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Terms and Abbreviations | Economic Terms and Abbreviations | Law Journals and Law Reports

Terms and Abbreviations

ACCC - Australian Competition and Consumer Commission

Glossary imageACT - Australian Competition Tribunal

ASIC - Australian Securities and Investment Commission

AER - Australian Energy Regulator

Authorisation - process of authorising conduct otherwise prohibited as anti-competitive

Birdsville Amendment - reference to s 46(1AA) as inserted by the Trade Practices Legislation Amendment Act 2007

Cartel - agreements between competitors

CCA - Competition and Consumer Act 2010

CDPP - Commonwealth Director of Public Prosecution

Competition- process of rivalry

Dawson Report - Reference to Dawson Review 2003

DLC - Dual Listed Company (see s 49)

DOJ - Department of Justice (US)

ED - Exclusive Dealing

Federal Court - of Australia; has exclusive jurisdiction over Part IV claims

FTC - Federal Trade Commission (US)

Government - Timeline of Australian parliaments and Prime Ministers

Griffiths Report - Reference to Griffiths Committee Report 1989

Hilmer Report - Reference to National Competition Policy Review 1993

Harper Review - Reference to the 2014-2015 Competition Policy Review

ICN - International Competition Network

Market - Field of ravalry between firms in which there is substitution in response to changing prices

Market Power

Merger - see Merger page

NBN - National Broadband Network

NCC - National Competition Council

OECD - Organisation for Economic Co-operation and Development

PC - Productivity Commission

RPM - Resale Price Maintenance (vertical price fixing)

SLC- Substantial Lessening of Competition

TPC - Trade Practices Commission (now ACCC)

TPA - Trade Practices Act 1974 (since 1 Jan 2011, the Competition and Consumer Act 2010)


Economic terms and abbreviations

AAC - Average Avoidable Cost

AFC - Average Fixed Cost

ATC - Average Total Cost

AVR - Average Variable Cost

CAPM - Capital Asset Pricing Model

Cellophane fallacy - where there is an existing monopolist in market, use of prevailing price as proxy for competitive price in a SSNIP analysis will incorrectly lead to the rejection of the monopolised market as a relevant market - often resulting in the incorporation of implausible substitutes (named after the case of United States v El du Pont De Nemours & Co 351 US 377 (1956)

Elasticity - Extent to which demand changes in response to price change

ERP - Equity Risk Premium

HHI - Herfindahl–Hirschman Index (concentration metrix; in merger cases HHI is calculated by adding the sum of the squares of the post-merger market shares of each of the merging firms and each rival in the identified market. This estimates the level of market concentration both before and post merger - the change in concentration is referred to as the 'delta') (HHI is used by ACCC as measure of concentration: see Merger Guidelines 2008 para 7.9)

HMT - Hypothetical Monopolist Test (used in process of market definition - determined through use of SSNIP)

Lerner Index - Describes a firm's market power - defined as L = P-MC/P = 1/[E] (where E = elasticity of demand) (resulting index ranges between high of 1 (more market power) and low of 0 (no MP) (so the closer it is to 0 the closer it is to a perfectly competitive market; the closer to 1 the closer to monopoly)

LRAIC - Long-run Average Incremental Cost

Market - Field of ravalry between firms in which there is substitution in response to changing prices

MC - Marginal Cost (cost of producing last unit of output)

MP - Market Power

ROCE - Return on Capital Investment

ROR - Rate of Return

SLC- Substantial Lessening of Competition

SSNIP - Small but Significant Non-transitory Increase in Price

WACC - Weighted Average Cost of Capital


Law Journals and Law Reports (Australia)

ABLR Australian Business Law Review
ALJ Australian Law Journal
ALJR Australian Law Journal Reports
ALR Australian Law Reports
ATPR Australian Trade Practices Reports
CCLJ Competition and Consumer Law Journal
CCLN Competition and Consumer Law News
CLR Commonwealth Law Reports
FCR Federal Court Reports
FL Rev Federal Law Review
FLR Federal Law Reports
Mon LR Monash University Law Review
MULR Melbourne University Law Review
UNSWLJ University of New South Wales Law Journal



Law Journals (Other jurisdictions)

  Antitrust Bulletin
  Antitrust Magazine
Antitrust LJ Antitrust Law Journal
  Antitrust Source
  Competition Law Journal
ECLR European Competition Law Review
Eur Bus L Rev European Business Law Review
Eur Competition J European Competition Journal
  European Law Review
  Journal of Competition Law and Economics
  Journal of European Competition Law & Practice
  Global Competition Litigation Review
  OECD Journal of Competition Law and Policy
  World Competition