Market delineation is a fundamental tool in modern antitrust analysis. However, the definition of relevant markets can be very difficult in practice. This preliminary draft applies a new methodology combining a simple price correlation test with hierarchical clustering -a method known from...

We study how consumer search affects pricing in markets with incumbents and entrants using panel data on German electricity retail markets. Consumers observe the baseline price of the incumbent and decide whether or not to search. Incumbent providers can price discriminate between searching and...

We investigate the entry of low-cost airlines (LCAs) in the German passenger transportation market. Using market research data and unique turnover and pricing information, we document that substitution rates between LCA and the incumbent rail operator Deutsche Bahn (DB) are substantial. As the...