Market regulation:
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston ; Munich [u.a.]
Pearson / Addison Wesley
2008
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| Series: | Addison-Wesley series in economics
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| Subjects: | |
| Online Access: | Table of contents only Inhaltsverzeichnis |
| Item Description: | Includes bibliographical references and index |
| Physical Description: | XXXVII, 918 S. ill. |
| ISBN: | 9780321322326 0321322320 |
Staff View
MARC
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| 245 | 1 | 0 | |a Market regulation |c Roger Sherman |
| 264 | 1 | |a Boston ; Munich [u.a.] |b Pearson / Addison Wesley |c 2008 | |
| 300 | |a XXXVII, 918 S. |b ill. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Addison-Wesley series in economics | |
| 500 | |a Includes bibliographical references and index | ||
| 650 | 4 | |a Politik | |
| 650 | 4 | |a Wirtschaftspolitik | |
| 650 | 4 | |a Economic policy | |
| 650 | 4 | |a Competition | |
| 650 | 4 | |a Monopolies |x Government policy | |
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Record in the Search Index
| _version_ | 1804137648403513344 |
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| adam_text | PREFACE XXXIII 1.1 INTRODUCTION CHAPTER 1 INTRODUCTION TO MARKET
REGULATION GOVERNMENTAL MARKET REGULATION REGULATION OF COMPETITION BOX
1.1 GASOLINE PRICING REGULATION OF INDUSTRIES BOX 1.2 THE RISE AND
RIVALS OF SOUTHWEST AIRLINES SOCIAL REGULATION BOX 1.3 CROSS-BORDER AIR
POLLUTION 1.2 1.3 THE CONTEXT OF MARKET REGULATION TRANSACTIONS,
INCENTIVES, AND CORPORATIONS BOX 1.4 INCENTIVES FOR INNOVATION MARKETS
BOX 1.5 THE ENCLOSURE ACTS BOX 1.6 THE PAY OF A BLOCKING LINEMAN IN
PROFESSIONAL FOOTBALL BOX 1.7 A BUSINESS MODEL FOR SATELLITE RADIO LAW
AND POLITICS THE LEGAL SYSTEM THE POLITICAL SYSTEM BOX 1.8 VOTING ON
CLEAN AIR SUMMARY QUESTIONS CHAPTER 2 COMPETITION AS MARKET REGULATOR
THE FIRM S PRODUCTION COSTS THE SINGLE-PRODUCT FIRM BOX 2.1 THE LOGIC OF
THE FIRM S COST CURVES 2.1 1 3 4 4 5 6 7 9 11 12 12 16 19 20 22 23 24 24
27 30 32 33 34 35 35 38 VII VIII CONTENTS THE SHORT RUN, THE LONG RUN,
AND ENTRY 39 BOX 2.2 EXAMPLE: ARE THE COSTS OF AIRPLANES SUNK? 41 THE
MULTI-PRODUCT FIRM 42 BOX 2.3 ECONOMIES OF SCOPE IN A UNIVERSITY 45 BOX
2.4 IS THE AIRLINE INDUSTRY A CONTESTABLE MARKET? 47 2.2 COMPETITION AS
REGULATOR PERFECT COMPETITION PROFIT MAXIMIZATION SUPPLY AND THE
PERFECTLY COMPETITIVE EQUILIBRIUM BOX 2.5 PRICE FORMATION BY AUCTION BOX
2.6 EXPAND YOUR FIRM OR EXIT THE MARKET? 2.3 THE ECONOMIC WELFARE GOAL
OF MARKET 47 48 49 50 52 53 REGULATION REPRESENTING ECONOMIC WELFARE THE
BENEFITS OF COMPETITION BOX 2.7 A DUTCH AUCTION FOR FLOWERS RISK AND
WELFARE SUMMARY QUESTIONS CHAPTER 3 PROBLEMS FOR COMPETITION AS
REGULATOR 53 54 57 58 62 65 67 69 3.1 3.2 ENTRY AND EXIT BARRIERS
ECONOMIES OF SCALE ABSOLUTE COST ADVANTAGE SUNK COSTS IMPERFECT
INFORMATION PATENTS MONOPOLY 70 71 72 72 73 73 74 PRICING BY MONOPOLY 74
BOX 3.1 A MATHEMATICAL SOLUTION FOR THE UNIFORM MONOPOLY PRICE 76 BOX
