <a href="en/dictionary/exclusive-purchasing-en">Exclusive purchasing agreement</a> <span class="sep">•</span> <a href="en/dictionary/exclusive-right-art-106-tfeu">Exclusive right (Art. 106 TFEU)</a> <span class="sep">•</span> <a href="en/dictionary/exclusivity-clause">Exclusivity clause</a> <span class="sep">•</span> <a href="en/dictionary/Exhaustion">Exhaustion </a> <span class="sep">•</span> <a href="en/dictionary/Extra-territoriality">Extra-territoriality</a> </div> </div> </div> <div class="row entree" id="f"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">f</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/Failing-firm-defence">Failing firm defence</a> <span class="sep">•</span> <a href="en/dictionary/fidelity-rebates">Fidelity rebates</a> <span class="sep">•</span> <a href="en/dictionary/Fine">Fine</a> <span class="sep">•</span> <a href="en/dictionary/fintech">Fintech</a> <span class="sep">•</span> <a href="en/dictionary/foreclosure-117887">Foreclosure</a> <span class="sep">•</span> <a href="en/dictionary/foreign-direct-investment-fdi">Foreign direct investment (FDI)</a> <span class="sep">•</span> <a href="en/dictionary/foreign-subsidies">Foreign Subsidies</a> <span class="sep">•</span> <a href="en/dictionary/form-co">Form CO (EU) </a> <span class="sep">•</span> <a href="en/dictionary/frand">FRAND</a> <span class="sep">•</span> <a href="en/dictionary/Free-riding">Free riding </a> </div> </div> </div> <div class="row entree" id="g"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">g</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/geographic-market">Geographic market</a> <span class="sep">•</span> <a href="en/dictionary/corporate-group">Group of undertakings</a> <span class="sep">•</span> <a href="en/dictionary/group-purchasing-organization">Group purchasing organization</a> <span class="sep">•</span> <a href="en/dictionary/guidelines-119080">Guidelines</a> <span class="sep">•</span> <a href="en/dictionary/gun-jumping">Gun jumping</a> </div> </div> </div> <div class="row entree" id="h"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">h</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/hard-core-restrictions">Hard core restrictions</a> <span class="sep">•</span> <a href="en/dictionary/Hearing-officer">Hearing officer </a> <span class="sep">•</span> <a href="en/dictionary/horizontal-agreement">Horizontal cooperation agreement</a> <span class="sep">•</span> <a href="en/dictionary/hsr-filing-us-108854">HSR Filing (US)</a> </div> </div> </div> <div class="row entree" id="i"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">i</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/independence-and-impartiality">Independence and impartiality</a> <span class="sep">•</span> <a href="en/dictionary/individual-exemption-86377">Individual exemption</a> <span class="sep">•</span> <a href="en/dictionary/industrial-policy">Industrial policy</a> <span class="sep">•</span> <a href="en/dictionary/intellectual-property-right-en">Intellectual property right</a> <span class="sep">•</span> <a href="en/dictionary/inter-brand-competition">Inter-brand competition </a> <span class="sep">•</span> <a href="en/dictionary/Interim-measures">Interim measures </a> <span class="sep">•</span> <a href="en/dictionary/international-co-operation">International co-operation </a> <span class="sep">•</span> <a href="en/dictionary/international-competition-network-icn">International competition network (ICN) </a> <span class="sep">•</span> <a href="en/dictionary/investigations-inquiries-en">Investigations / inquiries</a> </div> </div> </div> <div class="row entree" id="j"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">j</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/judicial-review">Judicial review</a> </div> </div> </div> <div class="row entree" id="k"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">k</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/Know-how">Know-how </a> </div> </div> </div> <div class="row entree" id="l"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">l</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/legal-privilege">Legal privilege</a> <span class="sep">•</span> <a href="en/dictionary/Leniency-programme">Leniency</a> <span class="sep">•</span> <a href="en/dictionary/lerner-index">Lerner index</a> <span class="sep">•</span> <a href="en/dictionary/letter-of-formal-notice-118055">Letter