Economics of regulation and antitrust:
Gespeichert in:
Hauptverfasser: | , , |
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Format: | Buch |
Sprache: | English German |
Veröffentlicht: |
Cambridge, Mass. [u.a.]
MIT Press
2000
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Ausgabe: | 3. ed. |
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | XXVII, 864 S. graph. Darst. |
ISBN: | 0262220628 |
Internformat
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Datensatz im Suchindex
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adam_text | Titel: Economics of regulation and antitrust
Autor: Viscusi, W. Kip
Jahr: 2000
Contents
Preface to the Third Edition xix
Introduction 1
The Rationale for Regulation and Antitrust Policies 2
Antitrust Regulation 3
The Changing Character of Antitrust Issues 4
Reasoning behind Antitrust Regulations 4
Economic Regulation 5
Development of Economic Regulation 6
Factors in Setting Rate Regulations 6
Health, Safety, and Environmental Regulation 7
Role of the Courts 8
Criteria for Assessment 9
Questions and Problems 10
Recommended Reading 10
Appendix 11
The Making of a Regulation 13
State versus Federal Regulation: The Federalism Debate 14
Advantages of Federalism 15
Advantages of National Regulations 16
The Overlap of State and Federal Regulations 17
The Character of the Rulemaking Process 18
The Chronology of New Regulations 18
Nature of the Regulatory Oversight Process 22
The Nixon and Ford Administrations 23
The Carter Administration 24
The Reagan Administration 26
The Bush Administration 26
The Clinton Administration 27
Regulatory Reform Legislation 27
Benefit-Cost Analysis 28
Discounting Deferred Effects 30
Present Value 32
The Criteria Applied in the Oversight Process 34
Regulatory Success Stories 34
Promotion of Cost-Effective Regulation 35
Contents
Distortion of Benefit and Cost Estimates 36
The Regulatory Role of Price and Quality 37
The Impact of the Oversight Process 37
The Cost of Regulation 38
Other Measures of the Size of Regulation 38
The Character of Regulatory Oversight Actions 42
What Do Regulators Maximize? 44
The Capture Theory 44
Other Theories of Influence Patterns 45
Comprehensive Models of Regulatory Objectives 45
Conclusion 46
Questions and Problems 47
Appendix: Trends in Regulatory Agency Budgets and Staff 48
ANTITRUST 59
Introduction to Antitrust 61
Industrial Organization Analysis 61
Concentration 63
Entry Barriers 64
Product Differentiation 64
Antitrust 65
Enforcement and Remedies 67
Exemptions from Antitrust 71
Summary and Overview of Part I 72
Appendix: Antitrust Statutes 72
Sherman Act 72
Clayton Act 73
Federal Trade Commission Act 74
Efficiency and Technical Progress 75
Economic Efficiency 75
Partial Equilibrium Welfare Tools 76
Monopoly-versus-Competition Example 78
Oil Industry Application 80
Some Complications 81
X-Inefficiency 84
vii Contents
Monopoly-Induced Waste 85
Estimates of the Welfare Loss from Monopoly 86
Technical Progress 88
Importance of Technological Change 89
An R D Rivalry Model 91
Summary 94
Questions and Problems 95
Oligopoly, Collusion, and Antitrust 97
Game Theory 97
Example 1: Advertising Competition 97
Example 2: Compatibility of Standards 99
The Strategic Form of a Game 100
Nash Equilibrium 101
Oligopoly Theory 101
The Cournot Solution 102
Other Models of Oligopoly 108
Product Differentiation 109
Collusion 112
A Theory of Collusion 112
Cartel Problems 117
Collusion in Practice 121
Antitrust Law toward Price Fixing 125
Economic Analysis of Legal Categories 126
Per Se Rule Cases 127
Conscious Parallelism 131
Summary 135
Questions and Problems 136
Appendix A 137
Game Theory: Formal Definitions 137
Appendix  138
The Addyston Pipe Case 138
The Opinion of the Court 140
Market Structure and Strategic Competition 143
Market Structure 143
Concentration 143
Contents
Scale Economies 150
Entry Conditions 152
Dominant Firm Theory 162
Static Analysis 162
Dynamic Analysis: Limit Pricing 165
