Professor David Round

Professor of Economics and Director, Centre for Regulation and Market Analysis

Member, Australian Competition Tribunal

Lay Member, High Court of New Zealand

Adjunct Professor of Economics University of Delaware

Viisiting Erskine Fellow University of Canterbury July-October 2004

ARC Melbourne Law School - Cartel Project

• Competitition and market structures
• Regulation
• Strategic behaviour
• Applied microeconomics

B. Economics (Adelaide), 1966

B. Economics (1st class honours) (Adelaide), 1968

• Competition law, policy and enforcement
• Consumer protection
• Regulation
• East Asian competition, consumer protection and deregulation
• Anti-monopoly law in China

BOOKS

Economic Times, George Allen and Unwin, Sydney, 1985 (with P. Maxwell).

Microeconomics Study Guide, University of the South Pacific, Suva, 1986.

Economic and Business Statistics: Practical Applications with Minitab and SAS, Harper & Row, 1988 (with Anne Arnold).

Edited Journal Volumes

"Twenty Years of the Australian Trade Practices Act". A special issue of Review of Industrial Organization, Vol. 9, October 1994.

“Australian Economics Education”. A special issue of Australian Economic Papers, September 1997 (with, J. Cowie, M. Shanahan and J. J. Siegfried).

“The Economics of Consumer Protection”. A special issue of Australian Economic Papers, Vol 39, December 2000 (with R. Damania).

“The Treatment of Market Power in East Asia.” A special issue of Review of Industrial Organization, Vol. 21, September 2002.

Monograph:

The Determinants and Effects of Corporate Takeovers in Australia, 1970-1981, (Australian Institute of Management - Victoria, Research Report No. 3, 1986) (with F. M. McDougall).

Edited Volume

The Australian Trade Practices Act 1974. Proscriptions and Prescriptions for a More Competitive Economy (Studies in Industrial Organisation, Vol. 19), Kluwer Academic Publishers, Dordrecht, 1994.

Articles in Journals

"Workable Competition in Australia", The Australian Quarterly, Vol. 45, December 1973, pp. 37-57.

"University Economics", The Australian Quarterly, Vol. 46, March 1974, pp. 72-75.

"The Industrial Organization Vacuum in Australia", Economic Record, Vol. 50, June 1974, pp. 169-198.

"Monopoly Power and Inefficiency in United Kingdom Manufacturing Industries: A Note", Bulletin of Economic Research, Vol. 26, November 1974, pp. 130-2.

"The A.C.T.U. Economic Enterprises - A Comment", The Journal of Industrial Relations, Vol. 17, March 1975, pp. 90-3.

"Industry Structure, Market Rivalry and Public Policy: Some Australian Evidence", The Journal of Law and Economics, Vol. XVIII, April 1975, pp. 273-281.

"Optimal Plant Size in Australian Manufacturing Industries", Australian Economic Papers, Vol. 14, June 1975, pp. 14-34.

"The A.C.T.U. Economic Enterprises: A Further Comment", The Journal of Industrial Relations, Vol. 17, September 1975, pp. 317-320.

"The Industrial Organization Vacuum in Australia: A Reply", Economic Record, Vol. 51, December 1975, pp. 589-592.

"The Effect of the Separation of Ownership and Control on Large Firm Profit Rates in Australia: An Exploratory Investigation", Rivista Internazionale di Scienze Economiche e Commerciali, Vol. XXIII, May 1976, pp. 426-436.

"Concentration in Australian Markets", Management Forum, Vol. 2, June 1976, pp. 93-105, reprinted in T.G. Parry (ed.), Australian Industry Policy, (Longman Cheshire, 1982).

"Profitability and Concentration in Australian Manufacturing Industries, 1968-69 to 1972-73", Economic Record, Vol. 52, June 1976, pp. 228-38.

"Price-Cost Margins in Australian Manufacturing Industries, 1971-72", Australian Journal of Management, Vol. 1, October 1976, pp. 85-95.

