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| (91) | An approach frequently used when estimating initial overcharges is to compare prices over time on the same market, i.e. before-during-after comparison (illustrated in Box 5 below) (82). When applying this approach to estimate passing-on, the comparator market is the exact same product market as the market on which the direct or indirect purchaser was active when the infringement took place, but analysed at different points in time. Hence, the underlying assumption is that the product market in question in the non-infringement period provides a good approximation of the counterfactual, i.e. the situation that would have prevailed on the product market if no infringement had happened during the period of infringement. This assumption may be wrong because, in a practical sense, there is no comparator market irrespective of geography or product to account for an additional element of isolation in relation to the effect stemming from the infringement.

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Source: EUR-Lex (Cellar) · retrieved 2026-09-25 · Text as adopted (Official Journal); later amendments are not incorporated in this text.