The European Commission is consulting on updating its 1997 Market Definition Notice, which provides important guidance on identifying relevant markets in competition cases. One hotly debated topic is defining markets for two-sided platforms. Here we discuss some common misunderstandings around this, including on how to apply the hypothetical monopolist test to digital platform markets.

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A summary of the paper is also published as Oxera (2020), ‘Two-sided market definition: some common misunderstandings’, Agenda in focus, September.