"The 1974 Australian Trade Practices Act", Industrial Organization Review, Vol. IV, no. 3, 1976, pp. 142-150.

"Tests of the Effect of Control on Firm Performance: A Comment", Rivista Internazionale di Scienze Economiche e Commerciali, Vol. XXIV, February 1977, pp. 178-188 (with M.L. Lawriwsky).

"Countervailing Power and a Government Purchasing Commission: An Opportunity to Promote Increased Competition in Australian Industries", Australian Journal of Administration, Vol. XXXVI, June 1977, pp. 197-204.

"R & D Expenditure and Firm Size in Australian Manufacturing, 1971-72", in K.A. Tucker (ed.), Economics of the Australian Service Sector, (Croom Holm, London, 1977), pp. 263-269 (with I.W. McLean).

"The Welfare Cost of Monopoly in Australia", Southern Economic Journal, Vol. 44, April 1978, pp. 846-860 (with C.B. Hefford).

"The Relative Influence of Concentration and the Capital-Output Ratio on Price-Cost Margins: Some Australian Evidence", Australian Economic Papers, Vol. 17, June 1978, pp. 132-136.

"Research and Product Innovation in Australian Manufacturing Industries", Journal of Industrial Economics, Vol. 27, September 1978, pp. 1-12 (with I.W. McLean).

"Economies of Firm Size: A Note on Their Calculation and Relationship with Concentration", Australian Economic Papers, Vol. 17, December 1978, pp. 356-361.

"Profitability and Concentration in Australian Manufacturing Industries: A Reply", Economic Record, Vol. 54, December 1978, pp. 401-405.

"The Measurement of Capital-Output Ratios and Their Effect on Profitability - Concentration Relationships", Management Forum, Vol. 4, December 1978, pp. 262-268 (with K.G. Wilson).

"Price-Cost Margins, Industry Structure and Foreign Competition in Australian Manufacturing, 1968-69 to 1972-73", Industrial Organization Review, Vol. 6, no. 3, 1978, pp. 151-168.

"Industry Structure and Welfare Losses in Australian Manufacturing Industries", Southern Economic Journal, Vol. 45, January 1979, pp. 806-820.

"Concentration and the Level and Variability of Rates of Return in Australian Manufacturing Industries", The Antitrust Bulletin, Vol. XXIV, no. 3, Fall 1979, pp. 573-594.

"A Simultaneous Equation Model of Profitability and Tariffs in Australian Manufacturing Industries", Working Paper No. 79-6, Department of Economics, University of Adelaide, 1979.

"Plant Size, Scale Economies and "Optimum" Concentration Levels in Australian Manufacturing Industries", Weltwirtschaftliches Archiv, Vol. 116, No. 2, 1980, pp. 341-352.

"The Effect of Push and Pull Factors on an Adjusted Index of Product and Geographic Diversification", Economic Letters, Vol. 6, No. 3, 1980, pp. 287-294.

"The Determinants of Profitability and Tariffs in Australian Manufacturing", Malayan Economic Review, Vol. 25, October 1980, pp. 63-80.

"The Effect of Domestic and Foreign Competition on Performance in Australian Manufacturing Industries", Atlantic Economic Journal, Vol. VIII, December 1980, pp. 62-74.

"Concentration, Plant Size, and Multiple Plant Operations of Large Firms in Australian Manufacturing Industries", Nebraska Journal of Economics and Business, Vol. 20, Winter 1981, pp. 19-29.

"Concentration, Tariffs and Profitability in Australian Manufacturing: Some Further Evidence", Atlantic Economic Journal, Vol. IX, March 1981, pp. 98-99.

"Diversification by Large Manufacturing Firms in South Australia", Working Paper No. 81-8, Department of Economics, University of Adelaide, 1981 (with F. M. McDougall).

"Monopoly Power in Australia", Management Forum, Vol. 7, June 1981, pp. 123-130.

