This article focuses on the development of antitrust policy in transition economies in the context of preventing explicit and tacit collusion. Experience of CEE countries (Bulgaria, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, Slovenia, Czech Republic, Estonia) in the creation of antitrust system was analyzed, including both legislation and enforcement practice. The analysis takes into account such institutional problems as: classification problems (tacit vs explicit collusion, vertical vs horizontal agreements), flexibility of prohibitions (“per se” vs “rule of reason”), design of sanctions, private enforcement challenge, leniency program mechanisms, the role of antitrust authorities, especially in criminal investigation issues etc.
The article shows how the integration within the EU predetermined the development of antitrust policy in CEE countries, including the trend of the use of "rule of reason" approach. Simultaneously in the article was analyzed the experience of CEE countries in the variability of government intervention mechanisms.
In the third part of the article were shown main trends in antitrust policy transformation in CEE and common problems, that still remain actual for transition economies in this area, including the interaction problem of administrative and criminal law, rigidity of prohibitions problem and the effectiveness of leniency program design.
The paper is focused on nonlinear pricing, price discrimination and their implementation in actual markets. The introductory section uses simple examples to describe the basic notions and types of price discrimination. Section 2 reviews the main theories behind nonlinear pricing and summarizes the existing results with a focus on consumer choice for those consumers who are keen on quality. It allows the authors in Section 3 to move further to analyze the issues of “prestige” and conspicuous consumption, especially in the case when the sellers exercise their market power over buyers through brands and reputation. Section 4 shows how theoretical results are actually implemented in the automobile market. In particular, the paper shows that cars originating from countries with an established reputation as automobile manufacturers (UK, Germany, Sweden) get the highest mark-up in the market compared to the basic case. Moreover, the analysis of practical methods used in the Russian car market confirms that car dealers manage to sell automobiles as close to consumer reserve prices as possible, employing all types of price discrimination.
Antitrust legislation of many countries admits horizontal agreements between market participants as illegal per se not only in case of price fixing, market sharing, but also in case of bid-riggings. This paper has presented a review and an academic assessment of market participants behavior at auctions by bidding. Such behavior creates incentives to collude and to sustain a collusion but with some features which are suitable for auctions. These suitable features for auctions are in detail described in the paper of R. Preston Mcafee and John Mcmillan “Bidding Ring”. In order to collude, the bidders must resolve their asymmetric-information problem: they must have some way of selecting a winner and a winning bid. So the main characteristic of auction by bidding is asymmetric information. The knowledge is non-uniform distributed between the parties to the contract: the seller does not know a demand of auction by bidding participants. Otherwise the seller would know what price it is worth to set.
In our paper we used these features and the conditions of collusion’ sustainability to give academic assessment of market participants behavior at the auctions by bidding. We showed that the cartel sustainability in the conditions of e-auction corresponds to balance of profit and expected fine imposed in the case of cartel detection but not corresponds to discount factor as an indicator of “cartel sustainability”. The cases of Russian antitrust practice which are devoted to the auction by bidding in the pharmaceutical market gave us an opportunity to show how the firms use the price strategies to keep the prices at the rate which give them to earn monopoly profits.
The article is dedicated to the analysis of interconnection between government’s trade policy and companies’ business strategies. The goal of the research is to provide Russian companies with tools that allow them to analyze possible consequences of Russia’s WTO entry and make efficient strategic decisions. Trade policy measures should be analyzed as an influence factor on the industrial factors of a company and so lead to an accurate identification of company’s threats and opportunities.
The article deals with the problem of a limited access to the venture financing for the early stage technology startups (so called “Death Valley” companies) which results in the industry monopolization by several large players despite a significant economic potential of alternative technology solutions and niche products. The author demonstrates that venture funds maximizing the return on their investments typically prefer to invest only in potential market leaders. While following such investment strategy the investors typically use a set of standard operational KPIs which might inadequately forecast the future development of the business. Besides the investor’s expectation with respect to the anticipated market structure and therefore the advantages of the leader’s position vs. the followers might be inaccurate. However, given that early stage startups have almost no access to alternative sources of funding, the strategies of venture investors might result in the depletion of smaller players and eventually technology monopolization, which has been proved by several examples on the Russian internet market. The problem might escalate sue to the significant influence of investor’s sentiment (i.e. the expert opinion of other venture market’s players on the project’s potential) on the venture fund’s decision-making process.
Nowadays research of different international economic organizations concentrate more on global value chains (GVCs) analysis. Production processes of majority of goods are not limited to the production in a single country. Furthermore, involvement in different stages of production depends on the level of technological and innovative development of the country as well as on the availability of resources. Current article is devoted to the interdependence between fundamental changes in value chain model of goods and services and governments’ foreign economic regulation system. Besides, authors analyze reasons for rising fragmentation of production in the world economy and forms of participation in global value chains. The given article demonstrates assessment of prospects for national economies within GVCs based on case-study of such countries as Japan, Taiwan, South Korea and China.
