미국 수평기업결합 가이드라인의 주요 개정사항에 대한 경제학적 논거, 평가 및 시사점 연구 = Economic Commentaries, Evaluation and Implication of Main Issues on the New U.S. Horizontal Merger Guidelinesel

다국어 초록 (Multilingual Abstract)

Using the existing theories, we explain the microeconomic meanings of the new Horizontal Merger Guidelines revised on August 19th, 2010. As a method, I survey and compare comments from not only competition policy experts such as economists and American Antitrust Institute, but also the interested parties such as companies and bar associations. This paper’s evaluation is focused only to the three parts, the market delineation, the market concentration, and unilateral effects, which are intensively debated by economists and interested parties. After evaluating the new guidelines, I find out the implication to revise Korean competition policies.

국문 초록 (Abstract)

본 연구는 2010년 8월 19일 개정된 미국 수평기업결합 가이드라인(Horizontal Merger Guidelines)의 주요 개정사항에 대해 경제학적 이론을 이용하여 설명하고, 이에 대해 평가하며, 향후 한국의 공정거래정책 개선에 어떤 시사점을 주는지에 대해 검토하였다. 본 연구는 기존 경쟁당국에서 근무하였거나 반트러스트 사건의 경제학자로서 참여한 경험이 있는 미국 경제학자들과 미국 반트러스트 연구소(American Antitrust Institute: AAI) 등 경쟁정책 전문 경제연구소들, 그리고 미국 변호사협회, 법무법인 등 이해관계 단체들의 비평을 취합하여 경제학적으로 설명하고 그 시사점을 평가하였다. 본 연구는 집중적인 평가를 받았던 개정 수평기업결합 가이드라인의 주요 변경사안인 HHI 기준, 시장획정 개정방향, 그리고 단독효과(unilateral effects) 평가방식에 대한 논의에 대해 중점적으로 검토하였다. 이러한 평가를 바탕으로 기업결합에 대한 공정거래정책상의 시사점을 도출하였다.

참고문헌 (Reference)

• 1 전성훈, "컨버전스 시대의 경쟁정책적 시사점" 한국산업조직학회 16 (16): 93-145, 2008
• 2 전성훈, "시장획정을 위한 임계매출감소분석의 방법과 사례" 법경제그룹 2009
• 3 日本公正取引委員會, "企業結合審査に關する獨占禁止法の運用指針"
• 4 Doane, Michael, "WARNING: Improper Use of the New Horizontal Merger Guidelines Can Result in Overly Narrow Markets, Mistaken Inferences of Market Power, and Wrong-Headed Analyses" Competition Policy Interantional 2010
• 5 American Antitrust Institute, "VIEWS OF THE AMERICAN ANTITRUST INSTITUTE, in Public comments #548050-00025"
• 6 Farrell, Joseph, "Upward Pricing Pressure in Horizontal Merger Analysis: Reply to Epstein and Rubinfeld" 10 (10): 2010
• 7 Simons, Joseph J, "Upward Pressure on Price (UPP) Analysis: Issued and Implications for Merger Policy" 6 (6): 377-396, 2010
• 8 Berlin, Isaiah, "The Hedgehog and the Fox: An Essay on Tolstoy’s View of History" Simon and Schuster 1953
• 9 Weyl, E. Glen, "The First-Order Approach to Merger Analysis" 2010
• 10 Coate, Malcolm B., "The Enhanced Upward Pressure on Price Screen: Merging Markets into The Methodology" U.S. Federal Trade Commission (FTC) 2010
• 11 Shapiro, Carl, "The 2010 Horizontal Merger Guidelines: From Hedgehog to Fox In Forty Years"
• 12 Schmalensee,R, "Should New Merger Guidelines Give UPP Market Definition" 12 : 2009
• 13 Chadbourne, "Revised Horizontal Merger Guidelines Issued By FTC, DOJ"
• 14 Willig, Robert, "Public Comments on the 2010 Draft Horizontal Merger Guidelines, in Public comments #548050-00015"
• 15 Salop, Steven, "Proposed Horizontal Merger Guidelines: Economists’Comment, in Public comments #548050-00017"
• 16 Vascott, David, "Neven criticises new US guidelines" 2010
• 17 Epstein, R, "Merger simulation: A simplified approach with new applications" 69 : 883-919, 2001
• 18 Bailey, Elizabeth M., "Merger Screens: Market Share-Based Approaches Versus Upward Pricing Pressure" The Antitrust Source 2010
• 19 Varney, Christine A., "Meger Guidelines Workshops, in Department of Justice"
• 20 Scheffman, David, "Margins in Merger Analysis, in Public comments #548050-00050"
• 21 FTC(Federal Trade Commission), "Horizontal Merger Investigation Data, Fiscal Years 1996-2007"
• 22 US DOJ, "Horizontal Merger Guidelines for Public Comment"
• 23 Vigdor, "Horizontal Merger Guidelines Review Project: Proposed New Horizontal Merger Guidelines, in Public comments #548050-00031"
• 24 US DOJ, "Horizontal Merger Guidelines"
• 25 US DOJ, "Horizontal Merger Guidelines"
• 26 Hovenkamp, Herbert, "Federal Antitrust Policy" West Group 1999
• 27 Katz, Michael L, "Critical Loss: Let’s Tell the Whole Story" 49 : 2003
• 28 Schwartz, Marius, "Comments on: Horizontal Merger Guidelines for Public Comments, in Public comments #548050-00021"
• 29 General Electric Company, "Comments of General Electric Company, United Technologies Corporation and Honeywell International Inc. To the Federal Trade Commission and Department of Justice On the Proposed Horizontal Merger Guidelines, in Public comments #548050-00028"
• 30 International Bar Association Antitrust Committee, "COMMENTS OF THE INTERNATIONAL BAR ASSOCIATION REGARDING THE PROPOSED U.S. HORIZONTAL MERGER GUIDELINES, in Public comments #548050-00035"
• 31 American Bar Association, "COMMENTS OF THE ABA SECTION OF ANTITRUST LAW, in Public comments #548050-00026"
• 32 Carlton, Dennis W., "COMMENT ON DEPARTMENT OF JUSTICE AND FEDERAL TRADE COMMISSION’S PROPOSED HORIZONTAL MERGER GUIDELINES, in Public comments #548050-00034"
• 33 Farrell, Joseph, "Antitrust Evaluation of Horizontal Megers: An Economic Alternative to Market Definition" 10 (10): 2010
• 34 Stigler, George J., "A Theory of Oligopoly" 72 (72): 44-61, 1964
• 35 O'Brien, D. P, "A Critical Analysis of Critical Loss Analysis" 71 : 161-184, 2003