Nicolas Petit @CompetitionProf Twitter profile

Pinned Tweet

Nicolas Petit

8 months

🚨Paper alert for #antitrust earthians! 'Situating Dynamic Competition: Beyond Chicago' (w/ @BowmanHeiden and @ProfSchrepel The paper discusses dynamic competition's orbit in the competition galaxy 1/n

1

7

17

Last Seen Profiles

@deeceelife

@iamjhingerz

@Valluvar4

@Winter443924811

@icf55555

@GhostHause

@jeremy_soller

@djGigis

@bokeplokalmalam

@CharlyDiaz69

@PropreSenegal

@Boifaviz

@afc_soldier

@KylerPudelski

@johnnymac01

@bokeplokalmalam

@qaisi37

@VOh7l

@SusieCruzi

@fermelda_hyde

@3DMutiny

@DCUSupergirl

@galery_basah10

@SteveRattner

@landon_grigg

@halegezginn

@Abajo_el_gluten

@ChorkaSCTs

@jahstenstan

@soocien

@BrowningLachla1

@bamuthebear

@phillysheriff

@MauricioBa21136

@ahmedmona111111

@Jcubah116581

Nicolas Petit

@CompetitionProf

2 months

Name one sector that deserves a market investigation from the @antitrust_it 😆

16

94

721

Nicolas Petit

@CompetitionProf

2 years

Very blunt message of @Kasparov63 too (not verbatim) 👇🏻 1. EU must not build firewall but firepower 2. This is war, and the right approach is not to manage a despot 3. Putin cant care less abt 1 or 2y cost of econ sanction. They look at how much land they’ll grab tomorrow

Eva Maydell (Paunova)

@EvaMaydell

2 years

An honour to welcome @kasparov63 to this afternoon's Regulation4Innovation on #AI & #geopolitics . Let's get started! Watch live here:

2

12

114

3

88

394

Nicolas Petit

@CompetitionProf

4 years

I am delighted to announce the publication of my book "Big Tech & the Digital Economy: The Moligopoly Scenario". The book is available from today via the @OUPAcademic website. I hope you will enjoy the read.

8

48

216

Nicolas Petit

@CompetitionProf

2 years

Two years to produce this long paper titled "Understanding Market Power". The paper is for anyone interested in this increasingly important concept of US and EU law. I hope that you will like it. Paper at

3

40

170

Nicolas Petit

@CompetitionProf

5 years

Unbreaking news. More at

33

11

160

Nicolas Petit

@CompetitionProf

5 years

Just published a new paper entitled "Are FANGs monopolies? A Theory of Competition Under Uncertainty" Work in progress based on sections of forthcoming book on Tech Giants and Public Policy. Comments welcome.

8

57

132

Nicolas Petit

@CompetitionProf

3 years

Very glad to share my latest paper "A Theory of Antitrust Limits" (George Mason Law Review, Vol. 28, No. 1939, 2021). Quick thread w/ main takes 1/n

5

35

123

Nicolas Petit

@CompetitionProf

4 years

Delighted to share the webpage of my forthcoming book "Big Tech & the Digital Economy: The Moligopoly Scenario" The book will be available in July 2020 in print and as an ebook.

9

25

115

Nicolas Petit

@CompetitionProf

1 year

The failed appointment of Fiona Scott Morton as Chief Competition Economist illustrates the dangerous politicization of everything. It's a worrying trend, because it's not a triumph of democracy, just the contrary 1/n.

Margrethe Vestager

@vestager

1 year

Professor Fiona Scott Morton has informed me of her decision to not take up the post as Chief Competition Economist. I accept this with regret and hope that she will continue to use her extraordinary skill-set to push for strong competition enforcement

549

652

1K

12

17

101

Nicolas Petit

@CompetitionProf

3 years

Very glad to share my latest working paper w/ David Teece (UC Berkeley). Current title is "Big Tech, Big Data, and Competition Policy: Favoring Dynamic over Static Competition". Comments v welcome

3

21

97

Nicolas Petit

@CompetitionProf

3 years

Happy to share my latest paper entitled "The Proposed Digital Markets Act (DMA): a Legal and Policy Review". Upcoming in special @JECLAP issue. Comments welcome

5

17

91

Nicolas Petit

@CompetitionProf

3 years

What happened yesterday in @EUCourtPress Intel v Commission, T-286/09 RENV? Hot Takes. For antitrust geeks only 1/n