Strategic Competition 170
Limit Pricing 171
Investment in Cost-Reducing Capital 178
Raising Rivals Costs 182
Preemption and Brand Proliferation 183
Summary 186
Questions and Problems 186
Mergers 191
Antitrust Laws and Merger Trends 192
Reasons for Mergers 195
Monopoly 195
Economies 195
Reducing Management Inefficiencies 196
Other Motives 198
Horizontal Mergers 198
Benefits and Costs 199
Effects of Airline Mergers 204
Cases 205
The 1992 Merger Guidelines 210
Conglomerate Mergers 213
Potential Benefits 214
Anticompetitive Effects and Cases 215
Summary 217
Questions and Problems 217
Vertical Mergers and Restrictions 219
Vertical Mergers 219
Benefits 219
Anticompetitive Effects 223
Extension of Monopoly: Fixed Proportions 229
Extension of Monopoly: Variable Proportions 230
ix Contents
Cases 232
Vertical Restrictions 233
Resale Price Maintenance 234
Territorial Restraints 238
Exclusive Dealing 240
Tying 241
Summary 253
Questions and Problems 254
9 Monopolization and Price Discrimination 257
The Possession of Monopoly Power 258
Intent to Monopolize · 262
Cases 263
1890-1940: Standard Oil and United States Steel 263
1940-1970: Alcoa and United Shoe Machinery 268
1970 to Present: Kodak, Cereals, IBM, and Others 272
1994-1998: Microsoft and Network Effects 274
Predatory Pricing: Proposed Legal Definitions 277
The ATC Rule 279
The Output Restriction Rule 280
Joskow-Klevorick Two-Stage Rule 283
Price Discrimination and the Robinson-Patman Act 284
Systematic Discrimination 284
Unsystematic Discrimination 290
Cases 290
Summary 292
Questions and Problems 292
II ECONOMIC REGULATION 295
10 Introduction to Economic Regulation 297
What Is Economic Regulation? 297
Instruments of Regulation 298
Control of Price 298
Control of Quantity 299
Control of Entry and Exit 299
Control of Other Variables 300
Contents
Brief History of Economic Regulation 301
Formative Stages 301
Trends in Regulation 302
The Regulatory Process 308
Overview of the Regulatory Process 308
Regulatory Legislation 309
Independent Regulatory Commissions 309
Regulatory Procedures 311
The Theory of Regulation 313
Normative Analysis as a Positive Theory 314
Capture, Theory 317
Economic Theory of Regulation 318
Testing Theories of Regulation 330
Summary and Overview of Part II 334
Questions and Problems 335
11 Theory of Natural Monopoly 337
The Natural Monopoly Problem 337
Permanent and Temporary Natural Monopoly 337
Subadditivity and Multiproduct Monopoly 339
Alternative Policy Solutions 344
Ideal Pricing 344
Franchise Bidding 356
Actual Solutions 356
Summary 358
Questions and Problems 358
12 Natural Monopoly Regulation and Electric Power 361
The Rate Case 362
Accounting Equation 362
Regulatory Lag 363
The Rate Level 364
Rate Base Valuation 364
Cost of Equity Capital 366
The Sliding Scale Plan and Yardstick Competition 368
Price Caps and Performance Standards 369
Averch-Johnson Effect 371
xi Contents
Rate Structure 374
FDC Pricing 375
Undue Discrimination 377
Peak-Load Pricing 379
Costs of Power Production 379
Peak-Load Pricing Model 381
Regulation/Deregulation of Electric Power 386
Effectiveness of Price Regulation 386
Trend toward Competition 388
Summary 392
Questions and Problems 393
13 Franchise Bidding and Cable Television 395
Theory of Franchise Bidding 395
Competition at the Bidding Stage 397
Contractual Arrangements for the Postbidding Stage 405
Assessment of Franchise Bidding 409
Cable Television 409
Historical/Regulatory Background 410
Cable Television as a Natural Monopoly 412
Franchising Process 417
Assessment of Franchise Bidding 418
Rate Regulation 423
Is There a Role for Government Intervention? 427
Summary 429
Questions and Problems 430
14 Public Enterprise 433
General Background 434
Positive Theory of Public Enterprise 435
Managerial Model of a Firm 436
Managerial Model of a Private Enterprise 437
Managerial Model of a Public Enterprise 438
Comparison of Public and Private Enterprise 441
