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Is the Competition Commission meeting its objectives in the UK retail grocery market?

Is the Competition Commission meeting
its objectives in the UK retail grocery
market?
A theory-based assessment

Stephen Watts
Edited by Hedley Stone
5/10/2009

Introduction
This project is about the economic debate around the control of monopoly power in
the UK. More specifically, its purpose is to assess the effectiveness of the
Competition Commission in identifying and tackling the abuse of monopoly power in
the UK retail grocery market through an examination of the design and impact of a
report published in 2008. I have selected the retail grocery market as there is a
recent competition report on it and it is a sector where a lot of information is in the
public domain.
In my analysis, I consider the theoretical basis of the report and will attempt to use
measures such as the Lerner Index, the Herfindahl-Hirschman Index and the
Cournot model to estimate monopoly power within the industry. I begin with a brief
review of the literature contained within DD309, go on to review other economic
literature on the theory surrounding monopolies and the abuse of monopoly
power.and then analyse how that theory has been applied in the report to the supply
of groceries in the UK market. Finally, I look at how the report has impacted on
developments within the grocery sector.
Literature Review
Within the static neoclassical model, perfect competition delivers normal profits to
firms and maximises consumer welfare such that the outcome is Pareto efficient – it
is not possible to make someone better off without making someone worse off.
Perfect competition by definition requires an indefinitely large number of consumers
and producers such that no one has any influence over the market price Reality of
course is far removed from this, but in a competitive environment you would expect
price competition to lower prices to the benefit of consumers at the expense of
producer profits.
At the other extreme of the neoclassical school is another static model, namely that
of a monopoly. In its purest sense it is where one supplier supplies the whole market
and in doing so is able to enjoy monopoly or ‘supernormal’ profits. For a monopoly to
be effective it will need barriers to entry or else its supernormal profits will attract
4
other firms into the market. The more a firm can prevent other firms from entering the
market the more freedom it will have to exercise monopoly power. Often, the
competition authorities will be able to legislate to remove such entry barriers, but it
will be impossible to inject competition into a natural monopoly. A natural monopoly
occurs in an industry when the economies of scale are such that a single firm can
supply the market at lower average cost than a number of smaller firms (Costello
and Mackinosh 2006). A good example of a natural monopoly is a distribution
network with declining average costs over the range of output required. In this
situation the introduction of competition by the regulator will be pointless as
eventually, once again, one firm will dominate the market and regulation of that
market will be the only option.
Natural monopolies aside, most cases that the competition authorities have to
consider will lie somewhere between the two extremes outlined above. The role of
the competition authorities is to set the rules of the game; preventing firms from
getting too much monopoly power or, if that is unavoidable, to make sure the
benefits of the monopoly are targeted towards improving the welfare of consumers.
(Régibeau 2009)
The work of Mason and Bain has laid the foundations of the neoclassical analysis of
the impact of competition on the profitability of firms. The basic idea is that the
economic performance of an industry is a function of the conduct of buyers and
sellers which, in turn, is a function of the industry’s structure (Mason, 1939; Bain,
1956).
Industry structure includes such variables as the number and size of buyers and
sellers, technology available, degree of product differentiation, extent of vertical
integration and level of barriers to entry. This in turn impacts on firm conduct which
includes capacity installation and utilisation, promotion and pricing policies, inter-firm
competition or co-operation and research and development. Economic performance
is measured in terms of welfare maximisation (Scherer, 1980).
There are several ways of measuring market power. One way to measure the
degree of monopoly power within the industry would be the Lerner Index, which
seeks to measure the degree to which the price can be raised above the marginal
cost and is expressed as:
5
The Herfindahl-Hirschman Index (HHI) measures market power indirectly by
measuring concentration in the industry. That is, it measures market power through
its link with market structure. The index sums the square of the market share for
each firm in the industry. We can relate the HHI to the Lerner Index by dividing by
the price elasticity of demand such that
The more price inelastic the demand for the goods (the closer the value of ε is to
zero) the higher the Lerner Index and the more ability there is to raise the price
above the marginal cost. (Regibeau 2009)
As mentioned above, the essential link between structure and performance is
barriers to entry and without them monopoly profits cannot be maintained. Barriers to
entry are defined by Bain as:
“the advantage of established sellers in an industry over potential entrant
sellers, these advantages being reflected in the extent to which established
sellers can persistently raise their prices above a competitive level without
attracting new firms to enter the industry” (Bain, 1956).
The concept of barriers has been further developed by Caves and Porter to include
mobility barriers. These are barriers that exist to existing firms in the market place
rather than to new entrants. These may explain why some firms in the industry do
better than others (Caves and Porter 1977).
In contrast to the static neoclassical model Schumpeter takes a dynamic approach
arguing that the monopoly profits that firms might be able to earn in concentrated
markets enables them to innovate in a way that they might not be able to if the
market was competitive. In other words rather than a sign of inefficiency monopoly
profits are the reward for previous innovation and the source of funds for future
innovation (Schumpeter 1987).