of formal notice </a> <span class="sep">•</span> <a href="en/dictionary/licensing">Licensing</a> <span class="sep">•</span> <a href="en/dictionary/limitation-period-119083">Limitation Period </a> </div> </div> </div> <div class="row entree" id="m"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">m</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/margin-squeeze">Margin squeeze</a> <span class="sep">•</span> <a href="en/dictionary/marginal-costs">Marginal costs </a> <span class="sep">•</span> <a href="en/dictionary/market-economy-investor">Market economy investor</a> <span class="sep">•</span> <a href="en/dictionary/market-power">Market power</a> <span class="sep">•</span> <a href="en/dictionary/market-share">Market share </a> <span class="sep">•</span> <a href="en/dictionary/media-pluralism">Media pluralism</a> <span class="sep">•</span> <a href="en/dictionary/merger-notion-12318-en">Merger (notion)</a> <span class="sep">•</span> <a href="en/dictionary/merger-prohibition">Merger (prohibition)</a> <span class="sep">•</span> <a href="en/dictionary/merger-withdrawal-118046">Merger (withdrawal)</a> <span class="sep">•</span> <a href="en/dictionary/Merger-control-procedure">Merger control procedure </a> <span class="sep">•</span> <a href="en/dictionary/merger-remedies-100323">Merger remedies</a> <span class="sep">•</span> <a href="en/dictionary/minority-shareholdings-89176">Minority shareholdings</a> <span class="sep">•</span> <a href="en/dictionary/misinformation">Misinformation</a> <span class="sep">•</span> <a href="en/dictionary/mobility-barriers-117741">Mobility Barriers</a> <span class="sep">•</span> <a href="en/dictionary/Monopoly">Monopoly </a> </div> </div> </div> <div class="row entree" id="n"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">n</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/ne-bis-in-idem-86490">Ne bis in idem</a> <span class="sep">•</span> <a href="en/dictionary/negative-clearance-118047">Negative clearance</a> <span class="sep">•</span> <a href="en/dictionary/Network-effect">Network effect </a> <span class="sep">•</span> <a href="en/dictionary/non-compete-obligation-12156-en">Non-compete obligation </a> <span class="sep">•</span> <a href="en/dictionary/non-horizontal-mergers">Non-Horizontal Mergers </a> <span class="sep">•</span> <a href="en/dictionary/notification-12310">Notification</a> <span class="sep">•</span> <a href="en/dictionary/nullity">Nullity </a> </div> </div> </div> <div class="row entree" id="o"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">o</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/oligopoly">Oligopoly </a> <span class="sep">•</span> <a href="en/dictionary/online-platforms">Online Platforms</a> </div> </div> </div> <div class="row entree" id="p"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">p</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/parallel-imports-parallel-trade-en">Parallel imports (parallel trade)</a> <span class="sep">•</span> <a href="en/dictionary/passing-on-en">Passing-on</a> <span class="sep">•</span> <a href="en/dictionary/Passive-sales">Passive sales </a> <span class="sep">•</span> <a href="en/dictionary/patents">Patents</a> <span class="sep">•</span> <a href="en/dictionary/pay-for-delay">Pay-for-delay</a> <span class="sep">•</span> <a href="en/dictionary/periodic-penalty-payment">Periodic penalty payment</a> <span class="sep">•</span> <a href="en/dictionary/potential-competition">Potential competition </a> <span class="sep">•</span> <a href="en/dictionary/predatory-pricing">Predatory pricing</a> <span class="sep">•</span> <a href="en/dictionary/preliminary-rulings-art-267-tfue">Preliminary ruling (Art. 267 TFUE) </a> <span class="sep">•</span> <a href="en/dictionary/price-discrimination-en">Price discrimination </a> <span class="sep">•</span> <a href="en/dictionary/price-leadership">Price leadership</a> <span class="sep">•</span> <a href="en/dictionary/price-signaling">Price signalling</a> <span class="sep">•</span> <a href="en/dictionary/price-fixing-agreement">Price-fixing agreement</a> <span class="sep">•</span> <a href="en/dictionary/prices-en">Prices</a> <span class="sep">•</span> <a href="en/dictionary/principle-of-equal-treatment">Principle of equal treatment</a> <span class="sep">•</span> <a href="en/dictionary/principle-of-equivalence">Principle of equivalence</a> <span class="sep">•</span> <a