Municipal Electric Utilities 442
Pricing Behavior 442
Allocative Efficiency Comparison 444
xii Contents
Productive Efficiency Comparison 446
Assessment of Private versus Public Utilities 447
Airlines 447
Summary 450
Questions and Problems 452
15 Dynamic Issues in Natural Monopoly Regulation: Telecommunications 453
Transformation of a Natural Monopoly 453
Basis for Natural Monopoly Regulation 454
Sources of Natural Monopoly Transformation 457
Regulatory Response 460
Intercity Telecommunications Market 464
Local-Exchange Telecommunications Market 476
Separation of Regulated Monopolies and Competitive Markets 480
Benefits and Costs of Separation 481
Breakup of AT T 484
Telecommunications and Computers 486
The Future of the Telecommunications Industry: Digital Convergence 487
Telecommunications Act of 1996 488
State of Competition 489
Summary 492
Questions and Problems 493
16 The Regulation of Potentially Competitive Markets: Theory and Estimation
Methods 495
Theory of Price and Entry/Exit Regulation 496
Direct Effects of Price and Entry/Exit Regulation: The Competitive Model 496
Direct Effects of Price and Entry/Exit Regulation: The Imperfectly Competitive
Model 500
Some Indirect Effects of Price and Entry Regulation 504
Some Indirect Effects of Price and Exit Regulation 507
Regulation and Innovation 509
Methods for Estimating the Effects of Regulation 512
Overview of Estimation Methods 512
Intertemporal Approach 512
Application: New York Stock Exchange 514
Intermarket Approach 515
xiii Contents
Application: Advertising of Eyeglasses 516
Counterfactual Approach 517
Application: State Usury Laws 518
Measuring the Return to Price and Entry Restrictions: Taxicab Regulation 522
Summary 525
Questions and Problems 526
17 Economic Regulation of Transportation: Surface Freight and Airlines 529
Transportation Industry 529
Surface Freight Transportation 531
Regulatory History 531
Description of Regulatory Practices 535
Effects of Regulation 537
Recent Regulatory Policy 550
Airlines 552
Regulatory History 552
Description of Regulatory Practices 554
Effects of Regulation 555
Competition and Antitrust Policy after Deregulation 568
Lessons from Regulation and Deregulation 582
Summary 583
Questions and Problems 584
18 Economic Regulation of Energy: Crude Oil and Natural Gas 585
The Theory of Price Ceilings 587
Price and Quantity Regulation of the Crude Oil Industry 591
Regulatory History 594
Oil Prorationing 596
Regulatory Practices 596
Rationale for Prorationing 597
Solutions to the Common Pool Problem 602
Effects of Prorationing 603
Mandatory Oil Import Program 604
Regulatory Practices 604
Effects of Regulation 605
Crude Oil Price Controls 607
Regulatory Practices 607
XIV
Contents
Effects of Price Regulation 609
Price Regulation of the Natural Gas Industry 616
Regulatory History 618
Regulatory Practices 619
Effects of Price Regulation 621
Transition from Regulation to Markets in the Transmission of Natural Gas 629
Summary 631
Questions and Problems 632
III HEALTH, SAFETY, AND ENVIRONMENTAL REGULATION 635
19 Introduction: The Emergence of Health, Safety, and Environmental Regulation 637
Risk in Perspective 638
Measuring Mortality Risks 640
The Infeasibility of a No-Risk Society 641
Wealth and Risk 642
Irrationality and Biases in Risk Perception 644
Policy Evaluation 646
Regulatory Standards 647
Benefit-Cost Analysis 647
The Role of Heterogeneity 648
Uncertainty and Conservatism 650
The Role of Risk Ambiguity 652
The Role of Political Factors 654
Economic Models of Environmental Policies 654
Voting Patterns 656
Summary and Overview of Part III 657
Questions and Problems 659
Recommended Reading 660
20 Valuing Life and Other Nonmonetary Benefits 661
Policy Evaluation Principles 662
Willingness to Pay versus Other Approaches 664
Variations in the Value of Life 666
The Labor Market Model 669
Empirical Estimates of the Value of Life 673
Value of Life for Regulatory Policies 675
Contents
