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Delineating Markets for Bundles with Consumer Level Data: The ...

Delineating Markets for Bundles with Consumer Level Data: The ...

Delineating Markets for Bundles with Consumer Level Data: The

Delineating Markets for Bundles with Consumer Level Data: The Case of Triple-Play ∗ Pedro Pereira † AdC and CEFAGE Tiago Ribeiro ‡ Indera and CENSOC João Vareda § AdC and CEFAGE March 14, 2013 Abstract The question of whether bundles of telecommunication services are relevant product markets is addressed. As a rst step, demand for bundles of services, as well as the associated services, is modeled as a discrete choice problem with a potentially large number of products. A unique invoice based consumer level data set from Portuguese telecommunications rms is collected. This choice based data set is combined with survey data to characterize the market shares of all potential combinations of services available. Several discrete choice models are estimated. A Cross-Nested logit model is the most parsimonious description of the substitution patterns between the large number of products available. The demand model used, coupled with the denition of choice alternatives proposed, generates exible substitution patterns, which produce reasonable price elasticities of demand. The demand for triple-play products is elastic, with own-price elasticities for the larger rms ranging between 3.2 and 1.3, and a market own-price elasticity of 1.4. Some of the products analyzed are found to be complementary. Our results indicate that triple-play bundles are a relevant product market. Key Words: Bundles, Relevant Market, Triple-play, Consumer level data. JEL Classication: D43, K21, L44, L96. ∗ The opinions expressed in this article reect only the authors' views and in no way bind the institutions to which they are aliated. We thank the editors, T. Kretschmer and P.-L. Yin, two anonymous referees, J. Fox, J. Levy, K. Seim, F. Verboven and G. Werden for useful comments. The authors gratefully acknowledge nancial support from FCT-Fundação para a Ciência e a Tecnologia, program FEDER/POCI and from national funds of FCT under project PTDC/EGE-ECO/115451/2009. † AdC, Avenida de Berna, n o 19, 7 o , 1050-037 Lisboa, Portugal. E-mail: pedro.br.pereira@gmail.com. ‡ Indera - Estudos Económicos, Lda, Rua do Campo Alegre, 1346 01 4150-175 Porto, Portugal, e-mail: tiago.ribeiro@indera.pt; CENSOC - Centre for the Study of Choice, UTS - University of Technology Sydney. § AdC, Avenida de Berna, n o 19, 7 o , 1050-037 Lisboa, Portugal. E-mail: joao.vareda@concorrencia.pt. 1 Preliminary version March 14, 2013

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