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1. AT&T,. T-Mobile AT&T Softbank Sprint..,..,.,.,. /,..,,...,

2.,. 2012 12

3 1 7 1 13 2 15 1 15 1. 15 2. 25 3. 28 2 EU 31 1. 31 2. 43 3 44 1. 44 2. 54 3. 57 3 2010 59 1 59 1. 59 2. 61 3. HHI 61

4 4. :,, 62 2 63 1. Upward Price Pressure 65 2. 67 3. 67 4. 67 3 2010 68 4 70 1. 71 2. / 72 3. / 74 5 76 1 76 2 77 3 80 4 85 6 87 88

5 2 1 DoJ-FTC HHI 18 2 2 25 2 3 FCC 180 day clock 26 2 4 DoJ FCC 29

7 1.,.,..,.,,..,.,.,..... (screening device model),.,.

8 2 2. /. (Department of Justice) (Federal Trade Commission) (Federal Communications Commissions).,., EU. EU,. 3 2010 1992. 1997,. 2010. 2010.,. 2010,., 1992. 2010 ( ).. i) upward pricing pressure

9, ii), iii), iv) (evidence),.,,., HHI. HHI 1,500 ( 1,000), 1,500 2,500 ( 1,000 1,800 ) 2,500. HHI 200 ( 100), HHI 2,500,. HHI,. 4,...,.,,.

10 5 Crandall and Winston(2003)..,,,.,,,.,. (screening model), Crandall Whiston(2003).,..,,.,.,,.,..

11 6. 2 3 / /. 4 /.. 5.,.,.,.

1 13 1.,...,.,..,.,,. (Horizontal merger guideline)., FCC 180 day clock., EU (Council Regulation 139/2004 on the control of concentrations between undertakings)., 18 2, 7...,,.,

14.,.,..,,, /. /.,.... (screening device model),.,.

2 15 2,.,. EU,,,. 1 1. 7 1 2, 5. (DoJ: Department of Justice) 1968 1982 1984. 1998,. HHI, Safe Harbor., (FTC: Federal Trade Commission) 1982 7., DoJ 1982. 1992 DoJ FTC

16. 1992 (Unilateral Effects) (Coordinated Effects). 1997 1992 DoJ FTC, 1992. 2010. 2010, 1992 (1997 ).. DoJ FTC,,,,,. 1), (Market Definition, Measurement, and Concentration).. (relevant market),. (Product Market) (Geographic Market).. (SSNIP: small but significant and non-transitory increase in price)., A SSNIP

2 17, B A B.. (geographic price discrimination)., A SSNIP, A B, A B..,

18.. (HHI: Herfindahl-Hirschman Index). HHI HHI HHI. (HHI 1,000 ), (HHI 1,000 1,800), (HHI 1,800 ). HHI HHI. A B, C. 2 1 DoJ-FTC HHI HHI (HHI 1,000 ) (HHI 1,000 1,800) (HHI 1,800 ) HHI 50 50 100 100 A A B A B C 2)

2 19.,. (Coordinated Effects).,,,.,..,,,. (Unilateral Effects).. (differentiated products) (capacity constraint)

20. 3) (Entry Analysis).,.,,., (Timeliness of entry) 2., (Likelihood of entry). (Sufficiency of entry),,. 4) (Efficiency),.,,,.,,.

2 21 (merger-specific), (cognizable).,..,.,,.,.,. 5) (Failure and Existing Assets).. 11, (failing division).

22. DoJ (Non-Horizontal Merger Guidelines) 1982 1984 (Non-Horizontal) 1992. 1984. 1),. 1 (primary market) 2 (secondary market) 2 1 2 1 1 1, 1 1 HHI 1,800. 2),,., HHI 1,800,,.,

2 23. HHI 1,800. 3)... ( )..,. DoJ,. 4) DoJ.. DoJ.. DoJ

24., (Perceived Potential Competition). (limit pricing),...,,., (Actual Potential Competition)..,.,,.. DoJ,,,, 2 2.

2 25 2 2 HHI 1,800 20% 2.. FCC (FCC: Federal Communication Commission) (Communications Act). 11 FTC, 7., (transfer of license). 214 (a),, FCC. 310 (d),,., FCC (public interest standard).