Survey Approaches to Valuing Policy Effects 678
Valuation of Air Quality 680
Exploratory Nature of the Survey Approach 681
Sensitivity Analysis and Cost Effectiveness 681
Risk-Risk Analysis 682
Establishing Prices for Health, Safety, and Environmental Regulation 683
Questions and Problems 684
21 Environmental Regulation 687
The Coase Theorem for Externalities 688
The Coase Theorem as a Bargaining Game 689
A Pollution Example 690
Long-Run Efficiency Concerns 692
Transactions Costs and Other Problems 692
Smoking Externalities 693
Special Features of Environmental Contexts 696
Selecting the Optimal Policy: Standards versus Fines 697
Setting the Pollution Tax 698
The Role of Heterogeneity 700
The Role of Uncertainty 701
Pollution Taxes 703
Cost Heterogeneity for Water Pollution Control 704
Current Market Trading Policies 705
The Future of Market Approaches 708
Global Warming and Irreversible Environmental Effects 709
Assessing the Merits of Global-Warming Policies 709
How Should We React to Uncertainty? 711
Multiperson Decisions and Group Externalities 712
The Prisoner s Dilemma 712
The N-Person Prisoner s Dilemma 713
Applications of the Prisoner s Dilemma 714
The Enforcement and Performance of Environmental Regulation 715
Enforcement Options and Consequences 715
Hazardous Wastes 716
Contingent Valuation for the Exxon Valdez Oil Spill 719
Evaluating Performance 721
Summary 722
xvi Contents
Questions and Problems 723
22 Product Safety 725
Emergence of Product Safety Regulations 725
Current Safety Decisions 726
Changing Emphasis of Product Regulation 728
Premanufacturing Screening: The Case of Pharmaceuticals 729
Weighing the Significance of Side Effects 730
Drug Approval Strategies 730
The Behavioral Response to Product Safety Regulation 734
Consumer s Potential for Muting Safety Device Benefits 735
The Costs of Product Safety Regulation: The Automobile Industry Case 739
Trends in Motor Vehicle and Home Accident Deaths 744
Accident Rate Influences 744
The Decline of Accident Rates 745
The Rise of Product Liability 747
The Negligence Standard 748
The Strict Liability Standard 749
Events-Study Evidence on Liability Costs 749
Escalation of Damages 750
Risk Information and Hazard Warnings 753
Self-Certification of Safe Products 754
Government Determination of Safety 754
Alternatives to Direct Command and Control Regulation 755
The Future of Product Safety Policy 757
Questions and Problems 758
23 Regulation of Workplace Health and Safety 761
The Potential for Inefficiencies 763
How Markets Can Promote Safety 763
Compensating Wage Differential Theory 765
Risk Information 767
On-the-Job Experience and Worker Quit Rates 769
Inadequacies in the Market 770
Informational Problems and Irrationalities 770
Externalities 771
OSHA s Regulatory Approach 772
Contents
Setting OSHA Standard Levels 772
The Nature of OSHA Standards 775
The Reform of OSHA Standards 777
Regulatory Reform Initiatives 777
Changes in OSHA Standards 777
OSHA s Enforcement Strategy 780
Inspection Policies 782
Trivial Violations 783
OSHA Penalties 783
Enforcement Targeting 784
The Impact of OSHA Enforcement on Worker Safety 785
OSHA Regulations in Different Situations 787
OSHA and Other Factors Affecting Injuries 788
The Role of Workers Compensation 794
Agenda for Policy Reform Efforts 795
Questions and Problems 797
24 Patents and Pharmaceuticals 799
Economics of Invention and Patents 799
Background on Patents 801
Incentives to Invent: Monopoly versus Competition 802
Welfare Analysis of Patents 806
Pharmaceuticals and the Role of Patents 815
Industry Structure 816
The 1984 Drug Price Competition and Patent Restoration Act 825
Other Policies that Affect R D Incentives 828
Summary 833
Questions and Problems 833
Author Index 837
Subject Index 841
|
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geographic | USA - Wirtschaftslenkung - Antitrustpolitik USA (DE-588)4078704-7 gnd |
geographic_facet | USA - Wirtschaftslenkung - Antitrustpolitik USA |
