Abstract
Econometricians have an ambivalent attitude towards economic data. At one level, the ‘data’ are the world that we want to explain, the basic facts that economists purport to elucidate. At the other level, they are the source of all our trouble. Their imperfection makes our job difficult and often impossible. (Zvi Griliches, Handbook of Econometrics, Volume III, p. 1466) In the Greek mythology, Odysseus famously lost six companions after he chose to sail towards Scylla, while escaping from an even worse venture if he had gone towards Charybdis. Economists often weigh the pros and cons of different alternatives, none of which is ideal (or first best in economic jargon). This paper discusses one of such choices: whether to define local markets by relying on catchment areas or by applying a hypothetical monopoly test. It argues that competition authorities should recognise more explicitly that this choice should be...
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