Intel Wins Historic Court Fight Over EU Antitrust Fine

Intel Corp. won a historic victory in its court fight over a record 1.06 billion-euro ($1.2 billion) competition fine, in a landmark ruling that upends one of the European Union’s most important...

www.bloomberg.com

3

17

88

Nicolas Petit

@CompetitionProf

4 years

Very honored to give testimony today on #DMA @EuropeanParl IMCO on invitation from @Andreas_Schwab

5

4

86

Nicolas Petit

@CompetitionProf

2 years

Early this week, I had the opportunity to provide tips on legal research to our new @eui_law PhDs. Here are my slides, all based on personal experience 1/N

1

12

85

Nicolas Petit

@CompetitionProf

3 years

Welcome lunch w/ new @EUI_EU PhD researchers. Building a strong and diverse group of competitioners. And waiting for a few more to join!

2

1

82

Nicolas Petit

@CompetitionProf

5 months

Epic day for our researcher @FAbreuDuarte93 who will defend his dissertation on digital platforms @eui_law .

4

3

76

Nicolas Petit

@CompetitionProf

4 years

Yest, I was the happy winner of an #AntitrustWritingAwards for my paper "Are FAANGs Monopolies? A Theory of Competition under Uncertainty" This one has a v special taste. It is in the king category, and it is now Chap 3 of my @OUP book. Tx @Concurrences !

6

8

74

Nicolas Petit

@CompetitionProf

3 years

Go check "Innovating Big Tech Firms and the Digital Economy" w/ David Teece at: . New paper out at Industrial and Corporate Change @OUPAcademic . Builds on a previous draft, but now tighter, crisper, and more relevant 1/n

3

16

71

Nicolas Petit

@CompetitionProf

2 years

Probably the paper I am most proud of in years. Written to help all of us teaching antitrust law.

SSRN

@SSRN

2 years

Do we understand market power? This paper argues there is substantial ambiguity surrounding the definition, proof, and prevention of market power. Read more: @CompetitionProf #monopoly

0

11

35

0

17

73

Nicolas Petit

@CompetitionProf

4 years

I was thrown a lot of mud at for predicting this in my book, including outrageously unethical behavior. Glad to see @TheEconomist shares the same view of oligopoly competition in Big Tech.

The Economist

@TheEconomist

4 years

A new phase in global tech competition is under way. Big tech's big dust-up could bring big changes to the digital economy. Our cover this week

49

81

183

3

10

69

Nicolas Petit

@CompetitionProf

4 years

David Teece (UC Berkeley) and I just published an opinion piece in the @FT It’s called “Europe should embrace digital change, not strangle it” and ends w/ vintage quote.

Europe should embrace digital change, not strangle it

Dynamism has suffered from policy that stifles innovation

www.ft.com

14

19

69

Nicolas Petit

@CompetitionProf

5 years

Just out! Very proud of this and thoroughly grateful to the @abaantitrust ALJ for the professional review and editing process. Paper improved markedly since I submitted.

3

7

69

Nicolas Petit

@CompetitionProf

4 years

In these times of #COVID19 I can’t help but think how lucky we are to have @amazon for home delivery, @netflix for entertainment in confinement, @Facebook and @WhatsApp for gr8 connectivity tools. Add to this the many other digital providers who make our lives easier.

26

6

66

Nicolas Petit

@CompetitionProf

2 years

Meet next generation of Competition and Law & Tech researchers @eui_law #antitrust #talkingshop #PhD

2

3

69

Nicolas Petit

@CompetitionProf

4 years

An antitrust bible, a myth busting paper, and a set of testimonies on digital competition. Great readings just fell from heaven. Cc @LeConcurrential @PVC_EUlawProf @DMandrescu

0

2

67

Nicolas Petit

@CompetitionProf

2 years

Air Force @EUI_EU just met @Munich airport

3

5

62

Nicolas Petit

@CompetitionProf

2 years

Truly amazing advice from Vonnegut. Goes straight to the point on becoming btw @EconTalker and @mungowitz

3

10

62

Nicolas Petit

@CompetitionProf

2 years

Two years of work went into this long paper titled "Understanding Market Power". The paper is for anyone who wants to learn abt an increasingly important area of US and EU law. I hope that you will like it. Paper at

1

10

60

Nicolas Petit

@CompetitionProf

1 year

Yesterday, I met the co-editor of a v important volume on single firm conduct law :)

0

5

60

Nicolas Petit

@CompetitionProf

3 years

Sharing my prelim analysis of the main points of law raised by last week's Google Shopping judgment of @EUCourtPress Not my final word.