‘Is there a relationship between carbon dioxide emissions and economic growth? How can we tackle global warming whilst maintaining economic growth

For my project I would like to focus my research on carbon trading and its impact on
economic growth. My current question idea is:
‘Is there a relationship between carbon dioxide emissions and economic growth? How can
we tackle global warming whilst maintaining economic growth’
I will use Chapter 13 section 3 of my textbook to form the basis of my work. I will use
information from this chapter to develop my introduction and theory where I will explain
and analyse carbon trading and the costs and benefits of different tools used to reduce
carbon emissions. With this I can also draw upon theory from Chapter 11, where costbenefit analysis can be used for the different methods of carbon emission reduction. From
these sources I can relate to the second part of the question to give insight into which policy
instruments may be best for economic growth. I can then support these ideas with
secondary data found from other sources.
I am planning to use both qualitative and quantitative secondary data obtained from
different reports. To support my question idea that there is a relationship between
emissions and economic growth I will be using an empirical analysis from a study that I will
use as one of my sources. The theoretical summary from these findings is that emissions
initially increase with a growing economy to later decrease after a certain point of wealth.
This is supported by a regression analysis using data provided by the world bank database.
I am not too sure what is the best order to do my research. I am thinking of finding my
quantitative data first and then going onto the theory.
This was my tutors comments:
Thanks for this. I am sorry to say this, but please do not do this as a Project. It is a
macroeconomics topic in the way you want to look at this. It will fail because you are
supposed to do a microeconomics project.
Looking at one activity, firm or industry would be fine, but not whole economy (ies).
This is also a poor Plan.
There is much missing in this Plan
Section 2 is very important.
You need to include some preliminary references and an explanation of how they
relate to the research question. The readings might contribute to some of the
following:
” theoretical framework,
” motivation
” interpretation of (or expectations about) findings
” policy issues
” issues relevant to their research method (e.g. data or estimation issues in

Discuss 5 course concepts from PA 6650; Governmental Budgeting and Finance Management.

PA6650 GOVERNMENTAL BUDGETING AND FINANCE MANAGEMENT: REVIEW INSTRUCTIONS

“Discuss 5 course concepts from PA 6650; Governmental Budgeting and Finance Management. For specific instructions, refer to the document entitled, “Instructions for Completing Weekly Assignments”. I strongly recommend that you look ahead at your major paper for the course and develop weekly course reviews that address concepts that you expect to use in your final analysis paper. In this way, you can actually develop very comprehensive pieces on things you can then import into your final paper later on. As indicated in the instructions, be sure to provide the discussion in your own words and ensure that it includes very comprehensive details about the concepts you choose including an appropriate source (theorist’s or author’s last name is sufficient).” -per professor

how well has the company performed as seen through its performance ratios?

The Task
This assignment is concerned with the financial performance and financial position of a company over a period of time. Key areas of interest are:
Performance: how well has the company performed as seen through its performance ratios?
Financing/Position: how does the company choose to finance its activities and investments and what are the implications of these choices for its financial position?

Your position is that of an analyst working in a financial advisory firm. Your role is to monitor and evaluate publicly available information about the company, reporting your findings to members of the executive team.
Your line manager, Maya Walden, has emailed you the following message:
‘Hi. We have been approached by a group of high net worth private investors in Dubai who are looking to make long-term, strategic investments into online retailing industries. Their representative, Liam, who is based in London, has expressed a particular interest in the global, fashion, retail industry sector. I have asked James, the finance intern, to pull together some ratios for ASOS plc in an excel spreadsheet and pass them on to you.
Can you prepare a report, no more than 1,200 words please, which clearly explains ASOS plc’s investing and financing activities and profits performance? The most recent annual report that we have been able to obtain is for the year ended 31 August 2021, so you should certainly use that. Could your report also explain anything that they have been investing in and how the company is being financed? You will need to present the ratios in your report, but you will not need to explain the meaning of the ratios themselves.
Could you conclude your report by stating whether or not, based on your analysis of the numbers along with other research, you think that ASOS plc would make a good long-term investment? You will find it helpful to use the information in the Strategic Report at the front of ASOS plc’s annual report to help you interpret the ratios but could you also include some research from newspaper articles and/or from news websites to back up your conclusions?
Your report must set out who it is to, who it is from, be dated, give a heading and include a brief introduction and conclusion. The main body of your report must include a discussion of the ratios (first of all for investing and financing, and secondly for the profits performance), to include information from the sources that you have decided to use.
Clarity of written English is important. Liam’s clients are highly educated but English is not their first language. Also, we need to respect the value of their time, so the report must be clear and direct. It is important that they can understand its message without having to think too much about it.

How do you manage your time and prioritize your responsibilities in order to ensure you meet your goals?

Topic:
Communication Strategies

Description
How do you manage your time and prioritize your responsibilities in order to ensure you meet your goals?
What are some ways you can prepare for an interview? Identify and describe each.

