these views are not necessarily
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These Views Are Not Necessarily. Those of the U.S. Federal Trade Commission (or of any individual commissioner) 本文仅代表作者个人观点 不代表联邦贸易委员会或任何委员的观点. A Critical Look. At Critical Loss 对临界损失分析的一个审视. Three Goals of this Talk 本次讨论的三个目标. CLA Defined. How it is Used (and at times misused) - PowerPoint PPT PresentationTRANSCRIPT
These Views Are Not Necessarily
Those of the U.S. Federal Trade Commission
(or of any individual commissioner)
本文仅代表作者个人观点不代表联邦贸易委员会或任何委员的观点
A Critical Look
At Critical Loss
对临界损失分析的一个审视
Three Goals of this Talk本次讨论的三个目标
• CLA Defined. How it is Used (and at times misused)
• 定义临界损失分析:如何使用(有时误用)
• CLA: Special Cases• 临界损失分析:特殊情况
• CLA and Competitive Effects • 临界损失分析和竞争效应
What Critical Loss Is临界损失分析是什么?
It is an effort to answer the following question: “Would a price increase of
X percent be profitable?” 临界损失分析试图回答以下问题:“将价格提
高 X% 是否有利可图?”
MC
P0
P1
Added 增加的利润 Lost
损失的利润
The Pain vs. The Gain提价的得与失
Price, Cost价格,成本
Quantity产量
Two Effects from Raising Price提价带来的两种效应
• a. Lower from losing sales• a. 由于销量损失而失去的利润
• b. Greater on sales at higher prices • b. 由于提价而增加的利润
Enter CLA进入临界损失分析
• If losses are < than some “Critical” amount, the X% price increase raises profits
• 如果损失的销量小于某一“临界”数量,则 X% 的提价能够增加利润。
Some Economics of Profit Maximization一些关于利润最大化的经济学
• Firms maximize profit by setting MR =MC • 企业通过设定边际收益 = 边际成本取得 最大利润
• This generates the following relationship:
• (P-Marginal Cost)/P = 1 / (the firm’s demand elasticity)
• 据此可得出以下关系:
• Lesson: In general, when a firm’s price-cost margin is high, it doesn’t lose many sales from raising price a little. And, it doesn’t gain many sales when it lowers price a little
• 经验:一般而言,当企业的价格成本利润率很高时,小幅提价不会损失很多销售量,小幅降价也不会增加很多销售量。
.
- 1=
价格 边际成本价格 企业的需求弹性
Pretty Lady is Merging with Beautiful Fragrance 漂亮女士与美丽香水的合并
• Profit-maximizing P, Pre-merger, is $100 for Both
• 合并前双方的利润最大化价格都是 $100
• Per unit Marginal Cost for Both is Constant at $75
• 双方每单位的边际成本恒为 $ 75
• Price Elasticity of Demand Facing Pretty Lady is -4
• 漂亮女士所面临的需求价格弹性为 -4
• One-quarter of Lost Pretty Lady Sales Go to Beautiful Fragrance• 漂亮女士所损失的销售量有四分之一被美丽香水收入囊中
• Critical Loss Unilateral Effects Question:
• 临界损失单边效应问题:• Will the merged firm profit from a 5% increase in the price of
Pretty Lady?
• 将漂亮女士的价格提高 5% ,合并后的企业是否将会获利?
Did you notice…你是否注意到…
• That we just analyzed a merger’s competitive effect without first defining a market?
• 我们刚才分析了一起合并的竞争效应,却没有先界定一个市场 ?
Caveats & Non-Standard Applications注意事项和非标准应用
CLA: Price Increases > a SSNIP 临界损失分析:提价幅度 > 一个 SSNIP
CLA: Price Discrimination is Feasible临界损失分析:价格歧视是可行的
CLA: Demand or MC Change Greatly as Output Changes临界损失分析:需求或者边际成本随着产出的变动而大幅变动