3.2 WHY A MONOPOLY WANTS DEMAND TO BE ELASTIC 78 CONTENTS IX 3.6 OTHER
EFFECTS OF MONOPOLY 81 BOX 3.3 DISCIPLINE FROM THE CAPITAL MARKET 82 BOX
3.4 QUALITY DEGRADATION CAN IMPROVE PROFIT 83 3.3 3.4 3.5 DIFFERENTIATED
PRODUCTS PRODUCT DIFFERENTIATION MONOPOLISTIC COMPETITION EXTERNALITY AN
EXTERNAL EFFECT NETWORK EXTERNALITIES BOX 3.5 THE EXTERNALITY OF GLOBAL
WARMING IMPERFECT INFORMATION 84 84 85 87 87 89 89 91 IMPERFECT PRICE
INFORMATION ASYMMETRIC QUALITY INFORMATION THE ROLE OF ADVERTISING BOX
3.6 CAN YOU LOSE WEIGHT WITH A PILL? TECHNOLOGICAL CHANGE BOX 3.7 RECORD
COMPANIES VERSUS THE INTERNET TRANSACTION COSTS COSTS OF TRANSACTING
MOTIVATING AND MONITORING WORKERS SOME FIRMS FAIL SUMMARY QUESTIONS 91
92 93 94 95 95 96 96 96 97 97 99 PART 1 THE REGULATION OF COMPETITION
CHAPTER 4 FOCUS OF THE LAW: THE MODERN BUSINESS FIRM 4.1 THE BUSINESS
FIRM AND THE MARKET TRANSACTION COSTS MOTIVATING AND MONITORING WORKERS
BOX 4.1 AN ELECTRIC UTILITY S CONTRACT FOR THE SUPPLY OF COAL 103 105
106 106 107 108 CONTENTS 4.3 4.4 4.5 4.6 THE GOAL OF THE FIRM PROFIT
INCENTIVES THE LONG RUN RULES OF THUMB AND SATISFICING 109 109 110 111
CORPORATE FINANCE 112 SHAREHOLDERS AND BONDHOLDERS 113 THE VALUATION OF
SHARES IN THE CAPITAL MARKET 114 BOX 4.2 VALUATION IN THE STOCK MARKET
115 HIERARCHIES AND CONTROL 115 OWNERSHIP AND CONTROL 116 TAKEOVERS 116
CORPORATE GOVERNANCE 1 19 BOX 4.3 THE STOCK OPTIONS SCANDAL 120
CORPORATE MERGERS 123 GENERAL MOTIVES FOR MERGERS AND ACQUISITIONS 124
BOX 4.4 SOME MERGERS INCREASE MARKET POWER 1 25 HORIZONTAL MERGERS:
WELFARE TRADE-OFFS AND DEMAND INTERRELATIONSHIPS 128 CONGLOMERATE
MERGERS: ECONOMIES OF SCOPE AND MULTI-MARKET CONTACT 129 BOX 4.5 THE
POWER, AND THE PROBLEMS, AT TIME WARNER 130 VERTICAL INTEGRATION AND
VERTICAL RESTRAINTS 130 VERTICAL INTEGRATION FOR PRICE DISCRIMINATION OR
MARKET FORECLOSURE 131 VERTICAL RELATIONSHIPS MORE GENERALLY: RETAIL
COMPETITION AND FREE RIDING 131 EXCLUSIVE GEOGRAPHIC TERRITORIES 132 THE
DOUBLE-MARGINALIZATION PROBLEM IN VERTICAL RELATIONSHIPS 133 BOX 4.6 THE
MATHEMATICS OF DOUBLE MARGINALIZATION 134 CONTENTS XI VERTICAL
INTEGRATION AND VERTICAL RESTRAINTS: SOLUTIONS FOR DOUBLE
MARGINALIZATION BOX 4.7 THE TWO-PART PRICE TO SOLVE DOUBLE
MARGINAIIZATION BOX 4.8 THE MORAL HAZARD OF PROFIT REPORTING BOX 4.9
RESALE PRICE MAINTENANCE (RPM) TO SOLVE DOUBLE MARGINALIZATION SUMMARY
QUESTIONS CHAPTER 5 MARKET STRUCTURE 5.4 135 136 138 139 140 141 146 5.1
5.2 MARKET STRUCTURE DUOPOLY AND OLIGOPOLY COURNOT S EARLY SOLUTION GAME
THEORY COURNOT DUOPOLY BOX 5.1 A NUMERICAL EXAMPLE FOR THE COURNOT
EQUILIBRIUM COURNOT AND THE NUMBER OF FIRMS THE STACKELBERG
LEADER-FOLLOWER MODEL 5.3 ENTRY CONDITIONS 147 148 148 150 151 153 154
154 156 5.5 A REVIEW OF ENTRY BARRIERS 157 ECONOMIES OF SCALE AND LIMIT
PRICING 158 ENTRY AND THE SIZE DISTRIBUTION OF FIRMS 159 CONCENTRATION
MEASURES 162 INDUSTRY CONCENTRATION 162 BOX 5.2 HERFINDAHL-HIRSCHMAN
INDEX (HHI) CALCULATIONS 165 BOX 5.3 THE EFFECT OF SQUARING MARKET
SHARES IN THE HHI 165 AGGREGATE CONCENTRATION 167 EMPIRICAL EVIDENCE 170
