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Competition and market power : a critical reassessment in light of recent changes

Abstract : The main objectives of this thesis are to explain the emergence of competitive dynamics characterized by a symbiosis between competition and market power and to elucidate how they can be apprehended through the lenses of competition theory. Chapter I investigates the evolution of forms of competition in the United States from 1840 to today. We show that while in some cases market power has translated into hindering competition (and vice versa), in others the two establish a symbiotic relation. Chapter II reviews competition theories and concludes that they do not account for the coexistence of two major stylized facts characteristic of the current hegemonic form of competition: long-run profit rate differentials and strong price competition. Chapter III develops a contribution to competition theory within and between global value chains (GVC). We show that uneven interdependence is the source of intra-GVC market power, which explains long-run profit rate differentials between firms belonging to the same GVC. Then we show how they can be compatible with strong price competition. Chapter IV studies platform capitalism with a focus on “trust-based algorithmic coordination” (TBAC) firms. Building on the case of the ride-hailing firm Uber, we argue that the TBAC firm conjugates vertical market power with strong price competition in a competitive dynamics in which there is a tendency towards monopolization.
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Submitted on : Tuesday, November 26, 2019 - 10:47:20 AM
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Bruno Carballa Smichowski. Competition and market power : a critical reassessment in light of recent changes. Economics and Finance. Université Sorbonne Paris Cité, 2018. English. ⟨NNT : 2018USPCD016⟩. ⟨tel-02380216⟩



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