26. FCC FCC. FCC. FCC,, FCC. FCC 180 day clock. 2 3 FCC 180 day clock Day 0 Public Notice(PN) Day 1 30 Public Comment Period Day 45 Oppositions to Petitions to Deny and Comment Day 52 Replies to Opposition Day 90 Initial Information Request Day 52 180 Analysis of Record FCC PN, Day PN FCC, 45 Public Comment Period 15 FCC 90, FCC

2 27 Day 180 FCC Issues Order Stopping the Clock FCC,. FCC FCC,, (potential public interest harms) (potential public interest benefits),,,.,. FCC M&A,.?????, FCC DoJ,.

28 3. DoJ FCC.. DoJ FCC, DoJ.. DoJ, DoJ. FCC,,, DoJ. FCC DoJ. FCC.. DoJ. FCC,,. DoJ., FCC

2 29. DoJ Inaction, FCC 180 day clock. 2 4 DoJ FCC DoJ FCC,?? DoJ Inaction : (2006),,, FCC... FCC..,., FCC. FCC., Ameritech SBC FCC. 1)

30 1) Ameritech SBC,. 2), /. 3) (Adavanced telecommunications service, ). 1996 ( ). FCC. 1) 2) xdsl 3) 4) 5) 6) 7),,,..,.,,,. 1) Applications of Ameritech Corp., Transferor, and SBC Communications, Inc., Transferee, for Consent to Transfer Control of Licenses and Lines Pursuant to Sections 214 and 310(D) of the Communications Act 14 FCC Rcd. 14712(1999)

2 31,, FCC. 2), FCC, 3..,.,..,.., 1996., 1997 AT&T SBC. AT&T SBC,. AT&T SBC..., 1996. 2 EU 1. (European Union) 1990 9 2) 47 U.S.C Sec. 310(d)

32 1997, 2004 1. (European Council) (Council Regulation 139/2004 on the control of concentrations between undertakings) 83 308, 81 82 3)., 81 82 (European Commission). 1) EU 3., 1,. 1 2. 3) 81,, 82. 81, 82. (, 2005).

2 33 50 2 2 5 2/3 1 3. 25 3 1 3 2 5 2 1 2/3 2) EU., 82. 2, 2 1 a, b

34. 2 1 a. b,,,,,.., 1991,...,,,..,., 2 2 a /.

2 35 3) EU 2...,.....,. 25, 35... (Advisory Committee of Members States)

36 8 1., 8 2.,, 4) 8 6. 5).. 6) (interim measure). 90, 105. 20 125.. (Guidelines on the assessment of horizontal mergers under the Council Regulation on the control of concentrations between undertakings).. 1) EU., HHI 4) 8 3 5) 8 6 6) 8 4

2 37.,,. HHI. 25% HHI 1000 7) HHI 1000 2000, HHI 250 HHI 2000 HHI 150 25 50%, 40 50% 50% 2). (Non-coordinated effects Unilateral effects).,. 7),,,,, 50%.

38 ( : ) (Coordinated effects Tacit collusion),,.,,,,,,..,,...,,,...

2 39.... 3)....,. 4),..., (Likelihood of entry). ( :,, )., (Timeliness) 2. (Sufficiency)

40. 5), (overall competitive appraisal), 2 1.,, (merger-specific), (cumulative).,, (timely),. (Merger specificity),. (Verifiability),,. 6) (failing firm). (failing firm defence).

2 41... 30% HHI 2,000.. EU 2008 (Guidelines on Assessment of Non-Horizontal Mergers) (Input Foreclosure) (Customer Foreclosure).,,..,., (Customer Foreclosure)

42.,,,. EU,.???, M&A /. (disruptive buyer), HHI 1,800,.,,.

2 43.. (tying), (bundling) (foreclosure). EU.,.....,..,,. 2. EU,

44. 19 2,.., (Enterprise Act 2002), (Office of Fair Trading) 1, (Competition Commission),. Ofcom. (Bundes Kartellamt). (Bundesnetzagentur fuer Elekommunikation, Post und Eisenbahnen),,.,.,. 3 1. ( ) 7

2 45 8).,. 7 5,,... 11 ( ) 50%,... 8) 11,. 3 2 1,.