href="en/dictionary/principle-of-proportionality">Principle of proportionality</a> <span class="sep">•</span> <a href="en/dictionary/privacy-and-data-protection">Privacy and data protection</a> <span class="sep">•</span> <a href="en/dictionary/private-enforcement">Private enforcement</a> <span class="sep">•</span> <a href="en/dictionary/privatization-en">Privatization</a> <span class="sep">•</span> <a href="en/dictionary/procedural-autonomy">Procedural autonomy</a> <span class="sep">•</span> <a href="en/dictionary/professional-association-86373-en">Professional association</a> <span class="sep">•</span> <a href="en/dictionary/public-procurement">Public procurement</a> <span class="sep">•</span> <a href="en/dictionary/Public-undertaking">Public undertaking</a> </div> </div> </div> <div class="row entree" id="r"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">r</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/r-d-agreement">R&D agreement</a> <span class="sep">•</span> <a href="en/dictionary/case-referral-system-mergers">Referral (merger)</a> <span class="sep">•</span> <a href="en/dictionary/refusal-to-deal">Refusal to deal</a> <span class="sep">•</span> <a href="en/dictionary/the-registry-of-the-general-court-of-the-european-union">Registry of the General Court of the European Union</a> <span class="sep">•</span> <a href="en/dictionary/Relevant-market">Relevant market</a> <span class="sep">•</span> <a href="en/dictionary/remedies-antitrust-en">Remedies (antitrust)</a> <span class="sep">•</span> <a href="en/dictionary/request-for-information">Request for information</a> <span class="sep">•</span> <a href="en/dictionary/resale-below-cost-en">Resale below cost </a> <span class="sep">•</span> <a href="en/dictionary/resale-price-maintenance-rpm">Resale price maintenance (RPM)</a> <span class="sep">•</span> <a href="en/dictionary/restriction-on-exportation">Restriction on exportation </a> <span class="sep">•</span> <a href="en/dictionary/rule-of-reason">Rule of reason</a> </div> </div> </div> <div class="row entree" id="s"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">s</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/sunk-costs-117836"> Sunk Costs </a> <span class="sep">•</span> <a href="en/dictionary/sector-inquiry">Sector inquiry</a> <span class="sep">•</span> <a href="en/dictionary/selective-distribution">Selective distribution </a> <span class="sep">•</span> <a href="en/dictionary/self-preference-111802">Self-Preference</a> <span class="sep">•</span> <a href="en/dictionary/Services-of-general-economic">Services of general economic interest </a> <span class="sep">•</span> <a href="en/dictionary/Single-branding">Single branding </a> <span class="sep">•</span> <a href="en/dictionary/sole-control">Sole control</a> <span class="sep">•</span> <a href="en/dictionary/specialization-agreements">Specialization agreements </a> <span class="sep">•</span> <a href="en/dictionary/Spill-over-effects">Spill-over effects </a> <span class="sep">•</span> <a href="en/dictionary/standard-essential-patent-sep">Standard-Essential Patent (SEP)</a> <span class="sep">•</span> <a href="en/dictionary/state-action-defense">State action defence</a> <span class="sep">•</span> <a href="en/dictionary/state-aid-compatibility">State aid (compatibility)</a> <span class="sep">•</span> <a href="en/dictionary/state-aid-existing-aid">State aid (existing aid) </a> <span class="sep">•</span> <a href="en/dictionary/state-aid-notification-en">State aid (notification)</a> <span class="sep">•</span> <a href="en/dictionary/state-aid">State aid (notion)</a> <span class="sep">•</span> <a href="en/dictionary/state-aid-recovery">State aid (recovery) </a> <span class="sep">•</span> <a href="en/dictionary/state-aid-unlawful-aid">State aid (unlawful aid) </a> <span class="sep">•</span> <a href="en/dictionary/State-measure">State measure </a> <span class="sep">•</span> <a href="en/dictionary/Statement-of-objections-SO">Statement of objections (SO) </a> <span class="sep">•</span> <a href="en/dictionary/Substitutability">Substitutability </a> <span class="sep">•</span> <a href="en/dictionary/sustainability">Sustainability</a> <span class="sep">•</span> <a href="en/dictionary/switching-costs">Switching Costs</a> </div> </div> </div> <div class="row entree" id="t"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">t</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/technology-transfer">Technology