2

17

60

Nicolas Petit

@CompetitionProf

4 years

Prof Michal Gal (Haifa) and I just posted online our latest paper "Radical Restorative Remedies for Digital Markets". We explore novel, untested and sometimes intrusive remedies, and see if they can recreate lost competition (if any) 1/n

1

13

57

Nicolas Petit

@CompetitionProf

5 months

Welcome to Dr Isaure d’Estaintot in our PhD family! Her work uses law and economics to show that antitrust can do a bit more legwork in labor markets. Isaure is my first PhD researcher to finish. I am very proud of her big achievement.

EUI Law Department

@eui_law

5 months

🎉 Warmest congratulations to 🎓Dr Isaure d'Estaintot! 🍾 She has just brilliantly defended her thesis "Antitrust policy and EU labour markets - Lessons from the US and comparative prospects"

0

2

33

2

1

56

Nicolas Petit

@CompetitionProf

1 year

Glad to share that our long paper on the #DMA with @nmorenobelloso will appear in the European Law Review. Our paper gives a full and independent account of the DMA. The paper can be downloaded at 1/N

1

15

55

Nicolas Petit

@CompetitionProf

3 years

Glad to report the publication of my paper on #DMA @JECLAP @OUPLaw The paper tries to give a sober account of the #DMA provisions

2

8

53

Nicolas Petit

@CompetitionProf

1 year

Our complexity-minded antitrust landed🛬in the Journal of Evolutionary Economics. 2 years of high-flying talks w/ @ProfSchrepel and 1st chapter of a longer trip. Latest version at

7

4

53

Nicolas Petit

@CompetitionProf

3 years

Can confirm there’s something in the making here. #antitrust #itscoming

2

1

53

Nicolas Petit

@CompetitionProf

5 years

Belgian humor. Priceless.

2

9

53

Nicolas Petit

@CompetitionProf

29 days

The antitrust case against Google hinged on a simple question that never got a good answer: if Google search is the best engine, why pay billions to Apple? 1/n

5

4

53

Nicolas Petit

@CompetitionProf

4 years

Quick thread on the Opinion of the AG in Deutsche Telekom and Slovak Telekom (DT & ST) v Commission (C-152 and 165/19 P) For antitrust geeks only 1/n

4

14

52

Nicolas Petit

@CompetitionProf

4 months

Competitioners in the rain, Florence, 2024

2

52

Nicolas Petit

@CompetitionProf

3 years

I once wrote a conclusion on digital markets which started w/ a #GameofThrones analogy. Congrats to AG Bobek for raising the standards of EU law quality and readability.

Isabelle de Silva

@IsabelleDeSilva

3 years

Des conclusions de l’avocat général Bobek qui commencent en citant #GameofThrones (« Ce qui est mort ne meurt jamais »), le droit souple confronté au droit européen, des recommandations données par l’Autorité bancaire européenne.. un délice pour les juristes !

2

4

38

2

5

50

Nicolas Petit

@CompetitionProf

2 years

Very interesting exchange w/ EVP @vestager amd @SCdeUgarte over coffee. In person conferencing 1, virtual events 0. #IBA conference #Florence

1

3

51

Nicolas Petit

@CompetitionProf

2 years

Very proud to open @The_Digi_Con "Hitchhiker's guide to law & tech" symposium w/ weekly contributions from @eui_law researchers

#1 Law & Tech: What do we mean exactly? — The Digital Constitutionalist

Nicolas Petit presents a vision of what it means to teach, write, and study law & technology..

digi-con.org

2

17

50

Nicolas Petit

@CompetitionProf

10 months

New paper alert 📢: "Gatekeepers 🚪, landlords 👑, or superstars💫? An empirical study of rents in the digital economy" W/ @BowmanHeiden and Sotiris Georgousis 1/n

1

16

50

Nicolas Petit

@CompetitionProf

3 years

My antitrust geekism has certain limits. One of them being I don’t read a 185 pages ruling on a Friday evening

3

2

50

Nicolas Petit

@CompetitionProf

5 years

On behalf of nerdy community of competition academics: 1000K 🙏 to @lewis_crofts for the huge positive externalities generated w/ his live reporting on Google Shopping case

Lewis Crofts

@lewis_crofts

5 years

EU/Google hearing restarts: an hour of questions about the legal test (leveraging v Bronner) and then into market definition (is Amazon in the same market?) and then onto impact on web traffic. Strap in.