"Diversification by Large Manufacturing Firms in South Australia", Management Forum, Vol. 8, June 1982, pp. 101-116 (with F. M. McDougall)

"Price-Fixing, Price Leadership or "Ordinary Commercial Considerations": Guilt Under Section 45 of the Trade Practices Act", Australian Business Law Review, Vol. 10, August 1982, pp. 251-269 (with Richard A. Miller).

"The Effect of Foreign Competition on Domestic Market Performance", Economics, Vol. 18, March 1983, pp. 37-43.

"Outbound and Inbound Diversification in Australian Manufacturing Industries", Economic Papers, Vol. 2, May 1983, pp. 41-57, (with F. M. McDougall).

"Intertemporal Profit Margin Variability and Market Structure in Australian Manufacturing", International Journal of Industrial Organization, Vol. 1, June 1983, pp. 189-209.

"Advertising and Profitability in Australian Manufacturing", Australian Economic Papers, Vol. 22, December 1983, pp. 345-355.

"Some Thoughts on Price-Fixing, Potential Competition and Constraints on Monopoly Power", Australian Business Law Review, Vol. 12, April 1984, pp. 86-94.

"Price-Informative Advertising in Australia", Economic Papers, Vol. 3, 1984, pp. 49-58.

"A Comparison of Diversifying and Non-Diversifying Australian Industrial Firms", Academy of Management Journal, Vol. 27, No. 2, 1984, pp. 384-398 (with F. M. McDougall).

"The Impact of Government Purchases on Market Performance in Australia", Review of Industrial Organization, Vol. 1, Summer 1984, pp. 94-113.

"Price-Informative Advertising and Market Performance", Media Information Australia, No. 37, August 1985, pp. 35-41.

"The Commerce Act 1986 - A Legal and Economic Commentary Upon Some Fundamental Concepts", New Zealand Universities Law Review, Vol. 12, June 1987, pp. 231-258 (with L. L. Stevens).

"The Merger Game", The Journal of Irreproducible Results, Vol. 12, July/August 1987, p. 15.

"Trade Practices Legislation", The Australian Encyclopaedia, fifth edition, 1988, pp. 2884-7, revised for sixth edition, 1995, pp. 2946-2948.

"Interpretation of Competition Tests" in K.M. Vautier (ed.), The Application of Economics to Competition Law (Graduate School of Business, University of Auckland, 1989), pp. 172-192.

"Market Definition - A Matter of Fact, Commercial Common Sense or Economic Principles", in A.E. Bollard (ed.), Economics of the Commerce Act (New Zealand Institute of Economic Research, Wellington, 1989), pp. 20-48.

"The Competitive Process: Theory and Policy" in Business Economics, Deakin University, 1991.

"The Trade Practices Act in Operation: Antitrust Law and Enforcement in Australia", in Business Economics, Deakin University, 1991.

"The Australian Merger Guidelines : A Comparison with the U.S. Merger Guidelines", Review of Industrial Organization, Vol. 8, No. 1, 1993, pp. 211-229 (with R.A. Miller).

"Resale Price Maintenance : Friend of Efficiency or a Curse on Consumers", Economics, Vol. 28, March 1993, pp. 13-20.

"The Australian and American Undergraduate Economics Degrees: A Comparative Analysis" Centre for International Economic Studies, University of Adelaide, Seminar Paper 93-03, August 1993 (with John J. Siegfried).

"Competition and Economic Growth", Trade Practices Commission Bulletin, No. 74, February 1994, pp. 2-8 (with John J. Siegfried).

"The Australian Undergraduate Economics Degree: Results From a Survey of Students", Economic Record, June 1994, pp. 192-203 (with John J. Siegfried).

"Managing the Transition to Competition: The Case of the International Air Services Commission", Australian Economic Review, 2nd Quarter, 1994, pp. 45-58 (with C. Findlay).