STRUCTURE-CONDUCT-PERFORMANCE (SPC) STUDIES 170 XII CONTENTS OTHER
STUDIES 173 BOX 5.4 WHO HAS THE CAPACITY, AND WHAT DOES IT COST? 175
SUMMARY 175 QUESTIONS 176 APPENDIX 5.1 COURNOT S SOLUTION TO DUOPOLY 179
APPENDIX 5.2 COURNOT FROM MONOPOLY TO MANY FIRMS 180 APPENDIX 5.3 ENTRY
IN THE COURNOT MODEL 182 APPENDIX 5.4 STACKELBERG S LEADER-FOLLOWER
SOLUTION 185 CHAPTER 6 MARKET STRATEGY 187 | 6.1 | THE TOOLS OF STRATEGY
188 SOME GAME EXAMPLES 188 RIVALRY 190 BARGAINING 191 BOX 6.1 COMMITMENT
IN THE LYSINE CARTEL 192 | 6.2 I PRICE COMPETITION AMONG FEW FIRMS 193
THE PROBLEM OF PRICE COMPETITION 193 PRICE COORDINATION 194
MULTI-PRODUCT PRICING 197 BOX 6.2 THE MATHEMATICS OF INDEPENDENTLY
PRICING COMPLEMENTS 198 BOX 6.3 THE MATHEMATICS OF PRICING COMPLEMENTS
JOINTLY 199 6.3 I NONPRICE COMPETITION 203 LOCATION MODELS 204 QUALITY
AS VERTICAL PRODUCT DIFFERENTIATION 209 6.4 ADVERTISING 210
ADVERTISING AND MONOPOLY 210 BOX 6.4 PREDICTING THE ADVERTISING-TO-SALES
RATIO: THE DORFMAN-STEINER CONDITION 211 ADVERTISING AND COMPETITION 212
CONTENTS XIII MULTI-PRODUCT ADVERTISING SUMMARY QUESTIONS APPENDIX 6.1
INDEPENDENTLY PRICING SUBSTITUTES CHAPTER 7 MARKET INNOVATION 7.4
INTELLECTUAL PROPERTY AND TECHNOLOGICAL CHANGE INTELLECTUAL PROPERTY BOX
7.1 WHO OWNS THE SMILE? THE PROCESS OF TECHNOLOGICAL CHANGE MARKET
STRUCTURE AND OTHER INFLUENCES ON TECHNOLOGICAL CHANGE 213 213 215 219
220 221 221 223 224 225 7.2 7.3 APPROPRIATING GAINS FROM INNOVATION
INFORMATION AND CHANGE OPTIMAL REWARD FOR INNOVATION BOX 7.2 PAYING A
REWARD FOR INNOVATION PATENTS AND THE APPROPRIABILITY 226 226 227 228 OF
GAINS 228 PATENTS IN THE UNITED STATES 229 BOX 7.3 THE TRAGIC INVENTOR
231 PATENT BREADTH AND CUMULATIVE EFFECTS 231 THE ROLE OF COURTS IN THE
UNITED STATES PATENT SYSTEM 231 BOX 7.4 WHAT DOES IT TAKE TO INFRINGE A
PATENT? 232 SPECIAL PROBLEMS OF THE PHARMACEUTICAL INDUSTRY 233 BOX 7.5
MONOPOLY PROFIT EXCEEDS DUOPOLY PROFIT 235 MARKET STRUCTURE AND
INCENTIVE FOR INNOVATION 235 GAINS FROM DISCOVERING A PROCESS
(COST-REDUCING) INNOVATION 236 BIDDING FOR A DISCOVERY ONCE IT IS MADE
238 THE NUMBER OF FIRMS AND RESEARCH INCENTIVE 239 XIV CONTENTS
NEW-PRODUCT INNOVATION 240 BOX 7.6 THE CHANGING ROLE OF NEW PRODUCTS 240
OTHER EFFECTS OF MARKET STRUCTURE ON INNOVATION 241 LICENSING AND
RESEARCH JOINT VENTURES 242 7.5 | PATENT RACES AND OTHER DYNAMIC EFFECTS
OF COMPETITION 243 PRIVATELY OPTIMAL TIMING 244 SOCIALLY OPTIMAL TIMING
245 EFFECTS OF LEARNING BY DOING 246 WINNER-TAKE-ALL PATENT RACES 247
BOX 7.7 TECHNOLOGICAL CHANGE WITH LEARNING 247 ASSESSING THE PATENT
SYSTEM 248 7.6 I THE INTERNET AS AN EXAMPLE OF MAJOR INNOVATION 249
CONSUMER OPPORTUNITIES 250 SELLER OPPORTUNITIES 251 PROPERTY RIGHTS 252
MARKET FORMS 252 BOX 7.8 FROM RUSSIA, WITHOUT PERMISSION 253 SUMMARY 254
QUESTIONS 256 CHAPTER 8 THE ORIGIN AND DEVELOPMENT OF ANTITRUST LAW 258
| 8.1 | THE BEGINNINGS OF ANTITRUST POLICY 259 BRITISH ORIGINS 259
AMERICA IN 1890 260 | 8.2 | THE SHERMAN ACT 262 EARLY ENFORCEMENT 263
ESSENTIAL FACILITIES 266 THE RULE OF REASON 267 8.3 | THE CLAYTON AND