46 17 ( ) 1 (,, ),. (,, ) (, ),,..,,,. HHI 1200 HHI 1200, 2500 HHI 250 HHI 2500 HHI 150 HHI 2500, 25% 4,

2 47,.. 1),,,,,..,.,..

48,,,,,... 2),.

2 49.. 3),,.,

50,,....,,,. 1),.,.

2 51 2)...,. 3),,,,. 4),..

52.. 1),.,..

2 53 ( :, )., 2),,. 34 35 294 298. ( ),,,,,,.,,

54. (,, ) (,, ),,. 2.. 18 1. 100 15,

2 55.,,,,,, 18 2.,,.,,.,, 18 6.

56,,,.,,,,,,,,. 9),,,,,,,.. 60.,., 100,.,, 9),,,,.

2 57. 50/100 50/100 1,. 3..,. 10) 10),, (, 2008).

58 12 4.. 11) 18 6..,, ( ). 12) 11) (2008), p.25. 12) 2008 SKT,.

3 2010 59 3 2010 1992 DoJ FTC. 1997,., 2010, DoJ FTC. 13),. 1 1992 14) 2010.,. 1. 1992,.,.,.,., 2007 Whole Foods Wild Oats, FTC. 15) FTC (Premium Natural/Organic Supermarket) 13) http://www.justice.gov/atr/public/guidelines/hmg-2010.html 14) http://www.justice.gov/atr/public/guidelines/hmg.pdf 15) Federal Trade Commission v. Whole Foods Mkt., Inc., 502 F. Supp. 2d 1(D.D.C. 2007)

60,..,, FTC. 16),.., Farrel and Shapiro(2010), FTC DoJ.. 2010 SSNIP test HHI,,. 2010 1992,, ( ). 17). i), ii) upward pricing pressure, iii) iv) (evidence) 2010,. 16) Federal Trade Commission v. Whole Foods Mkt., Inc., 533. F.3d 869(C.A.D.C., 2008) 17) 2010,., 1992.

3 2010 61 2. 3.,,,.,.,,,. 3. HHI 1992, 2010 HHI., HHI,,. 2010 HHI. 2010, HHI 1500 ( 1000), 1500 2500 ( 1000 1800 ) 2500. HHI 200 ( 100) HHI 2500,. HHI, (Davis Polk, 2010). 1992 35%.

62 4. :,,. 1992. 2010,,., 2010.,,.., /., 2010,.,.,,. 2010..,.,,,.,,

3 2010 63..,,. 2010..,,..,,.,,.,,.,,,. 2 2010.. 1959 Adelman MIT SSNIP Test ( ). 1970, 18) 1982 (FTC) (Merger Guideline)

64. (EU), 1997 EU (EU Commission)., 10.. A B. A B (C, D, E, F ), A, B, C, D, E, F., HHI A B. A B. A B, C, D, E, F A/B (, )., C, D, E, F A B., 2010. 2010,., 1992. 2010 ( ). 18) United States v. Philadelphia National Bank, 374 U.S. 321, 363(1963)

3 2010 65. i) upward pricing pressure, ii), iii), iv) (evidence) 1. Upward Price Pressure HHI HHI,.,, HHI. Shapiro and Farrel(2010) O Brien and Salop(2000) Upward Price Pressure(UPP) Price Pressure Index(PPI)., UPP. UPP Bertrand,.,. 1 2. 1 2,,., (, n ) (, ),..,., (diversion ratio), 1, 1 2., 1 100 1, 30 2, 0.3..,,.,.

66., 1., 2. 0,.,, 2.,,.,,. (1) UPP,.,,., UPP.,., A,B,C 3., A B, C A B., A B A C., HHI.,,,. (1), 2 ( ). HHI, UPP.

3 2010 67 2.,,. UPP.,,. 3., 2010.,,, / (win/loss),,.. 4. 2010.,.,. 19) 1992 FTC, 2010 19) 2009 2012 3 FTC 9, 4.

68.,,,. 3 2010 2010., FTC/DoJ 2010., FTC/DoJ,. 1992, 1992., FTC/DoJ, 1992,. regulation Policy Statement.,. 1992,., FTC/DoJ 2010, 1992,. 2010. 1992., Southern District Court of New York City of New York v. Group Health, Inc.

