private litigation and economics under the anti-monopoly

Private Litigation and

Economics under the

Anti-Monopoly Law (AML)《反垄断法》中的民事诉讼与经济学

Vanessa Yanhua Zhang, Ph.D.

张艳华博士

Global Economics Group (GlobalEcon)

全球经济咨询集团

Hong Kong, China

中国香港

2017.12.15-16

ROLE OF ECONOMICS IN ANTITRUST

PRIVATE LITIGATION经济学在反垄断民事诉讼中的作用

Chapter 1

第一章

19-Dec-17 Global Economics Group 2

The case law and decisions have increasingly focused on economic questions.

判例法和决策实践越来越重视经济学问题。

Economic theory and empirical methods can help answer those questions and economists are often called on to do so by the agencies, the parties, and sometimes even the courts.

经济理论和实证方法可以帮助回答这些问题，经济学家经常被执法机构、原告被告有时甚至是法院要求这样做。

There is increasing faith in social welfare of market around the globe therefore greater reliance on economic understanding to make market work.

全球范围内对市场的社会效益的信心越来越强，因此更多地依靠对经济学的理解来推动市场发挥作用。


Importance of Economics in Competition Policy反垄断竞争政策中经济学的重要性

• Common "language" between competition agencies and their related groups around the world to discuss competition policy issues

竞争当局和全世界与之相关的团体讨论竞争政策问题的共同“语言”

• Basis of three pillars of competition policy: cartels, mergers and acquisitions, and abuse of market dominance

竞争政策三大支柱的基础: 卡特尔、并购、以及市场支配地位的滥用

• Decision-making tools of competition agencies and courts

竞争当局和法院的决策工具

• Application of Economics in private litigation

民事诉讼中经济学的应用– Determination of market dominance and abuse in antitrust litigation／反垄断诉讼中支配地位和滥用行为的认定

– Calculation of damages in antitrust litigation／反垄断诉讼中损害赔偿的计算

– Determination of royalties in patent litigation／专利诉讼案件中专利费的厘定

– Valuation of financial products in financial litigation／金融诉讼中金融产品估值

– Calculation of damages in commercial disputes／商业纠纷中的损害赔偿计算

……


ECONOMICS CONCEPTS THAT AFFECT

ANTITRUST PRIVATE LITIGATION影响反垄断民事诉讼的经济学概念

Chapter 2

第二章


Static

Competition

vs. Dynamic

Competition静态竞争 vs.

动态竞争

Consumer

Welfare消费者福利

Consumer

Demand消费者需求


Important Role of Marginal Consumers边际消费者的重要作用

• When price changes, the purchase volume of “marginal” consumers decreases (price increases) or increases (price decreases).

当价格变化时，“边际”消费者购买减少（价格上涨）或增多（价格下降）。

• When a company decides whether or not to raise the price, it mainly considers how many consumers are “on the margin” between “to-buy” and “not-to-buy”, because the consumers will stop purchasing when price increases.

当企业决定是否提高价格时，他们主要考虑多少消费者在买和不买的“边际”，因为如果价格上涨，这些消费者将停止购买。

• Therefore only “marginal” consumers may limit the company’s ability to raise prices, especially after excluding competitors.

因此“边际消费者”才能限制公司提高价格的能力，尤其是排除竞争对手后。

• The “average” consumer may not be relevant for analyzing substitution since the average customer may not consider switching when price goes up.

由于平均消费者在价格上涨时可能不考虑转换，因此“平均”消费者可能与替代分析无关。


Two Implications of Competition竞争的两种含义

Competition in the Market: The existence of multiple firms

that seek consumer business and offer consumer choice.

(Static competition.)

在市场中的竞争：存在多个公司，这些公司在市场中寻求业务，提供消费选择。这也被叫作“静态竞争”。

Compete for Market: The act of striving against another

force for the purpose of achieving dominance or attaining a

reward or goal. (Dynamic competition.)

竞争市场：为了获得支配地位或为了取得回报或实现目标，对抗另一种力量的行为。这也被叫作“动态竞争”。


Static Competition between Firms in a Market 市场中企业之间的静态竞争

• Each firm sets price to attract customers from other firms in the market that produce substitutable (interchangeable) products. 每家企业制定价格，以吸引同一个市场上其他企业的顾客，这些企业生产替代产品。

• Product characteristics are set so firms cannot change the quality or characteristics of their products.产品特点是固定的，因此企业不能改变其产品的质量或特点。

• Firms’ cost structures are set so they cannot expand capacity; cannot lower costs through improved technology or management.