id | DE-604.BV013540040 |
illustrated | Illustrated |
indexdate | 2024-07-09T18:47:37Z |
institution | BVB |
isbn | 0262220628 |
language | English German |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009244429 |
oclc_num | 247083832 |
open_access_boolean | |
owner | DE-20 DE-91 DE-BY-TUM DE-355 DE-BY-UBR DE-N2 DE-M382 DE-83 DE-11 DE-2070s |
owner_facet | DE-20 DE-91 DE-BY-TUM DE-355 DE-BY-UBR DE-N2 DE-M382 DE-83 DE-11 DE-2070s |
physical | XXVII, 864 S. graph. Darst. |
publishDate | 2000 |
publishDateSearch | 2000 |
publishDateSort | 2000 |
publisher | MIT Press |
record_format | marc |
spelling | Viscusi, W. Kip 1949- Verfasser (DE-588)123996422 aut Economics of regulation and antitrust W. Kip Viscusi ; John M. Vernon ; Joseph E. Harrington 3. ed. Cambridge, Mass. [u.a.] MIT Press 2000 XXVII, 864 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Industrieökonomik / Konzentrationspolitik / Unternehmensregulierung / Regulierung / Theorie Wettbewerbspolitik (DE-588)4065839-9 gnd rswk-swf Wirtschaftslenkung (DE-588)4066470-3 gnd rswk-swf Regulierung (DE-588)4201190-5 gnd rswk-swf Antitrustpolitik (DE-588)4128555-4 gnd rswk-swf Industriepolitik (DE-588)4026860-3 gnd rswk-swf Antitrustrecht (DE-588)4140732-5 gnd rswk-swf USA - Wirtschaftslenkung - Antitrustpolitik USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Antitrustrecht (DE-588)4140732-5 s Regulierung (DE-588)4201190-5 s Industriepolitik (DE-588)4026860-3 s Wettbewerbspolitik (DE-588)4065839-9 s 1\p DE-604 Wirtschaftslenkung (DE-588)4066470-3 s Antitrustpolitik (DE-588)4128555-4 s 2\p DE-604 Vernon, John M. 1937- Verfasser (DE-588)132332760 aut Harrington, Joseph Emmett 1957- Verfasser (DE-588)132332752 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009244429&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
spellingShingle | Viscusi, W. Kip 1949- Vernon, John M. 1937- Harrington, Joseph Emmett 1957- Economics of regulation and antitrust Industrieökonomik / Konzentrationspolitik / Unternehmensregulierung / Regulierung / Theorie Wettbewerbspolitik (DE-588)4065839-9 gnd Wirtschaftslenkung (DE-588)4066470-3 gnd Regulierung (DE-588)4201190-5 gnd Antitrustpolitik (DE-588)4128555-4 gnd Industriepolitik (DE-588)4026860-3 gnd Antitrustrecht (DE-588)4140732-5 gnd |
subject_GND | (DE-588)4065839-9 (DE-588)4066470-3 (DE-588)4201190-5 (DE-588)4128555-4 (DE-588)4026860-3 (DE-588)4140732-5 (DE-588)4078704-7 |
title | Economics of regulation and antitrust |
title_auth | Economics of regulation and antitrust |
title_exact_search | Economics of regulation and antitrust |
title_full | Economics of regulation and antitrust W. Kip Viscusi ; John M. Vernon ; Joseph E. Harrington |
title_fullStr | Economics of regulation and antitrust W. Kip Viscusi ; John M. Vernon ; Joseph E. Harrington |
title_full_unstemmed | Economics of regulation and antitrust W. Kip Viscusi ; John M. Vernon ; Joseph E. Harrington |
title_short | Economics of regulation and antitrust |
title_sort | economics of regulation and antitrust |
topic | Industrieökonomik / Konzentrationspolitik / Unternehmensregulierung / Regulierung / Theorie Wettbewerbspolitik (DE-588)4065839-9 gnd Wirtschaftslenkung (DE-588)4066470-3 gnd Regulierung (DE-588)4201190-5 gnd Antitrustpolitik (DE-588)4128555-4 gnd Industriepolitik (DE-588)4026860-3 gnd Antitrustrecht (DE-588)4140732-5 gnd |
topic_facet | Industrieökonomik / Konzentrationspolitik / Unternehmensregulierung / Regulierung / Theorie Wettbewerbspolitik Wirtschaftslenkung Regulierung Antitrustpolitik Industriepolitik Antitrustrecht USA - Wirtschaftslenkung - Antitrustpolitik USA |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009244429&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
work_keys_str_mv | AT viscusiwkip economicsofregulationandantitrust AT vernonjohnm economicsofregulationandantitrust AT harringtonjosephemmett economicsofregulationandantitrust |