"How Did the Wealthiest Australians Get so Rich?", Review of Income and Wealth, June 1994, pp. 191-204 (with John J. Siegfried).

"Manufacturing Industry", Cambridge Encyclopaedia of Australia, 1994, pp. 183-185.

"Can Economists Agree, or, Are Some More Agreeable than Others?", Antitrust Bulletin, Vol. XXXIX, Fall 1994, pp 753-769 (with John J. Siegfried).

"Horizontal Price Agreements in Australian Antitrust: Combatting Anti-Competitive Corporate Conspiracies of Complicity and Connivance", Review of Industrial Organization, Vol. 9, October 1994, pp 569-606 (with John J. Siegfried).

"Twenty Years of Modern Antitrust in Australia: She'll be Right, Mate", Review of Industrial Organization, Vol. 9, October 1994, pp 459-473.

“Open Streets or Taken For a Ride? Reforming Australia’s Taxi Market” Agenda, Volume 2, No. 1, 1995, pp 63-72 (with C. Findlay).

“The Limited Role of Market Power in Generating Great Fortunes in Great Britain, the United States and Australia”, Journal of Industrial Economics, Vol. XLIII, September 1995, pp. 277-286 (with John J. Siegfried and Rudolph C. Blitz).

“Business Cycle Transmission Between Australia and New Zealand: A Vector Autoregression Approach”, Australian Economic Papers, Vol. 34, December 1995, pp 218-243 (with David D Selover).

“Collusive Markets in Australia: An Assessment of Their Economic Characteristics and Judicial Penalties”, Australian Business Law Review, Vol. 24, August 1996, pp. 292-312 (with John J. Siegfried and Anna J. Baillie).

“Business Cycle Transmission and Interdependence Between Japan and Australia”, Journal of Asian Economics, Vol. 7, Winter 1996 (with D. Selover), pp. 569-602.

“Market Definition in Australian Antitrust: Time for a Changed Approach?”, Corporate and Business Law Journal, Vol. 9, No. 2, 1996, pp 193-221.

“Magazine Subscription Discounts in Australia”, Review of Industrial Organization, Vol. 12, August 1997, pp 555-577 (with T. Bentick).

“Beyond the ‘Input-Output’ Approach to Assessing Determinants of Student Performance in University Economics: Implications from Student Learning Centred Research, Australian Economic Papers, September 1997, (with M. Shanahan et. al.), pp 17-37.

“Australian Economics Education: Learning and Doing”, Australian Economic Papers, September 1997, pp1-4 (with J. Cowie, M. Shanahan and J. Siegfried).

“Multiple Designation Policy in Australia” in C. Findlay et al (eds), Asia Pacific Air Transport: Challenge and Policy Reforms, (Institute of Southeast Asia Studies, Singapore, 1997) (with C. Findlay).

“Differential Fees for Degree Courses in Australian Universities”, in P. W. Miller and J. J. Pincus (Eds), Funding Higher Education: Performance and Diversity, (Australian Government Publishing Service, Canberra, 1997) (with John Siegfried).

“Strategic Behaviour and Dynamic Efficiency: A New Approach for Evaluating the Competitive Behaviour of Australian Firms”, Agenda, Vol 5, No. 1, 1998, pp.25-36 (with R. L. Smith).

“Competition Assessment and Strategic Behaviour”, European Competition Law Review, Vol 19, No. 4, April 1998, pp. 225-236 (with R.L. Smith).

“The Strategic Approach to Merger Enforcement by the ACCC: A Comment”, Australian Business Law Review, June 1998, pp. 227-231 (with R.L. Smith).

“Discounts for Degrees: External Benefits and University Fees”, Australian Economic Review, Vol 31, June 1998, pp. 167-178 (with J.J. Siegfried).

“Section 46; Oligopoly and Predatory Pricing”, Competition and Consumer Law Journal, Vol 6, December 1998, pp. 112-133 (with R.L. Smith).

