Glossary
Terms and Abbreviations | Economic Terms and Abbreviations | Law Journals and Law Reports
Terms and Abbreviations
ACCC - Australian Competition and Consumer Commission
ACT - 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
Merger - see Merger page
NBN - National Broadband Network
NCC - National Competition Council
OECD - Organisation for Economic Co-operation and Development
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 | |
| 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 |