{"id":5762,"date":"2012-04-15T17:21:12","date_gmt":"2012-04-15T17:21:12","guid":{"rendered":"http:\/\/butcherbaker.net\/wordpress\/?p=5762"},"modified":"2021-03-08T11:48:59","modified_gmt":"2021-03-08T19:48:59","slug":"prices-monopolies","status":"publish","type":"post","link":"https:\/\/lelandhale.com\/butcherbaker\/wordpress\/2012\/04\/15\/prices-monopolies\/","title":{"rendered":"eBook Prices &amp; Monopoly"},"content":{"rendered":"<p>The classic construction has it that monopolies enforce <a title=\"Wikipedia: Definition of Monopoly\" href=\"http:\/\/en.wikipedia.org\/wiki\/Monopoly\">higher<\/a> prices. And in the current suit by the U.S. Department of Justice, accusing book publishers of price collusion on eBooks, the bad guys are the ones <a title=\"NYT: Julie Bosman: E-Book Pricing\" href=\"http:\/\/mediadecoder.blogs.nytimes.com\/2012\/04\/11\/justice-files-suit-against-apple-and-publishers-over-e-book-pricing\/\">raising<\/a> prices. By that definition, Amazon could not be a monopolist. They want lower prices. Way lower prices.<\/p>\n<p>The reality is a little more complex. But, for the sake of argument, let&#8217;s assume that Amazon is not a monopoly. Where does that lead us?<\/p>\n<p>The business <a title=\"Google Search: Monopolists, Prices, Market Share\" href=\"http:\/\/www.google.com\/search?client=safari&amp;rls=en&amp;q=monopolists+prices+market+share&amp;ie=UTF-8&amp;oe=UTF-8#hl=en&amp;client=safari&amp;rls=en&amp;sclient=psy-ab&amp;q=using+low+prices+to+gain+market+share&amp;oq=using+low+prices+to+gain+market+share&amp;aq=f&amp;aqi=&amp;aql=&amp;gs_l=serp.3...33595l38948l4l39210l13l13l0l0l0l5l186l1228l9j4l13l0.frgbld.&amp;pbx=1&amp;bav=on.2,or.r_gc.r_pw.r_qf.,cf.osb&amp;fp=f85e188e4be29462&amp;biw=954&amp;bih=842\">literature<\/a> is filled with examples of how firms use lower prices to gain market share or competitive advantage. In the Amazon case, we have the example of &#8220;<a title=\"Penetration Pricing\" href=\"http:\/\/tutor2u.net\/business\/marketing\/pricing_strategy_penetration.asp\">penetration pricing<\/a>,&#8221; or price <a href=\"&lt;a title=\">discrimination<\/a>. That&#8217;s exactly what they&#8217;re doing:<\/p>\n<blockquote><p>Setting lower, rather than higher prices in order to achieve a large, if not <a title=\"Marketing -- Pricing Strategies\" href=\"http:\/\/tutor2u.net\/business\/marketing\/pricing_strategy_penetration.asp\">dominant<\/a> market share.<\/p><\/blockquote>\n<p>The question, of course, is whether any of this can lead to an eBook monopoly for Amazon. This much we know:<\/p>\n<ul>\n<li>When any firm gains competitive advantage, it can begin to dictate terms to its suppliers. Take <a title=\"Duke Fuqua paper on retailer price dominance\" href=\"http:\/\/www-bcf.usc.edu\/~dukes\/Papers\/Dukes7_ManufResp_MktSci_07.pdf\">Wal-Mart<\/a>, for example. Or Apple&#8217;s <a title=\"Supply Chain advantages to Apple\" href=\"http:\/\/seekingalpha.com\/article\/481101-apple-and-foxconn-just-crippled-apple-s-biggest-competitors\">iPhone\/iPad<\/a> supply <a title=\"Apple Supply Chain\" href=\"http:\/\/www.nytimes.com\/2012\/01\/22\/business\/apple-america-and-a-squeezed-middle-class.html?pagewanted=all\">chain<\/a>.<\/li>\n<li>Before Apple and agency pricing, Amazon had <a title=\"Julie Bosman: NYT, April 11, 2012: Justice Dept Sues Apple\" href=\"http:\/\/mediadecoder.blogs.nytimes.com\/2012\/04\/11\/justice-files-suit-against-apple-and-publishers-over-e-book-pricing\/\">90% market share<\/a>.\u00a0They had the eBook market to themselves and were pricing aggressively to gain competitive advantage. The adoption of agency pricing, to my mind, proves they were on their way.<\/li>\n<li>With the advent of agency pricing, Amazon&#8217;s eBook <a title=\"Amazon Market Share falls\" href=\"http:\/\/mediadecoder.blogs.nytimes.com\/2012\/04\/11\/justice-files-suit-against-apple-and-publishers-over-e-book-pricing\/\">market share fell<\/a> to 60%. Barnes &amp; Noble gained 25%, Apple gained 15%.<\/li>\n<li>Almost as soon as the U.S. DoJ announced a settlement with three of the six parties on the collusion allegations, Amazon announced it would again <a title=\"Consumer Reports: Amazon lowers ebook prices\" href=\"http:\/\/news.consumerreports.org\/electronics\/2012\/04\/amazon-announces-it-will-lower-e-book-prices.html\">lower<\/a> eBook prices.