FEDERAL TRADE COMMISSION ACTS 268 THE CLAYTON ACT 268 CONTENTS XV 8.4
8.5 8.6 THE FEDERAL TRADE COMMISSION ACT 270 BOX 8.1 ADVERTISING AND THE
FEDERAL TRADE COMMISSION 271 A QUIET PERIOD FOR ANTITRUST 271
ENFORCEMENT AGENCIES AND REMEDIES 273 THE DEPARTMENT OF JUSTICE 274 THE
FEDERAL TRADE COMMISSION 274 REMEDIES FOR VIOLATIONS OF ANTITRUST LAW
275 THE ROLE OF THE STATES 277 SHOULD COURTS OPPOSE MONOPOLY CONDUCT OR
MONOPOLY POWER? 278 MONOPOLY CONDUCT AND THE RULE OF REASON 279 ALCOA
AND THE IMPORTANCE OF MONOPOLY POWER 279 THE SPECIAL BURDEN OF MARKET
DOMINANCE GOVERNMENT CONTROL OF MERGERS EFFECTIVE ANTIMERGER LAW MARKET
DEFINITION BOX 8.2 MERGER POLICY IN THE BUSH ADMINISTRATION PREMERGER
NOTIFICATION TAKEOVERS 8.7 | UNFAIR AND DECEPTIVE PRACTICES BOX 8.3
REGULATING FUNERAL HOMES SUMMARY QUESTIONS APPENDIX 8.1 HORIZONTAL
MERGER GUIDELINES APPENDIX 8.2 TIME LINE FOR MAJOR ANTITRUST LEGISLATION
CHAPTER 9 APPLICATIONS OF ANTITRUST LAW 9.1 | THE FIRM AND MARKET
STRUCTURE REGULATING MERGERS BOX 9.1 ONE REASON BEHIND THE URGE TO MERGE
281 283 283 284 286 286 287 288 289 290 292 294 295 296 297 298 300 XVI
CONTENTS 9.2 PRICE DISCRIMINATION BOX 9.2 PRICE DISCRIMINATION IN THE
MING DYNASTY IN CHINA PREDATORY PRICING ESSENTIAL FACILITIES AND
REFUSALS TO DEAL THE FIRM AND MARKET STRATEGY HORIZONTAL RESTRAINTS OF
TRADE BOX 9.3 PRICE FIXING IN GRANTS OF COLLEGE STUDENT FINANCIAL AID
BOX 9.4 TERRITORIAL ALLOCATION IN EUROPE BOX 9.5 THE LYSINE CONSPIRACY
VERTICAL RESTRAINTS OF TRADE 303 304 305 307 309 310 313 314 315 320 BOX
9.6 EXCLUSIVE CONTRACTS WITH GASOLINE STATIONS 325 9.3 THE FIRM AND
MARKET INNOVATION 326 BROADER INTERPRETATION IN DYNAMIC INDUSTRIES 326
THE MICROSOFT CASE 327 BOX 9.7 MICROSOFT IN EUROPE 331 SUMMARY 332
QUESTIONS 333 PART 2 THE REGULATION OF INDUSTRIES 335 CHAPTER 10
INDUSTRY REGULATION 337 WHEN COMPETITION FAILS TO REGULATE 338 ECONOMIES
OF SCALE AND ECONOMIES OF SCOPE 338 SUNK COSTS 339 NETWORK ECONOMIES AND
COMPATIBILITY 340 COMPETITIVE MARKETS OR GOVERNMENT INTERVENTION? 342
THEORIES OF REGULATION 342 BOX 10.1 POLITICS AND PRICES: SOME EXAMPLES
344 BOX 10.2 LOBBYING CONGRESS 346 THE SCOPE OF REGULATION 347
TECHNOLOGICAL CHANGE AND REGULATION 351 10.1 CONTENTS XVII 10.3 THE
TRANSFORMATION OF REGULATED INDUSTRIES GOVERNMENT REGULATION OF
INDUSTRIES BOX 10.3 COMPETITION IN LONG-DISTANCE TELEPHONE SERVICE
ACCESS AS A SOURCE OF COMPETITION 10.3 ECONOMIC WELFARE REVISITED THE
PURSUIT OF ECONOMIC WELFARE MARKET ENTRY AND INCENTIVES THE OWNERSHIP
INTEREST SUMMARY QUESTIONS PRICING PRINCIPLES 11.1 PEAK-LOAD PRICING BOX
11.1 MARGINAL-COST PRICING AT A LEMONADE STAND BOX 11.2 PEAK-LOAD
PRICING AT THE LEMONADE STAND SINGLE TECHNOLOGY DIVERSE TECHNOLOGY
LIMITATIONS OF MARGINAL-COST PRICING 11.2 RAMSEY PRICING BOX 11.3 FIXED
COST AT THE LEMONADE STAND THE MARGINAL-COST PRICING SOLUTION BOX 11.4
A MATHEMATICAL SOLUTION TO THE SECOND-BEST PROBLEM RAMSEY PRICES
AVOIDING CROSS-SUBSIDY IN THE MULTI-PRODUCT FIRM BOX 11.5 RAMSEY PRICING
AT THE LEMONADE STAND 11.3 | NONUNIFORM PRICING BOX 11.6 NONUNIFORM
