Ценовые эффекты легализации параллельного импорта
The article is devoted to the assessment of the impact of three large-scale horizontal mergers — in the production of aluminum, in the production of cement and in the production of grain-oriented steel, — on the prices, which are quoted by the companies for the buyers. All mergers resulted in market structure close to monopoly in domestic market. Using differencein-difference estimation of price increase it was shown that in six out of nine products analyzed mergers influenced prices significantly. But only in two out of six cases statistical significant price increase is reported. We consider these results as an evidence, though indirect, that despite the serious competition concerns the most important effects of mergers are efficiency gains in contrast to monopolistic price increase.
On February 13, 2018, the Constitutional Court of the Russian Federation declared judgment No. 8-П «On Constitutionality of the Provisions of paragraph 4 of Article 1252, Article 1487 and paragraphs 1, 2 and 4 of Article 1515 of the Civil Code of the Russian Federation in connection with complaint of the limited liability company «PAG», which in many respects is crucial for parallel importers operating on the Russian market. In addition to the question of the constitutionality of parallel imports per se, the Constitutional Court of the Russian Federation touched on several other very important legal topics, including abuse of exclusive rights, individualization of liability for IP infringements, and expressed its attitude towards sanctions imposed by foreign states against Russia. The Constitutional Court confirmed that national exhaustion rule prescribed by the Civil Code of the Russian Federation is not contrary to the Constitution. However, courts must differentiate civil liability when they deal with counterfeited goods and parallel imports due to the fact that parallel importation does not represent equal threat to the right holders compared to counterfeiting. Moreover, it was stressed that in cases of abuse of rights, bad faith behavior or refusal to supply goods to Russia because of compliance with sanctions regime against Russia courts are authorized to deny claims of the right holders to prevent parallel imports.
The paper studies a problem of optimal insurer’s choice of a risk-sharing policy in a dynamic risk model, so-called Cramer-Lundberg process, over infinite time interval. Additional constraints are imposed on residual risks of insureds: on mean value or with probability one. An optimal control problem of minimizing a functional of the form of variation coefficient is solved. We show that: in the first case the optimum is achieved at stop loss insurance policies, in the second case the optimal insurance is a combination of stop loss and deductible policies. It is proved that the obtained results can be easily applied to problems with other optimization criteria: maximization of long-run utility and minimization of probability of a deviation from mean trajectory.