In Search Of Meaningful Market Definition

Law360, New York (August 19, 2011, 12:49 PM EDT) -- The golden ticket for competition regulators is an easy-to-define product market. Market definition can be so messy and complicated that it inhibits regulatory conclusions that validate conventional wisdom. It's much preferable to sidestep such complexity, especially complexity that is dynamic over time. The problem is that consumers have the nasty habit of changing their demand preferences and usage patterns just when regulators think they understand a market and the power of firms within it.

Such is the state of the "market" referred to as Internet search....
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