On 15 September 2011 RBB held a seminar at the UK Office of Fair Trading presenting the findings of a recent report on the Policy Impact of Conjectural Variations. Many standard economic models have the weakness of assuming that firms do not consider how rivals will react to their actions; conjectural variations represent one possible approach to incorporating such rival responses into these analyses. The report considers the usefulness of a conjectural variations approach, in particular with respect to the empirical estimation of market power and firm conduct, simple unilateral effects price pressure tests and coordinated effects.Downloads (.pptx)> Intoduction and coordinated effects> Empirical estimation of market power and firm conduct> Unilateral effects
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