Relevance of statement and studying of a problem of entrepreneurial culture development of future managers is connected with features of development of the country, with orientation of the higher education to humanistic values and meanings. In our opinion the entrepreneurial culture can be considered in a context of cultures. The article presents a view on entrepreneurial culture in a context of "culture of usefulness and dignity". The entrepreneurial culture in the modern conditions, arisen as culture of usefulness, seeks to develop in itself lines of the personality significant culture, focused on dignity, "public understanding", the humanistic principle of "solidarity". Solving problems of modernization of the higher education, relying on competence-based approach, development of entrepreneurial culture in professional education of modern managers gets a special sense. Authors defined the basic principles and problems of the educational process directed on formation of entrepreneurial culture. Experience of faculty of management of NRU HSE in Nizhny Novgorod is presented in article, the program of entrepreneurial culture development of the youth is described. The program is realized consistently at three levels, each is caused by the purposes, methods, forms, age features of participants: The first level - "Formation of an image of the modern businessman". The second level – "An entrepreneurial mentality. First experience". The third level - "I am a businessman! ".
The article is devoted to the questions of functioning markets related to base market. The problems of identification product and geographic market boundaries and monopolization of base market influence on such markets are analyzed. As an example in the research the telecom market is considered.
Modern stage of development of the world trade is characterized by phenomenon of Global value chains (GVC), which means a situation when the final good at each stage of production is produced in different regions of the World. This trend mainly can be attributed to separate production units within Multinational Corporations (MNCs) rather than to different countries. Generally, there is a positive correlation between the share of inward foreign direct investments (FDI) in GDP of a specific country and the level of its participation in GVCs and its internal value added in the export: the higher the former, the bigger is latter. So it is becoming more and more important for individual economies to integrate into existing GVCs. The author outlines positive and negative effects of countries’ participation in GVCs, which are created and controlled by foreign MNCs. Additionally, the article explains the mechanism of MNCs’ impact on GVC development. Today we can see that a new trend of the international trade is the growing role of MNCs from emerging countries like China and India. So the main conclusion is that in order to benefit from participation in GVC countries need to stimulate the creation and growth of their own multinationals.
The uniform approach to identify the markets like market of payment systems’ services (two-sided markets with network effects) has not been presented yet in the modern economic and law literature. There is also no unique answer to the basic question – how the boundaries of such a market should be identified. This paper describes the features of two-sided markets with network effects, presents a review of cases of foreign antitrust authorities against payment systems, and also the characteristics of market identification in these cases.
The performed analysis allowed drawing a conclusion on the application of the universal rules, similar to those described in The Procedure of competitive situation analysis in the product markets, in the antitrust policy. The procedure of economic analysis in the markets with the special structures can go far beyond the strict rules described in this Procedure and can require using of more instruments.
The article is dedicated to the analysis of the laws that determine the changes in the structure of industries' distribution in Russia during the period of economic growth in 1997-2004. The research shows that the geographic distribution of the production plants is still under the influence of the tendencies that existed during the Soviet times. However, one can observe the interregional industrial facility redistribution tendencies, although the scale and the speed of the change vary from one region to another. Among the factors that contribute to the changes one can name the regional investment climate characteristics, the regional scientific research potential, the interregional industrial ties and the ties that exist between the industries within one region. The research findings also show that the industries' geographic distribution is also influenced by the international competition trends.
The paper analyzes the merger between three universities in Saint Petersburg. This merger is a result of the processes taking place in the field of higher education in Russia. It includes consolidation and reduction of some other universities, formation of federal universities, reduction of numerous non-core specialties. As it is well known, the integration processes in oligopolistic markets are accompanied with increasing concentration, and hence growing of market power. It results in a decline in output, higher prices and higher profits of all firms in the industry. The merger of these universities is not motivated by these economic incentives that need to be evaluated. The article aims to predict the economic consequences of this merger within the framework of the commercial forms of education for a bachelor’s degree. In particular, our analysis shows the forthcoming price growth due to the low elasticity of demand for the higher education and other factors. The empirical analysis in the paper is based on the method of merger simulation with the use of open data on the positions available for entrants in the considered universities at Saint Petersburg.
The article considers the foreign experience of mentor and project team cooperation, identifies the main areas and features of this cooperation. A survey among the residents of the Nizhny Novgorod Innovation Business Incubator revealed the pricipal characteristics of a mentor and criteria the mentor has to match. The author developed an algorithm of forming a mentoring pool that includes five main steps.
Despite the fact that the information transparency is one of the many aspects of the corporate management system, it is the most important one among the factors that contribute to the investor confidence level change that determines the dynamics of the company attractiveness level. The information transparency is an important factor that contributes to the company competitiveness level change. The investors are to be sure that the information the company provides is full, accurate and reliable. The article author's goal is to determine the way the information transparency influences the company ordinary shares' value. The value change, in its turn, contributes to the change in the competitiveness level of a company that is present on the capital market. The article is aimed at institutional investors, top managers, and investment analysts.