PRICING AT THE LEMONADE STAND 352 353 355 355 360 361 362 363 364 365
368 369 369 370 370 374 376 378 379 380 382 382 384 385 386 387 XVIII
CONTENTS 11.4 EXCHANGE AND OTHER PROBLEMS WITH NONUNIFORM PRICES 387 THE
TWO-PART PRICE 388 INFORMATION AND TWO-PART PRICES 389 BLOCK PRICES 391
INTERRUPTIBLE SERVICE PRICING 394 ACCESS PRICING 395 EXAMPLES OF ACCESS
395 BOX 11.7 ACCESS PRICING FOR LEMONADE 396 EFFICIENT COMPONENT PRICING
FOR ACCESS 397 RAMSEY PRICING FOR ACCESS 399 SUMMARY 400 QUESTIONS 401
APPENDIX 11.1 SOCIALLY OPTIMAL PRICING 406 APPENDIX 11.2 LONG-RUN
MARGINAL-COST PRICING 408 APPENDIX 11.3 AXIOMATIC PRICING 408 CHAPTER 12
INSTITUTIONS OF INDUSTRY REGULATION 411 INDUSTRY REGULATORY AGENCIES 412
FEDERAL REGULATORY AGENCIES 412 STATE REGULATORY COMMISSIONS 413
REGULATED ENTERPRISES 414 THE PUBLIC ENTERPRISE 414 BOX 12.1 PUBLIC
ENTERPRISE AND HIGH PURPOSE 416 THE PUBLIC UTILITY 417 12.3 |
RATE-OF-RETURN REGULATION 419 FINANCE UNDER RATE-OF-RETURN REGULATION
419 INPUT INEFFICIENCY 420 BOX 12.2 THE GREAT ELECTRICAL EQUIPMENT
CONSPIRACY 422 OUTPUT INEFFICIENCY 423 12.1 12.2 CONTENTS XIX 12.4 12.5
COST CONTROL AND TECHNOLOGICAL CHANGE BOX 12.3 EXCHANGING ELECTRICITY
DESIGNING A REGULATORY MECHANISM REGULATION VERSUS MARKETS TO TELL THE
TRUTH INCENTIVE REGULATION PRICE-CAP REGULATION IMPROVING COST CONTROL
IMPROVING PRICING THE ROLE OF ACCESS IN TRANSFORMING REGULATED
INDUSTRIES ACCESS AND COMPETITION ACCESS AND THE TRANSFORMATION OF
INDUSTRY REGULATION SUMMARY QUESTIONS APPENDIX 12.1 THE ORIGINS OF
RATE-OF-RETURN REGULATION 12.6 CHAPTER 13 POSTAL SERVICE 423 424 426 426
427 429 431 431 431 433 434 434 435 436 437 439 13.1 13.2 THE
BUDGET-CONSTRAINED PUBLIC ENTERPRISE THE GOAL OF THE PUBLIC ENTERPRISE
ENTRY PROTECTION AND PRICING DISCRETION CREATION OF THE UNITED STATES
439 440 441 POSTAL SERVICE THE UNITED STATES POSTAL SERVICE UNIVERSAL
SERVICE BOX 13.1 THE CHALLENGING FUTURE FOR POSTAL SERVICE INTERNATIONAL
MAIL 443 444 446 447 448 XX CONTENTS 13.3 13.4 MAXIMIZING WELFARE OR
EXPENDITURES 448 WELFARE MAXIMIZATION 449 EXPENDITURE MAXIMIZATION 449
PROFIT MAXIMIZATION 450 COMPARISON OF PRICING RULES 450 BOX 13.2 AN
EXPENDITURE OR REVENUE MAXIMIZING EXAMPLE 451 RAMSEY PRICING IN THE
UNITED STATES POSTAL SERVICE 452 COSTS, DEMAND FUNCTIONS, AND WELFARE
MEASUREMENT 453 ESTIMATED RAMSEY PRICES 455 UNBUNDLING POSTAL SERVICE
FUNCTIONS 458 BOX 13.3 PARCELS, PARCELS, EVERYWHERE 459 UNBUNDLED
UPSTREAM MAIL SERVICES 459 UNBUNDLED DOWNSTREAM MAIL SERVICES 461
SUMMARY 461 QUESTIONS 463 APPENDIX 13.1 EXPENDITURE VERSUS WELFARE
MAXIMIZING PRICES 465 APPENDIX 13.2 PRICE-SETTING GUIDELINES OF THE
POSTAL REORGANIZATION ACT 467 CHAPTER 14 COMMUNICATIONS SERVICES 468
13.5 14.1 THE ECONOMICS OF TELEPHONE NETWORKS 469 EXTERNALITIES IN A
TELEPHONE NETWORK 469 INTERCONNECTION OF TELEPHONE NETWORKS 473 DOUBLE
DOUBLE MARGINALIZATION 474 THE IMPORTANCE OF CALL VOLUMES 475 14.2 EARLY
REGULATION OF THE U.S. TELEPHONE INDUSTRY THE BEGINNINGS OF REGULATION
BOX 14.1 AT&T ACCUMULATES POWER 476 477 478 CONTENTS XXI THE