“Prohibiting the Anti-Competitive use of Market Power: Time for a Further Rediscovery of s46?” in R. Steinwall (ed) Twenty Five Years of Australian Competition Law (Butterworths, Sydney, 1999)

“Charging for Phonewords and Memorable Phone Numbers”, Agenda, Vol 7, Number 2, 2000, pp. 125-141 (with V. Humphries)

“An Empirical Analysis of Price-Fixing Penalties in Australia from 1974 to 1999: Have Australia’s Corporate Colluders Been Corralled?”, Competition and Consumer Law Journal, Vol 8, December 2000, pp 83-124.

“The Economics of Consumer Protection: An Introduction”, Australian Economic Papers, Vol 39, December 2000, pp. 403-407 (with R. Damania).

“Protecting the Brand: Options and Risks”, Competition and Consumer Law Journal, Vol.8, April 2001, pp. 234-254 (with R. Smith and R. Trindade).

“International Trends in Economics Degrees During the 1990’s”, Journal of Economic Education, Vol. 32, Summer 2001, pp. 203-218 (with J. Siegfried).

“Australian Rugby Union Ltd v Hospitality Group Pty Ltd & Ors: A Salient Reminder of the Perils Facing Parties in Proving the Market under the Trade Practices Act 1974 (Cth)”, Australian Business Law Review, Vol 29, June 2001, pp. 211-230 (with Caron Beaton-Wells).

“Market Definition and the Health Sector: Constraints and Complementarities”, Competition and Consumer Law Journal, Vol. 9, July 2001, pp. 44-65 (with Rhonda Smith)

“The Puberty Blues of Competition Analysis: Section 46”, Competition and Consumer Law Journal, Vol. 9, October 2001, pp. 189-199 (with Rhonda Smith)

“Strategic Behaviour and Taking Advantage of Market Power: How to Decide if the Competitive Process is Really Damaged?”, New Zealand Universities Law Review, Vol. 26, December 2001, pp. 427-447 (with Rhonda Smith)

"Section 46: A Strategic Analysis of Boral", Australian Business Law Review, Vol. 30, June 2002, pp. 202-215 (with Rhonda Smith)

“Market Power in East Asian Economies: Its Origins, Effects and Treatments", Review of Industrial Organization, Vol. 21, September 2002, pp. 107-112.

“Breach of Contract and the New Remedy of Account of Profits”, Abacus, Vol. 38. No. 3, 2002, pp. 406-424 (with Maree Chetwin)

"Southern Cross: A Stellar Consternation", New Zealand Universities Law Review, Vol 27, December 2002, pp. 171-204(with Rhonda Smith)

“Consumer Protection: At the Merci of the Market for Damages”, Competition and Consumer Law Journal, Vol. 10 April 2003, pp. 231-264.

“Regional Co-operation in Competition Policy and the Impact of Globalization in Developing a Culture for Competition in East Asia”, in E. Medalla (ed), Competition Policy in the NewMillennium, forthcoming, 2003.

“When is a Market a Market?”, Australian Business Law Review, Vol. 31 December 2003, pp. 412-422 (with R. Smith)

“Consumer Protection in a Process of Regionalisation and Globalisation: Is it a Zero Sum Game?”, Asian-Pacific Economic Literature, December 2003(with Zeljka Sporer)

"Issues in International Competition Policy Cooperation", in Regulation and Market Access in the Service Sector, in A. Sidorenko and C. Findlay (eds), Asia Pacific Press, ANU Canberra, 2003, (with C. Findlay)

“Consumers as International Traders: Some Economic and Legal Issues Underlying Consumer Protection”, Competition and Consumer Law Journal, Vol.12 No.3, 2005, pp 247-274. (with Jeremy Tustin)

“Regional Co-operation in Competition Policy”, in Erlinda M. Medalla (ed), Competition Policy in East Asia, Routledge, 2005.