3 2010 69,., FTC v. Lundbeck, Inc. FTC,., 2010., FCC 2010. FCC DoJ FTC,. 20) FCC 2010. 2010 FCC., FCC AT&T T-Mobile,,. 21), FCC(2011) 2010,. 22) FCC,. FCC,. 20) Baker(2010) 21) FCC(2011) 22) FCC(2011) fn. 88

70 4,...,.,,., 5.,.,.,.,,.,.,., mark-up ratio.,..

4 71 1....,,. Eckbo(1983) Eckbo and Wier(1985)... 1. Collusion Hypo:.. 2. Predatory Hypo:,.. 3. Information Hypo:,.,. Eckbo(1983) Eckbo and Wier(1985),.,,.,., 1 3,.,,., 3

72,.,.,.,., 3.,,., Schumann(1989),.,,,.,.,.,,., Eckbo(1983) Eckbo and Wier(1985) 2.,.,. 2. /.,.. Eckbo(1992). Eckbo(1992) 1985, 1985.

4 73 Eckbo(1983) Eckbo and Wier(1985).., Eckbo(1983) Eckbo and Wier(1985),,,. Eckbo(1983) Eckbo and Wier(1985),,.,. Eckbo(1983) Eckbo and Wier(1985) predatory.,,., Konings, Van Cayseele, and Warzynski(2003) mark-up ratio. mark-up ratio. 1993,. 1993. Konings, Van Cayseele, and Warzynski(2003) 1993 mark-up ratio.., Warzynski(2001), 1973 mark-up ratio., Hoekman and Kee(2003) 42, mark-up ratio. Hoekman and Kee(2003) mark-up ratio,.

74 Hoekman and Kee(2003),. Mark-up ratio,,..,.,. 3. /. Schumann, Reitzes and Rogers(1997) Weyerhaeuser Menasha. FTC,.,, Weyerhaeuser, 4., 4,. Schumann, Reitzes and Rogers(1997).,,.,..,..,..,. Morrison, Steven A. and Clifford Winston(2000)

4 75. TWA Ozark, DoJ. (Department of Transportation),. Morrison, Steven A. and Clifford Winston(2000), 15%. DoJ North West Republic,., 2%,,. Crandall and Winston(2003)..,,,.,,,.,. Saltzman, Levy and Hilke(1999), ( Dr. Pepper, 7UP ) 3.% 12.8%..,.

76 5 23) 1,.,., Crandall and Winston(2003)..,,,.,,,.,. (screening model), Crandall Whiston(2003).,..,, 23) Kwak(forthcoming).

5 77.,.,,,.,.. 2 ( ) ( )..,,.,,,,..... 24),, 24),.

78.. (common knowledge).,.,,.. (, L H ),.. ( ), ( ).,.. 1.,.,..,,.. 25), 25) Merger Guideline, (FTC, 2010).

5 79..,,,.. 1 ( ).., ( ).. 2 ( ) 1. ( ),.,.,. / /. 3 ( ) 2.,,. 2, (FTC v. Univsrsity Health).

80,,. 4 ( ),., 1.,.,,.,,. 3 (finite stage dynamic game) (backward induction) (Nash Equilibrium). 4 ( ) ( ),.,,,.,,,.,

5 81. 3 ( ) 2.,,., Pr. Pr,.,.,,, P r,., P r,,.,,. 2.,,.. P r (1),. 2 ( ),.,,...

82,.... 26) 1..,.. 2 3,.. 2. ( ),. 1 ( ) 1,.., 26) EU 2010 18, 16. 2008 37, 34. FTC(2008) European Commission(2010).

5 83 2...,,.,..,. 2..,.,.,.,,.,.,.,.,,,., 3.. 3.,. 3.,,,.,, 3.

84,, 1. 1.. 1..,.,., ( ) ( ). (2) (3) 2.. 2.. 3., ( ),..

5 85...,.,., Crandall and Winston(2003). 3.,. 3.., (screening device). 4. (self-selection) (screening device). Crandall and Winston(2003).,,.

86,.,.,. 4.,,,.

6 87 6. 2 3. 3.,.,. 4 /..,.,. 5.,.,.,.