SETTLEMENT CONFLICT AND THE REGULATORY SOLUTION 478 A REVOLUTION FOR
THE TELEPHONE INDUSTRY 480 BOX 14.2 THE TELPAK CONTROVERSY 481
INTERCONNECTION TO THE BELL SYSTEM NETWORK 481 BOX 14.3 THE CARTERPHONE
CONNECTION 482 14.3 14.4 THE MODIFICATION OF FINAL JUDGMENT INCENTIVE
REGULATION PRICE-CAP REGULATION PROBLEMS WITH THE MODIFICATION OF FINAL
JUDGMENT THE TELECOMMUNICATIONS ACT OF 1996 483 484 485 486 487 BOX 14.4
CABLE AND TELEPHONE COMPETITION 488 INTERCONNECTION AND PRICING ACCESS
488 BOX 14.5 ENERGETIC COMMUNICATIONS 489 COMPETITIVE EFFECTS OF THE
TELECOMMUNICATIONS ACT ON WIRELINE SERVICES FINANCIAL EFFECTS OF THE
TELECOMMUNICATIONS ACT BOX 14.6 TELECOMMUNICATIONS DEALS 14.5 NEW
SOURCES OF COMPETITION WIRELESS SERVICES THE INTERNET BOX 14.7 JOINING
DEVICES TO THE INTERNET WITHOUT WIRES IMPLICATIONS FOR REGULATION BOX
14.8 THE EXAMPLE OF SKYPE SUMMARY QUESTIONS APPENDIX 14.1 DOUBLE DOUBLE
MARGINALIZATION IN A TELEPHONE NETWORK APPENDIX 14.2 TARIFF WARS AFTER
INTERCONNECTION 491 493 494 495 495 496 496 497 497 499 500 502 505 XXII
CONTENTS CHAPTER 15 COMMUNICATION FOR NEWS AND ENTERTAINMENT 507 NETWORK
COMPATIBILITY IN BROADCASTING 508 509 15.1 15.2 15.4 ALLOCATING THE
RADIO FREQUENCY SPECTRUM REGULATION WITH CHANGING TECHNOLOGY BOX 15.1
DIGITAL TELEVISION BY CABLE BROADCASTING NETWORKS BOX 15.2 COLLEGE
STUDENTS AND TV ADVERTISING RATES BROADCASTING AS A PUBLIC GOOD PROGRAM
SELECTION AND BROADCAST TIMING BOX 15.3 THE LIGHTHOUSE AS A PUBLIC GOOD
OWNERSHIP RESTRICTIONS PUBLIC SERVICE AND AVOIDING CORRUPTION IN
BROADCASTING 15.3 CABLE SERVICE ON AGAIN, OFF AGAIN GOVERNMENT
REGULATION COMPETITION BETWEEN CABLE AND TELEPHONE NETWORKS BIDDING FOR
A FRANCHISE BOX 15.4 THE DVD AS COMPETITOR THE BUNDLING OF CABLE
OFFERINGS PAY TV AND SATELLITE TV OTHER FORMS OF COMPETITION CONVERGENCE
OF BROADCAST, CABLE, AND TELEPHONE AND THE TELECOMMUNICATIONS ACT OF
1996 THE SCOPE OF SERVICES OFFERED RETREATING ON CABLE RATE REGULATION
MARKET POWER IN BROADCASTING OTHER PROVISIONS OF THE ACT BOX 15.5 CLEAR
CHANNEL RADIO SUMMARY QUESTIONS 511 514 515 516 517 517 518 522 522 523
524 525 526 526 527 529 529 531 531 531 532 532 532 533 534 CONTENTS
XXIII CHAPTER 16 TRANSPORTATION 537 16.1 RAILROAD TRANSPORTATION THE
EARLY PERIOD BOX 16.1 RAILROAD WARS AND THE CORPORATE FORM OF
ORGANIZATION RAILROAD REGULATION RAILROAD DEREGULATION AND ITS EFFECTS
BOX 16.2 ACCESS TO RAILROAD TRACKS 16.2 TRUCK TRANSPORTATION 538 539 539
540 541 541 542 16.3 16.4 16.5 TRUCKING REGULATION 542 RATE SETTING 543
TRUCKING DEREGULATION AND ITS EFFECTS 544 BUS TRAVEL AND URBAN
TRANSPORTATION 545 INTERCITY BUSES 545 EARLY URBAN TRANSIT 546 URBAN
TRANSIT WITH AUTOMOBILES AND BUSES 546 BOX 16.3 HOW URBAN ANCESTORS
TRAVELED 547 SUBURBIA 548 FEDERAL FUNDING FOR URBAN TRANSIT 549 PRICING
THE ROAD NETWORK 552 THE HIGHWAY CONGESTION PROBLEM 552 ROAD PRICING IN
PRACTICE 555 BOX 16.4 DRIVING IN SEATTLE 558 AIR TRANSPORTATION 558
REGULATION BY THE CIVIL AERONAUTICS BOARD 559 AIRLINE DEREGULATION AND
ITS EFFECTS 561 BOX 16.5 RESTRAINING SOUTHWEST AIRLINES 563 CHANGING
