英语翻译Investors understand the implications of these paradigm

英语翻译
Investors understand the implications of these paradigm shifts much better than
economists do,recognizing that competition in such industries is often much more
intense than in mature industries.Such intense competition generates high risk and
requires higher than average returns to compensate.Yet high risk for the investor
should translate to lower risk for the antitrust authorities,as incumbent positions
may be fragile even in the short-to medium-term and,frequently,competitive
forces are sufficiently powerful to undo monopoly power,should it arise.
3.Limitations of traditional indicia used to evaluate market definition and
market power
The fundamental underpinning of all(non-collusive)competition policy issues is
the analysis of market/monopoly power.In traditional antitrust economics and
jurisprudence,the starting point for competitive assessment is the concept of a
(relevant)market.The presumption is that if a firm has a‘high market share’
coupled with high entry barriers,it has‘monopoly’power.Thus,its conduct can
be injurious to competition,and ought to be scrutinized most carefully.
Absent monopoly power,non-collusive business conduct never raises antitrust
issues.In the presence of monopoly power,business conduct that would otherwise
be unobjectionable may become problematic.This has traditionally been de-
termined by defining the market in which a firm competes and then assessing the
degree of control that a particular firm has over that market.
In US antitrust jurisprudence,there are two main categories of traditional indicia
commonly used to define markets and derive measures of market power.These are
(1)the methods contained in the Horizontal Merger Guidelines and(2)indicia
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that roughly correspond to those identified in Brown Shoe.These have been
utilized by the courts as if they are universally applicable,without regard to
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Henderson and Clark(1990).

投资者比经济学家更深地理解这些典范转移的定义,因为他们认识到在这种行业中的竞争会比在其他成熟行会中来的更激烈.这种激烈的竞争产生了高风险并且要求高于平均值的收益以供赔偿.然而,投资者的高风险应该能被反垄断当局转化为低风险.因为即使是中短期现任的职位也是不稳定的,而且不断地会有强而有力的竞争力量出现来瓦解垄断势力.
3. 用于评估市场界定和市场势力的传统指标的局限性.
所有竞争策略（非共谋的）话题的根本支撑在于对市场/垄断势力的分析.在传统的反垄断的经济学和法学中,竞争评定的出发点是界定市场（相关）的概念.推测的结果是如果一个公司具有伴有较高的入市门槛的“高市场占有率”,那么这个公司就具有垄断势力.因此,这个公司的行为对竞争就是有害的,对其必须进行详细地审查.没有了垄断势力,非共谋的商业行为绝对不会引起反垄断的问题.垄断势力的存在的情况下,无异议的商业行为也会变成有问题的.这个在传统上是由怎样界定某家公司参与竞争的市场和评估某个特定公司在这个市场上的控制度所决定的.
在美国的反垄断法中存在着两大类普遍用于市场界定和衡量市场力量的传统指标.他们是在《同业合并指南》中包含的方法和Brown Shoe中与这些定义粗略相关的指标.这些指标已经在法庭上应用,似乎他们是普遍适用的而不顾及...
Henderson安德森 and Clark克拉克 (1990)