88 (2011),, 2011-12, 2011. 12. 28. (2012),, KISDI. (2012a),, 11406, 2012. 6. 22. (2012b),, 106566, 2011. 11. 20. (2005), (Nr. 139.2004),, 12 3 ( 30 ), pp.321 362. (2008), M&A M&A,, 08-38, 2008. 12. (2006),,, KISDI 06-01, 2006. 3. 13. (2010),,, 10-11, 2010. 11. (2012),, 2012-16, 2012. 3. 15. (2008),,, Vol. 18, pp.3 36.

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2010 10 01 ( ) 10 02 IP (,, ) 10 03 (,,, ) 10 04 (,, ) 10 05 (, ) 10 06 (,, ) 10 07 : (,, ) 10 08 ( ) (,, ) 10 09 (MPS) (,, ) 10 10 ICT (,, ) 10 11 (, ) 10 12 ( ) 10 13 (II): 6.2 ( ) 10 14 ICT (,, ) 10 15 u-city ( ) 10 16 (,, ) 10 12 01 IT ( ) (,,, ) 10 13 01 ( ) (, )

2011 11 01 (, ) 11 02 ICT (,, ) 11 03 (,, ) 11 04 ( ) 11 05 (,, ) 11 06 TV ( ) 11 07 (,,, ) 11 08 : (, ) 11 09 ( ) 11 10 (,, ) 11 11 (, ) 11 12 (,, ) 11 13 (, ) 11 14 (,, ) 11 15 ( ) 11 16 (, ) 11 17 ( ) 11 18 (, ) 11 19 ICT ( ) ( ) 11 20 ITU ICT (IDI) (,, ) 11 21 (,, ) 11 12 01 IT ( )

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(,,, ) 12 20 (,,, ) 12 09 01 (I) (,,, ) 12 10 01 e (,, ) 2010 10 01 IPTV ( ) 10 02 (,, ) 10 03 2010 (, ) 10 04 (,,, ) 10 05 IT (,,, ) 10 06 (,, ) 10 07 (,, ) 10 08 ( ) 10 09 (,, ) 10 10 ( ) 10 11 (,, ) 10 12 (,, )

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10 56 10 57 10 58 (, ) (, ) (,, ) 2011 11 01 (,,, ) 11 02 (,, ) 11 03 ( ) 11 04 (,,, ) 11 05 ( ) 11 06 2011 (,, ) 11 07 2010 ( ) 11 08 2011 (,, ) 11 09 (,,, ) 11 10 (,, ) 11 11 (,, ) 11 12 (,, ) 11 13 ( ) 11 14 ( ) 11 15 (,,, ) 11 16 (,,, ) 11 17 MNO, MVNO ( ) 11 18 (,,, )

11 19 (,, ) 11 20 (,, ) 11 21 mvoip (,,, ) 11 22 ( ) 11 23 ICT ( ) 11 24 (,,, ) 11 25 (, ) 11 26 2012 ( ) 11 27 R&D ( ) 11 28 R&D ( ) 11 29 WiBro (,, ) 11 30 ( ) 11 31 (, ) 11 32 ICT (, ) 11 33 (,, ) 11 34 ( ) 11 35 (,,, ) 11 36, (,,, ) 11 37 ( ) 11 38 ( ) 11 39 ( )

11 40 (,, ) 11 41 ( ) 11 42 ( ) 11 43 ( ) 11 44 2010 ( ) 11 45 (,, ) 11 46,, (, ) 11 47 (,, ) 11 48 (, ) 11 49 SO-PP (, ) 11 50 (, ) 11 51 ( ) 11 52 PP ( ) 11 53 ( ) 11 54 / (, ) 11 55 : ( ) 11 56 2011 KI (, ) 11 57 (,,, ) 11 58 (,, ) 11 59 (,, ) 11 60 ITU PP-14 : PP-14 ( ) 11 61 (,,, ) 11 62 (,,, )

11 63 ( ) 11 64 2011 ( ) 11 65 (Youth) ( ) 11 66 (,, ) 2012 12 01 ICT (, ) 12 02 ( ) 12 03 VOD (, ) 12 04 ( ) 12 05 (, ) 12 06 2012 (, ) 12 07 (, ) 12 08 IT (,, ) 12 09 (2012 ) ( ) 12 10 ICT ( ) 12 11 ( ) 12 12 (,,, ) 12 13 SNS (,, ) 12 14 (,, ) 12 15 (, ) 12 16 2013 ICT ( ) 12 17 ( ) 12 18 (,,, )

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