Identify the main sources of company finance and the consequences of different capital structures.

You are required to
Review and evaluate the information provided
Source additional publicly available and relevant information e.g. management commentary type disclosure in annual reports, newspaper articles, websites etc.
Write a formal report addressed to your line manager, Maya Walden that addresses the request in the message.

Word limit: 1,200 words

Sources
Company information: https://www.asos.com/about/
Annual report: https://www.asosplc.com/investor-relations/results-centre/
Online links to The Guardian Business, The Financial Times and BBC news are provided via READING LISTS on moodle.

Learning outcomes relevant to this assignment
Locate, evaluate and use information from multiple sources to critically appraise the financial performance and position of companies in the light of their strategic and operational objectives.
Identify the main sources of company finance and the consequences of different capital structures.

Assume that you have been contracted to help a brand of your choice enter a new market. The choice of market is up to the individual student and can be geographic, transferring to an online platform, or consumer profile driven.

Coursework Task

There is 1 part to this coursework.

Assume that you have been contracted to help a brand of your choice enter a new market. The choice of market is up to the individual student and can be geographic, transferring to an online platform, or consumer profile driven.

This coursework should present an integrated marketing plan in report format. The report should adhere to the following structure (i.e. the SOSTAC model):
⦁ Situational Analysis (e.g. Brand/company information, background to existing brand elements; competitor analysis; customer journey)
⦁ Objectives
⦁ Strategy – based around CBBE model
⦁ Tactics
⦁ Actions (including budget and timetable).
⦁ Control (including implementation and metrics for evaluation).
⦁ References

Word Count and Format

The word count guide for part 1 of the coursework is not more than 3,500 words (+/- 10%). Anything over 3,850 will be disregarded. Please state the word count for both parts of the assignment on the first page of your assignment. The word count excludes any title page, the reference list at the end of the report, or any appendices. However, please resist the temptation to put material that really should be in the main text into appendices.

All material (academic and other) that you cite should be properly referenced in the text and in the reference list (in Harvard style) at the end of your report.

Coursework Marking Rubric

The following criteria is used to assess both aspects of the coursework.
⦁ Application of Theory
⦁ Evidence Base
⦁ Critical Analysis and Interpretation
⦁ Overall Presentation and Structure
⦁ Creativity/Originality of Report
⦁ Recommendations

Please see the rubric at the end of this coursework brief for further details of the criteria against which you will be assessed, and descriptors of performance on the coursework for each assessment criterion.

Coursework Submission

The deadline date is provided above. One electronic copy must be uploaded to the submission point for the module on LEARN by the submission deadline.

You must use the following file naming convention for your work. You should not include your name anywhere on your assignment. You should also include the filename in the header of your assignment.

StudentNumber – Module code – Coursework component (e.g. B123456-20BSP062-CW1)

Your submission should be one document only (i.e. no loose appendices etc), preferably in Word or as a pdf (not scanned copy). If your assignment consists of different documents in varying formats you will need to embed them in a Word document or convert them to pdf and upload one document. The file size limit for your submission is 20MB.

IMPORTANT NOTE: You need to ensure you back up your coursework and any other important documents. Information on data storage can be found here: http://www.lboro.ac.uk/services/it/student/storage/.

Losing your work through technical failure is not a valid reason for a Mitigating Circumstances claim or a coursework extension request.

Extensions and Mitigating Circumstances

If you have any other problems with meeting the deadline for this coursework you may wish to request a 48-hour extension and/or submit a Mitigating Circumstances claim. This must be requested in advance via:

Coursework Extension Link: https://www.lboro.ac.uk/students/handbook/exams/extensions/
Mitigating Circumstances Link: https://www.lboro.ac.uk/students/handbook/exams/mitigating-circumstances/

Consultation and Feedback

The lecturer(s) are available of course for consultation and queries between class sessions and the assignment deadline. Feedback could be particularly useful for suggesting bits of reading that relate to a specific issue that you are working on or for clarifying the brief or marking criteria.
Please note, lecturers will not comment on a full draft version of reports but will comment on a summary/plan (of up to 400 words), if you want some reassurance that your approach is viable. Equally, for presentations, lecturers might scan some slides or look at an outline for a presentation but will not provide comments on a full draft of a presentation.

How to improve management of type 2 diabetes among black peoples?

Topic:
Health project

Description
this is the title of my dissertation How to improve management of type 2 diabetes among black peoples?
I need the statistics i use to help justify my topics so it would be useful to know something about the numbers of
people have serious problems from their diabetes

Start a brand campaign management proposal for starting the franchise, Heavenly Desserts, in Nairobi Kenya

Topic:
Brand management

Language style
UK English
Description
Brand management, geographical , starting the franchise Heavenly Desserts in Nairobi Kenya

analyze and reflect on factors that commonly lead to the success or failure of a project in various organisations.

Topic:
Project success or failure memo

Description
For this business memo, it’s purpose is to analyze and reflect on factors that commonly lead to the
success or failure of a project in various organisations.