1

5

33

7

49

Nicolas Petit

@CompetitionProf

2 years

Meet class 2022 of’ law & econ of multisided markets’. And see👇🏻 to know who they designated as 🇪🇺DMA gatekeepers 🌉 1/n

3

1

47

Nicolas Petit

@CompetitionProf

3 years

Anyone who likes beer knows this is not the market for beer

Simonetta Vezzoso

@wavesblog

3 years

Cheers

2

0

1

4

1

48

Nicolas Petit

@CompetitionProf

7 years

Work plan for sabbatical at Stanford next year.

5

4

47

Nicolas Petit

@CompetitionProf

3 years

Thread attempting to explain in plain English what @EUCourtPress said in Google Shopping case👇 COURT: 'Hey Google, when I look at you I see a kind of public utility' 1/n

2

18

48

Nicolas Petit

@CompetitionProf

1 year

« The citizen is not a dataset » wins prize for best panel title and leading in race for best discussion #SOU2023 @EUI_EU

3

9

45

Nicolas Petit

@CompetitionProf

2 years

Happy to share my CRESSE slides w/ 2 examples of possible challenges of DMA implementation 1/n

5

3

48

Nicolas Petit

@CompetitionProf

4 years

Morning run w/ a view

2

0

46

Nicolas Petit

@CompetitionProf

2 years

2

3

46

Nicolas Petit

@CompetitionProf

2 years

My reading of Macron’s victory is this ➡️ 58% is a BIG number bc 👇🏻 1️⃣ Macron’s score internalises the political cost of 5 years in the job, and 2️⃣ And it represents a defeat for populism, in a country that is leaning towards the far right for abt 20y now

0

6

44

Nicolas Petit

@CompetitionProf

3 years

Jean Tirole Nobel Prize 2015 speech on information asymmetries => Regulators can know little at best => Inevitable risk of type I error w/ weakened firm incentives to invest in cost reductions => Risk of erroneous intervention under pressure of public opinion Healthy reminder

4

8

44

Nicolas Petit

@CompetitionProf

4 months

Am finding incredibly frustrating that the Map on the right hand side of a Google search has become unclickable.

7

8

45

Nicolas Petit

@CompetitionProf

6 years

A first cut at making sense of antitrust's current movements. Cc: @glenweyl @matthewstoller @HalSinger @linamkhan @sandeepvaheesan @ProfWrightGMU @DanielDancrane @geoffmanne Work in progress.

4

23

45

Nicolas Petit

@CompetitionProf

3 years

👇Best tweet in a while in favor of a careful approach to antitrust in digital markets👇

4

8

44

Nicolas Petit

@CompetitionProf

3 years

I got wind that the @CMAgovUK is heading towards a prohibition of @Facebook ’s purchase of @GIPHY . Yes, you read well G-I-P-H-Y, the GIF search engine 1/n

2

12

43

Nicolas Petit

@CompetitionProf

5 years

I started @EuropeanUni this week. I got a new email address. For first time in my life, I might finish working week with ZERO outstanding messages in mailbox. #onceinlifetime #relief

3

0

45

Nicolas Petit

@CompetitionProf

4 years

Europe and its nation states keep being described in mainstream press outlets like The Economist as the old, inefficient world. Or as an agonising organisation going from one crisis to the other. The data says otherwise. Cc @lugaricano

Luis Garicano 🇪🇺🇺🇦

@lugaricano

4 years

👉🇺🇲EEUU: la epidemia no se reduce. 👉🇪🇺Europa: casi eliminada. Y sin embargo, se empeñan en hablar de la UE permanentemente en crisis, de instituciones anticuadas e ineficientes etc. Reivindiquemos a Europa h/t @CompetitionProf

4

42

126

1

11

44

Nicolas Petit

@CompetitionProf

3 years

My @EUI_EU colleagues are gr8. They just informed me that my 'Theory of antitrust limits' is the featured publication of our research page for over a week. Nice Xmas present. Probably the most important paper that I wrote in past 5y. More at

1

4

44

Nicolas Petit

@CompetitionProf

7 years

Got it!