<\/li>\n<li>As it must. Under the <a title=\"Guardian UK: Apple accused by US of colluding\" href=\"http:\/\/www.guardian.co.uk\/technology\/2012\/apr\/11\/apple-accused-fixing-prices-ebooks\">settlement<\/a>, the publishers are required to &#8220;to grant retailers \u2013 such as Amazon and Barnes &amp; Noble \u2013 the freedom to reduce the prices of their ebook titles.&#8221;<\/li>\n<\/ul>\n<p>REPLAY: Amazon gains 90% share of the eBook market?<\/p>\n<p>The sad thing here is how many <a title=\"Peter Scheer Amazon Apologist\" href=\"http:\/\/www.huffingtonpost.com\/peter-scheer\/apple-antitrust-lawsuit-ebooks_b_1420094.html\">apologists<\/a> (sorry, I lack a more elegant term) contend that there is &#8220;spin&#8221; involved when making the argument that Amazon is lowering prices to gain competitive advantage. In the most egregious example, <a title=\"Peter Scheer on Amazon\" href=\"http:\/\/www.huffingtonpost.com\/peter-scheer\/apple-antitrust-lawsuit-ebooks_b_1420094.html\">Peter Scheer<\/a> makes the specious claim that Amazon cannot be simultaneously selling eBooks AND Kindles at a loss.<\/p>\n<blockquote><p>Now, both of these statements can&#8217;t be true. It&#8217;s not possible for Amazon to both (1) sell e-books at a loss in order to reap big profits on Kindle devices, and (2) sell Kindles at a loss to reap big profits on e-books. It may be doing 1 or it may be doing 2, but it can&#8217;t be doing both at the same time.<\/p><\/blockquote>\n<p>Of course, Peter Scheer is correct. Unfortunately, he&#8217;s casting the question in such a way that the only logical answer is the one he wants. Getting to first causes, let&#8217;s pose the question differently:<\/p>\n<p><em>To gain a dominant market share in eBooks, Amazon is willing to sell eBooks AND Kindle Readers at a loss. Because, really, you can&#8217;t have one without the other.<\/em><\/p>\n<p>Still sound &#8220;impossible?&#8221;<\/p>\n<p>Again, think Wal-Mart. They sell lots of things, make money on many of them and can afford a few losses elsewhere. Same for Amazon. The idea of using those few losses to gain a dominant position in one corner of a business has to be&#8230; Ummm&#8230; Appealing. And, <a title=\"Market dominance and monopoly power\" href=\"http:\/\/www.justice.gov\/atr\/public\/hearings\/single_firm\/docs\/222144.htm\">up to<\/a> a certain <a title=\"when does market dominance become monopoly\" href=\"http:\/\/www.ftc.gov\/os\/sectiontwohearings\/docs\/section2monopolypower.pdf\">point<\/a>, it is perfectly acceptable business behavior.<\/p>\n<p>There are other examples&#8230; Take <a title=\"Dell cuts prices to gain market share\" href=\"http:\/\/news.cnet.com\/2100-1001-252781.html\">Dell<\/a>. Or <a title=\"Nokia cuts prices\" href=\"http:\/\/news.softpedia.com\/news\/Nokia-Cuts-Phone-Prices-to-Increase-Market-Share-133821.shtml\">Nokia<\/a>, just for starters.<\/p>\n<p>We grant that this strategy doesn&#8217;t always work, or doesn&#8217;t work forever. But it&#8217;s always nice to have powerful friends helping you out along the way.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The classic construction has it that monopolies enforce higher prices. And in the current suit by the U.S. Department of&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,26,30,31],"tags":[61,84,106,116,141,142,359,360,557,558,573],"class_list":["post-5762","post","type-post","status-publish","format-standard","hentry","category-butcher-baker","category-publishing-2","category-technology","category-true-crime","tag-amazon","tag-apple","tag-baker","tag-big-five-publishers","tag-butcher","tag-butcher-baker-2","tag-leland-e-hale","tag-leland-hale","tag-u-s-department-of-justice","tag-u-s-doj","tag-walter-gilmour"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>eBook Prices &amp; Monopoly - Butcher Baker<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lelandhale.com\/butcherbaker\/wordpress\/2012\/04\/15\/prices-monopolies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"eBook Prices &amp; Monopoly - Butcher Baker\" \/>\n<meta property=\"og:description\" content=\"The classic construction has it that monopolies enforce higher prices. 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