transfer</a> <span class="sep">•</span> <a href="en/dictionary/test-siec-merger-en">Test SIEC (merger)</a> <span class="sep">•</span> <a href="en/dictionary/merger-slc-src-sdc-tests">Test SLC (merger)</a> <span class="sep">•</span> <a href="en/dictionary/tipping">Tipping</a> <span class="sep">•</span> <a href="en/dictionary/business-secrets">Trade Secrets</a> <span class="sep">•</span> <a href="en/dictionary/trademark">Trademark</a> <span class="sep">•</span> <a href="en/dictionary/trustee-mergers-en">Trustee (mergers)</a> <span class="sep">•</span> <a href="en/dictionary/turnover-threshold-merger">Turnover threshold (merger)</a> <span class="sep">•</span> <a href="en/dictionary/two-sided-market">Two-sided market</a> </div> </div> </div> <div class="row entree" id="u"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">u</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/undertaking-notion">Undertaking (notion)</a> <span class="sep">•</span> <a href="en/dictionary/unfair-competition">Unfair competition</a> <span class="sep">•</span> <a href="en/dictionary/universal-service-118054">Universal Service</a> <span class="sep">•</span> <a href="en/dictionary/upstream-market">Upstream market </a> </div> </div> </div> <div class="row entree" id="v"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">v</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/variable-costs">Variable costs </a> <span class="sep">•</span> <a href="en/dictionary/Vertical-agreement">Vertical agreement</a> <span class="sep">•</span> <a href="en/dictionary/vertical-restraints-or-restrictions">Vertical restraints (or restrictions)</a> </div> </div> </div> <div class="row entree" id="w"> <div class="col-xs-2 col-sm-1"> <h2 class="lettre">w</h2> </div> <div class="col-xs-10 col-sm-11"> <div class="articles"> <a href="en/dictionary/White-clause">White clause</a> <span class="sep">•</span> <a href="en/dictionary/withdrawal-of-the-benefit-of-a-block-exemption">Withdrawal (of the benefit of a block exemption)</a> </div> </div> </div> </div> </div> </article> <script type="text/javascript"> jQuery(function(){ // hack on appelle 1 scrollspy sur body et 1 sur window pour pas les melanger jQuery(window).scrollspy({ target: 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local/adapt-img/640/10x/IMG/png/home-new-4.png@.webp?1734422958 640w, local/adapt-img/960/10x/IMG/png/home-new-4.png@.webp?1734371607 960w, local/adapt-img/1440/10x/IMG/png/home-new-4.png@.webp?1734368901 1440w, local/adapt-img/3000/10x/IMG/png/home-new-4.png@.webp?1734368721 3000w" sizes="(min-width: 3000px) 3000px, 100vw" type="image/webp"> <img src='local/adapt-img/3000/10x/IMG/png/home-new-4.png?1734369734' alt='Competition Law Dictionary' width='3000' height='160' class='adapt-img' srcset='local/adapt-img/320/10x/IMG/png/home-new-4.png?1734407208 320w, local/adapt-img/640/10x/IMG/png/home-new-4.png?1734440872 640w, local/adapt-img/960/10x/IMG/png/home-new-4.png?1734440872 960w, local/adapt-img/1440/10x/IMG/png/home-new-4.png?1734422790 1440w, local/adapt-img/3000/10x/IMG/png/home-new-4.png?1734369734 3000w' sizes='(min-width: 3000px) 3000px, 100vw' /></picture></a> </div> <div class="item "> <a href="https://www.concurrences.com/en/all-books/competition-law-dictionary"><picture 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srcset="local/adapt-img/320/10x/IMG/png/home-new-4.png@.webp?1734440872 320w, local/adapt-img/640/10x/IMG/png/home-new-4.png@.webp?1734422958 640w, local/adapt-img/960/10x/IMG/png/home-new-4.png@.webp?1734371607 960w, local/adapt-img/1440/10x/IMG/png/home-new-4.png@.webp?1734368901 1440w, local/adapt-img/3000/10x/IMG/png/home-new-4.png@.webp?1734368721 3000w" sizes="(min-width: 3000px) 3000px, 100vw" type="image/webp"> <img src='local/adapt-img/3000/10x/IMG/png/home-new-4.png?1734369734' alt='Competition Law Dictionary' width='3000' height='160' class='adapt-img' srcset='local/adapt-img/320/10x/IMG/png/home-new-4.png?1734407208 320w, local/adapt-img/640/10x/IMG/png/home-new-4.png?1734440872 640w, local/adapt-img/960/10x/IMG/png/home-new-4.png?1734440872 960w, local/adapt-img/1440/10x/IMG/png/home-new-4.png?1734422790 1440w, local/adapt-img/3000/10x/IMG/png/home-new-4.png?1734369734 3000w' sizes='(min-width: 3000px) 3000px, 100vw' /></picture></a> </div> <div class="item "> <a 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