9

1

42

Nicolas Petit

@CompetitionProf

2 months

I am very excited to give a keynote on AI and the law at the @UCT_news in Cape Town 🇿🇦 Huge🙏 to Prof Jaco Barnard-Naudé for the invitation.

1

2

42

Nicolas Petit

@CompetitionProf

3 years

Young enough to recall a time when some said online advertisement competition is weak.

Carl Benedikt Frey

@carlbfrey

3 years

Apple’s advertising business has tripled (!!!) its market share in the 6 months after it introduced privacy changes to iPhones.

2

11

38

2

8

40

Nicolas Petit

@CompetitionProf

3 years

I often tell researchers to diversify methods and ambitions. Living by the example, my output this year shows a bit of this👇. First a policy oriented paper on the #DMA published in specialist law journal @JECLAP 1/n

1

3

41

Nicolas Petit

@CompetitionProf

5 years

Paper on innovation competition and merger policy now published in latest issue of @abaantitrust Antitrust Law Journal In gr8 company of @DianeCoyle1859 @superwuster & many others. Really enjoyable & much added value from submission/publication process

1

15

41

Nicolas Petit

@CompetitionProf

4 years

Winner takes all and inevitability of monopoly in one picture.

3

8

41

Nicolas Petit

@CompetitionProf

11 months

🚨Important job alert. The @eui_law has published a vacancy for a Chair in Law. More info 👇. 🌍We encourage applications from scholars with a substantial and ongoing connection to Central and Eastern Europe or the Western Balkans.

1

39

41

Nicolas Petit

@CompetitionProf

4 years

Super long and wonky thread on the DMA, and the distinction btw art 5 and 6 obligations. A legal perspective, based on remarks prepared for the Oxera conf yesterday. Thinking in progress 1/

3

5

40

Nicolas Petit

@CompetitionProf

4 years

Surely this must be a good read if Professor Valletti has resorted to playing the man not the ball 1/n

3

8

40

Nicolas Petit

@CompetitionProf

5 years

Thread on @facebook court win in antitrust/privacy case in Germany. Lesson number one: there’s a court system and legal precedent. Discussions on antitrust agst #BigTech often forget that judicial precedent may limit agencies’ ability to push the envelope 1/

TechCrunch

@TechCrunch

5 years

Facebook succeeds in blocking German FCO’s privacy-minded order against combining user data by @riptari

2

17

31

2

28

39

Nicolas Petit

@CompetitionProf

2 years

Building a metaverse will require gigantic asset integration and interfirm cooperation. Blocking mergers is counterexample of sensible antitrust policy

F.T.C. Chair Upends Antitrust Standards With Meta Lawsuit (Published 2022)

Lina Khan may set off a shift in how Washington regulates competition by filing cases in tech areas before they mature. She faces an uphill climb.

www.nytimes.com

6

7

39

Nicolas Petit

@CompetitionProf

5 years

Thread. 2y ago I write a paper saying market def is broken in digital. Last week @EU_Competition announces a review of market def notice. Great. 3y ago, I say antitrust law shld pay attention to Chinese SOEs M&A sprees. This week, @EU_Commission says it's looking at it. Huge. 1/2

3

4

40

Nicolas Petit

@CompetitionProf

5 years

Proud to announce our new educational programme on law, AI and public policy! For all law and policy experts with interest in cognitive techs. Kick-off on 15 Nov 2019. Brussels-based cc @cpmarkou @roald @NathalieSmuha @AnB_Law

Programme in Law, Cognitive Technologies & AI (2019-2020)

Attend our new educational programme on the law and policy questions raised by Artificial Intelligence (AI) and robotic technologies.

mailchi.mp

3

10

39

Nicolas Petit

@CompetitionProf

2 years

Glad to share my latest paper on the EU AI Act: Between Product Safety and Fundamental Rights: The paper is joint work w/ EUI researcher @MarcoAlmada We're welcoming comments, and suggestions for publication

1

9

40

Nicolas Petit

@CompetitionProf

1 year

Summary below of what happened last week at the OECD roundtable on the Consumer Welfare (CW) standard 1/n.