“Share Price Responses to Antitrust Enforcement in Australia: Do Investors Care About Price-Fixing Cases?”, Competition and Consumer Law Journal, Vol. 13, No 1, 2005, pp. 23-39 (with Robert M. Feinberg)

“The Role of Section 45A of the Trade Practices Act in Curbing Corporate Collusion in Australia”, Melbourne University Law Review, Vol. 29, No. 1, 2005, pp. 242-269 (with Leanne M Hanna)

“Bob McComas and the Trade Practices Commission: Doing it His Way”, Australian Business Law Review, December 2005, pp, 475-484 (with Stephen Corones and David Merrett)

“Country of Origin Legislation and the Market for Orange Juice: Are Consumers Being Squeezed?”, Competition and Consumer Law Journal, Vol. 13. no.3, 2006, pp. 285-307 (with Elizabeth Payne)

“Teaching Third-Degree Price Discrimination” Journal of Economic Education, Vol. 37, Spring 2006, pp. 236-243 (with R. McIver)

“The Power of Two: Squaring off with Australia’s Large Supermarket Chains”, Australian Journal of Agricultural and Resource Economics, Vol. 50, No. 1, March 2006, pp. 51-64

“The ‘Three Pillars of Stagnation’: Challenges for Air Transport Reform”, World Trade Review, Vol. 5, No. 2, July 2006, pp. 251-270 (with Christopher Findlay).

“The Introduction of Competition Policy in Australia: The Role of Ron Bannerman”, Australian Economic History Review, Vol. 47, No.2, July 2007, pp. 178-199 (with David Merrett and Stephen Corones)

“Doing a Monty: Who Opened the Door to This Game for Economists?”, Journal of Economic Education, Vol. 38, No. 2, Spring 2007, pp. 248-252.

“Integrating Strategic Behavior into Competition Analysis”, Antitrust Bulletin, Vol. 52, Nos 3-4, Fall-Winter 2007, pp. 633-660. (with Rhonda Smith and Rachel Trindade)

"The Influence of Gaming Expenditure on Crime Rates in South Australia: A Local Area Empirical Investigation", Journal of Gambling Studies, Vol 24, 2008, pp 1-12. (with Sarah Wheeler, Rick Sarre and Michael O’Neil)

“Merger Impacts on Investor Expectations: An Event Study for Australia”, International Journal of the Economics of Business, Vol 15. No. 1. February, 2008, pp. 45-62 (with Brian Diepold, Robert Feinberg and Jeremy Tustin)

“Competition Policy in International Airline Markets: An Agenda and a Proposed Solution” in OECD, Benefitting from Globalisation. Transport Sector Controubtion and Policy Challenges, OECD, Paris, 2008, pp 397-424 (with C. C. Findlay).

“China’s Airline Deregulation since 1997 and the Driving Forces behind the 2002 Airline Consolidations”, Journal of Airline Transport Management, Vol 14, No 3, May 2008, pp 130-142 (with Yahua Zhang).

“The Welfare Goals of Antitrust Laws in Asia: For Whom Should the Law Toil?”, Asia Pacific Economic Literature, Vol. 22, No. 2, November 2008, pp. 31-56 (with Alec Zuo)

“Building an Effective Trade Practices Commission: The role of Professor Robert Baxt AO”, forthcoming, Australian Economic History Review 2009 (with S. Corones and D. Merrett)

“Signalling, Collusion and s.45 of the TPA”, Competition and Consumer Law Journal, Vol 16 No. 3, 2009, forthcoming (with Rhonda Smith and Arlen Duke)

“International coordination of competition policy: the case of air transport” (with Christopher Findlay), in Christopher Findlay, Mari Pangestu and David Parsons (eds), World Scientific, Singapore, 2009 (forthcoming).

"The Effects of China's Airline Mergers on Prices", Journal of Air Transport Management, forthcoming 2009 (with Yahua Zhang).

I am able to provide media comment in the following areas of expertise:

Discipline: Economics

• Competition policy
• Mergers
• Consumer protection
• Regulation