FORMS OF AIRLINE COMPETITION AFTER DEREGULATION 564 BOX 16.6 AIRLINE
ENTRY 566 BOX 16.7 AIRLINE RESERVATION SYSTEMS 567 THE AIRLINE INDUSTRY
AFTER SEPTEMBER 11, 2001 568 XXIV CONTENTS SUMMARY QUESTIONS APPENDIX
16.1 MAJOR FEDERAL RAILROAD LEGISLATION APPENDIX 16.2 MAJOR FEDERAL
TRUCK, BUS, AND HIGHWAY LEGISLATION APPENDIX 16.3 MAJOR FEDERAL AIRLINE
LEGISLATION CHAPTER 17 ENERGY 17.1 I COAL AND NUCLEAR POWER COAL POWER
BOX 17.1 A PRIZE FOR CAPTURING CARBON DIOXIDE NUCLEAR POWER BOX 17.2
NUCLEAR WASTE ON THE RESERVATION 17.2J OIL OIL OUTPUT RESTRICTION BOX
17.3 PROBLEMS OF POOLING IN PRACTICE OIL IMPORT RESTRICTIONS CRUDE OIL
PRICE CONTROLS BOX 17.4 TRYING FOR OIL INDEPENDENCE 17.3 I NATURAL GAS
PRICE CONTROL RESTRUCTURING OF NATURAL GAS BOX 17.5 TREACHEROUS TRADING
17.4 RENEWABLE ENERGY SOLAR ENERGY WIND ENERGY BOX 17.6 NOT IN MY
BACKYARD GEOTHERMAL ENERGY WATER ENERGY BOX 17.7 A LARGE UNITED STATES
HYDROELECTRIC POWER SYSTEM 570 571 574 574 575 576 577 577 579 579 580
581 582 584 585 586 588 589 589 591 597 598 599 599 600 600 601 601
CONTENTS XXV BIOMASS ENERGY 602 CHEMICAL ENERGY 602 SUMMARY 603
QUESTIONS 605 CHAPTER 18 ELECTRICITY 606 THE ELECTRICITY INDUSTRY 607
ELECTRICITY GENERATION 608 ELECTRICITY TRANSMISSION 610 BOX 18.1
COLLAPSE OF THE U.S. ELECTRICITY NETWORK 611 ELECTRICITY DISTRIBUTION
AND RETAILING 612 SPECIAL FEATURES OF ELECTRICITY DEMAND AND SUPPLY 613
BOX 18.2 COOLING THE EMPIRE STATE BUILDING 613 18.1 18.2 ORGANIZATION OF
THE ELECTRICITY INDUSTRY THE TRADITIONAL MODEL THE PUBLIC UTILITY
REGULATORY POLICY ACT OF 1978 THE ENERGY POLICY ACT OF 1992 (ERA) 18.3
MARKETS FOR POWER SPOT MARKETS AND CONTRACTING INCREASED SCOPE FOR
NETWORK COORDINATION 18.4 COMPETITION IN A RESTRUCTURED 615 615 619 620
622 623 625 ELECTRICITY INDUSTRY 629 STRANDED COSTS AND THE REGULATORY
COMPACT 629 RESTRUCTURING IN CALIFORNIA 630 RESTRUCTURING IN TEXAS 636
RESTRUCTURING THE ELECTRICITY INDUSTRY IN OTHER STATES 637 SUMMARY
QUESTIONS 639 640 XXVI CONTENTS APPENDIX 18.1 TRANSMISSION GRID
ILLUSTRATION OF CONGESTION COST 643 APPENDIX 18.2 ILLUSTRATION OF
RESTRUCTURED ELECTRICITY INDUSTRY 645 PART 3 SOCIAL REGULATION 647
CHAPTER 19 SOCIAL REGULATION OF MARKETS 649 EXTERNALITIES 650 UNCLEAR
PROPERTY RIGHTS 651 THE COASE THEOREM 652 BOX 19.1 HONEY BEES AND
POLLINATION 652 BARGAINING PROBLEMS AND TRANSACTION COSTS 654 BOX 19.2
THE ROLE OF BARBED WIRE 654 TAX-SUBSIDY OR PROPERTY-RIGHT SOLUTIONS 656
EFFECTS ON INCOME DISTRIBUTION 658 19.1 19.2 IMPERFECT INFORMATION THE
MARKET WITH IMPERFECTLY INFORMED CONSUMERS ASYMMETRIC INFORMATION
REMEDIES BOX 19.3 RATING COLLEGE AND UNIVERSITY TEACHING 19.3 FAIRNESS
FOR WORKERS 659 660 661 661 663 664 19.4 EMPLOYMENT AT WILL 664
FAIRNESS LEGISLATION 664 BOX 19.4 STATISTICAL DISCRIMINATION 665 HEALTH
AND SAFETY 666 CONSEQUENCES OF FIRM FAILURE 666 BANKING AND INSURANCE
COMPANIES 667 PENSIONS 668 ACCOUNTING AND CORPORATE GOVERNANCE 668 BOX
19.5 BACKDATING STOCK OPTIONS 669 SUMMARY 670 QUESTIONS 671 CONTENTS
XXVII 20.1 CHAPTER 20 PURSUING SOCIAL REGULATION BENEFIT-COST ANALYSIS