企业的成本结构是固定的，因此他们不能扩展规模；不能通过改进技术或管理降低成本。

• Information on prices is widely known and transaction costs are minimal.价格方面的信息是公开的，交易成本是最低的。



Firms try to win market share by charging a low price.

Competition drives price down so that it just covers cost and

offers a competitive return on capital.

企业试图通过低价赢得市场份额。竞争促使价格下降，因此价格只覆盖成本和提供竞争性的资本收益率。

Dynamic Competition between Firms for A Market企业争夺市场的动态竞争

• Firms race to secure leading position– By being first to market with a product or service (iPhone)– By finding a niche (left-handed guitars)– By creating a brand (Lexus)– By coming up with new idea for product or service or way for producing something

more cheaply (search-based advertising).

• 企业相互竞争，确保自己的领先地位– 通过领先在市场上推出某种产品或服务 (iPhone)– 通过找到合适的定位 (左手吉他)– 通过创造品牌 (Lexus)– 通过提出产品或服务的新想法，或者找到能够更便宜地生产某种东西的新方式（基于搜索的广告）。

• Firms try to stave off rivals to recover their investments and risk taking

– First-mover advantages

– Intellectual property rights

– Switching costs

– Entry barriers such as economies of scale and network effects.

• 企业努力避开竞争对手，以获得投资和承担风险的回报– 先动者优势– 知识产权– 转换成本– 进入壁垒，例如规模经济和网络效应。



Firms try to win market share by altering the quality and

customers’ perceptions of their products and creating new

products.

企业试图通过改变质量和消费者对其产品的认知，以及创造新产品，以赢得市场份额。

More competition for the market leads to more innovation and

greater efficiency in the long run从长远来看，更多抢夺市场的竞争会带来更多的创新和更高的效率

The prospect of “monopoly” profits induces risky investment and

innovation. Even though most efforts fail firms race to come up

with the next great idea. 对“垄断”利润的追求，会引起风险投资和创新。即使大多数尝试失败，但企业仍会竞相提出下一个新想法。

Society benefits enormously from new products and services

that come from these efforts. 社会极大地受益于这些尝试带来的新产品和服务。

Society also benefits when firms come up with innovations that

enables them to produce things more cheaply.当企业提出的创新使他们生产出更廉价的产品时，社会也会极大地获益。



Like lotteries, most entrepreneurs who play this game lose. There

has to be a prize for those who win.

就像买彩票一样，大多数企业家在这场游戏中失败。对那些获胜的人，必须有奖赏。

REPRESENTATIVE CASES IN ANTITRUST

PRIVATE LITIGATION IN CHINA我国反垄断民事诉讼中代表性案件

Chapter 3

第三章


Economic Principles under China’s Anti-Monopoly

Law (AML)中国反垄断法中的经济学原则

Improve

economic

efficiency 提高经济效

率

Promote

market

competition 促进市场竞

争

Increase

consumer

welfare提高消费者福利


• Abuse of Dominance Cases – Was there an attempt to foreclose competition?

滥用支配地位案——是否有试图阻止竞争？

Does the practice have the potential to foreclose rivals.

这种做法是否有可能封杀对手。

Does the practice have the effect of harming consumers.

这种做法是否有损害消费者的作用。


Qihoo 360 v. Tencent - Guiding Case of Supreme Court奇虎360诉腾讯–最高法指导性案件

• Determination of market dominance 市场支配地位的认定

Adopt the “two-sided market" theory in the economics and improve the traditional methods采纳经济学前沿“双边市场”理论，对传统方法进行改进

Dynamic competition动态竞争

• As the Internet businesses become more sophisticated, judges will confront more challenges互联网业务变得越来越复杂，法官们将面临更多挑战

Limitation of traditional antitrust theories before new technologies传统反垄断理论在新技术面前的局限

Challenges related to the pace of technological change有关技术性变革进程的挑战

How to define the relevant market and determine market power are still open questions.如何定义相关市场和市场支配力仍是开放性的问题


谢谢!

19© Global Economics Group. Do Not Distribute Without Permission

Vanessa Yanhua Zhang, PhD 张艳华博士

Global Economics Group (GlobalEcon)

全球经济咨询集团

Managing Director 董事总经理

[email protected]

mailto:[email protected]

private litigation and economics under the anti-monopoly

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