2

13

37

Nicolas Petit

@CompetitionProf

3 years

The @EUI_EU is looking to hire a colleague for the chair in constitutional law. Pls RT and help us make this a v competitive process 😀👇

0

46

38

Nicolas Petit

@CompetitionProf

3 years

Another empirical blow to the killer acquisition/kill zone conjecture. In a recent paper Prado and Brauer show that big tech acquisitions tend to increase short term VC funding in the relevant industry segment.

2

12

38

Nicolas Petit

@CompetitionProf

2 years

150 persons queuing for overpriced cabs at Brussels airport. 2 cars available. Uber still non grata. A case study in regulatory capture, policy failure, and taxpayer backstabbing.

5

2

39

Nicolas Petit

@CompetitionProf

2 years

In the 1950s, crisis gave us the Steel and Coal community. Now wondering if the ongoing crisis will give us a Gas and Defence one.

4

5

38

Nicolas Petit

@CompetitionProf

6 years

Just out! #intel #antitrust

0

6

38

Nicolas Petit

@CompetitionProf

3 years

A first attempt to flesh out a concrete and administrable test of tipping (w/ the gr8 @nmorenobelloso )

A Simple Way to Measure Tipping in Digital Markets - ProMarket

Digital markets are prone to “tipping”. One way is to measure tipping is to focus on the behavior of the firm that tips the market.

www.promarket.org

1

12

38

Nicolas Petit

@CompetitionProf

3 years

Very happy to receive messages saying the recent @Meta dip proves the big tech moligopoly competition point made in my @OUPLaw book.

Metamorphosis: Facebook and big-tech competition

Why the technology-industry narrative of the 2010s no longer stacks up

www.economist.com

4

38

Nicolas Petit

@CompetitionProf

4 years

Tout est dit dans cette indispensable invitation a l’optimisme de Sureau. La liberté est une méthode, celle de la contradiction. Le progrès découle de sa pratique.

Nigel 🇫🇷

@NigelCapitalist

4 years

La ligne Sureau devrait être la ligne de tous les combats. Elle va à l'essentiel, tout en étant simple, applicable. Nous devons prioritairement rétablir (voir élargir) la sphère classique des libertés publiques et individuelles. De là découlera le reste.

6

51

134

0

17

38

Nicolas Petit

@CompetitionProf

4 years

Message subliminal: commencer à préparer la 4eme édition.

2

1

36

Nicolas Petit

@CompetitionProf

4 years

Join us this Monday for a webinar on my upcoming book and antitrust in digital industries with Adina Claici (GCLC) Guillaume Loriot (COMP), Bill Kovacic (GWU), and David Teece (Berkeley)

0

6

36

Nicolas Petit

@CompetitionProf

2 years

As a competition lawyer or economist, you realise the world has become wild when the argument is ‘firms spend too much on R&D’

James Bessen

@JamesBessen

2 years

Goliaths Everywhere - @DianeCoyle1859 's perceptive review of my new book "one of my books of the year"

0

4

23

5

1

37

Nicolas Petit

@CompetitionProf

2 years

Full *competitioners* house today @eui_law competition law to listen to @or_brook .

0

7

37

Nicolas Petit

@CompetitionProf

5 years

Warning - very contrarian thread. Here goes: what if we thought of @Google and @Facebook (and other digital platforms) as engines of intense non price competition in the Economy (and thus enablers of competitive markets)? 1/8

5

10

37

Nicolas Petit

@CompetitionProf

5 years

Happy to share my slides on Big Tech’s Novel Harms: Antitrust or Regulation. Gr8 event at ⁦College of Europe yesterday with ⁦ @LeConcurrential ⁩ ⁦ @nidhalaigh ⁩ ⁦ @PaulNemitz ⁩ and many others

Nicolas Petit on LinkedIn: Big Tech Novel Harms - Antitrust or Regulation?

Happy to share slides on "Big Tech's Novel Harms: Antitrust or Regulation" presented at great College of Europe High Level Conference on Democracy and Human…

www.linkedin.com

0

6

36

Nicolas Petit

@CompetitionProf

4 years

. @LeConcurrential and I submitted 4 proposals to @EU_Competition for modernizing market definition: 1. Consider competition from non-substitute products 2. Distinguish between tipped & untipped markets 3. Outsource market definition 4. Create a database