MAXIMIZING SOCIAL BENEFIT INCOME-DISTRIBUTION EFFECTS OF REGULATORY
ACTIONS 20.2 20.3 VALUING NONMARKET OBJECTS THE ADVANTAGE OF PLACING A
VALUE ON LIFE BOX 20.1 THE USEFULNESS OF A VALUE FOR LIFE THE VALUE OF A
STATISTICAL LIFE OTHER NONMARKET EFFECTS BOX 20.2 THE COSTS OF SAVING
LIVES BOX 20.3 VALUING TRUE LOVE, OR BEING PRESIDENT COMMAND-AND-CONTROL
MEANS OF SOCIAL REGULATION COMMAND-AND-CONTROL METHODS RULE-MAKING
PROCEDURES BOX 20.4 THE CREATION OF A FEDERAL RULE 20.4 20.5 INFORMATION
AS REGULATION INFORMATION AND POLLUTION CONTROL PROTECTING WORKERS AND
CONSUMERS PROTECTING INVESTORS SUMMARY QUESTIONS CHAPTER 21
ENVIRONMENTAL PROTECTION AIR, WATER, AND LAND POLLUTION THREE MAIN AIR
POLLUTION PROBLEMS BOX 21.1 ACID RAIN 21.1 673 674 674 676 677 678 679
679 683 683 684 685 685 687 688 TAX-SUBSIDY AND PROPERTY-RIGHT MEANS OF
SOCIAL REGULATION 689 TAX-SUBSIDY SOLUTIONS 689 CREATING AND TRADING
PROPERTY RIGHTS 692 INCOME-DISTRIBUTION CONSEQUENCES 694 698 698 699 700
700 702 704 705 705 707 XXVIII CONTENTS THE PROBLEM SUBSTANCES FOR AIR
WATER AND LAND POLLUTION BOX 21.2 OIL ON ALASKA S TUNDRA 21.2
COMMAND-AND-CONTROL MEANS OF PROTECTING THE AIR BEGINNING AIR POLLUTION
REGULATION SETTING AND IMPLEMENTING EMISSION STANDARDS FOR AIR BOX 21.3
A MERGER SOLUTION FOR EXTERNALITY BOX 21.4 THE CAFE STANDARDS BOX 21.5
CHICKEN-AND-EGG PROBLEMS FOR THE FUEL-CELL CAR INTERNATIONAL
AGREEMENTS TO COMBAT GLOBAL WARMING 21.3 POLLUTION-RIGHT MEANS OF
PROTECTING THE AIR TRADING POLLUTION RIGHTS TO COMBAT ACID RAIN EFFECTS
OF TRADING POLLUTION ALLOWANCES 21.4 PROTECTING WATER AND LAND WATER
POLLUTION REGULATION BOX 21.6 TOO MUCH FISHING BOX 21.7 BOTTLED WATER A
BROADER PROBLEM FOR WATER BOX 21.8 A DROP TO DRINK LAND POLLUTION
REGULATION 711 712 713 714 715 719 720 722 723 724 725 725 728 732 732
733 734 735 736 736 SUMMARY QUESTIONS APPENDIX 21.1 NATIONAL AMBIENT AIR
QUALITY STANDARDS CHAPTER 22 WORKER PROTECTION PROTECTION IN MARKETS
EMPLOYMENT DISCRIMINATION 22.1 737 739 742 743 744 744 22.2 22.3 22.4
CONTENTS OCCUPATIONAL SAFETY AND HEALTH RETIREMENT SECURITY EMPLOYMENT
DISCRIMINATION LAWS LIMITING EMPLOYMENT AT WILL BOX 22.1 NATIONAL ORIGIN
BIAS BOX 22.2 WHISTLEBLOWING PROVING DISCRIMINATION SPECIAL PROBLEMS
OCCUPATIONAL SAFETY AND HEALTH LAWS OSHA STANDARDS BOX 22.3 DANGER AT
WORK REVISED FORMS OF OSHA ACTIONS BOX 22.4 THE ADVANTAGE OF A STANDARD
FOR ENFORCEMENT ENFORCEMENT EFFECTS OF OSHA REGULATION RETIREMENT
SECURITY LAWS DEFINED-BENEFIT PENSION PLANS CASH-BALANCE PENSION PLANS
DEFINED-CONTRIBUTION PENSION PLANS SUMMARY QUESTIONS CHAPTER 23 CONSUMER
PROTECTION 23.1 23.2 23.3 THE COURTS AND PRODUCT LIABILITY TORT LAW
LABELING STATE LAWS THE FOOD AND DRUG ADMINISTRATION SCOPE OF THE FDA
BOX 23.1 RANCHERS AS NEIGHBORS BOX 23.2 BAD APPLES 747 751 752 752 754
755 755 756 757 757 758 759 761 762 763 764 766 768 770 771 773 775 111
111 780 780 781 781 782 783 XXIX XXX CONTENTS 23.4 23.5 PRODUCT
LIABILITY AND THE FDA TOBACCO THE NATIONAL HIGHWAY TRAFFIC SAFETY
ADMINISTRATION MOTOR VEHICLE SAFETY STANDARDS BOX 23.3 EXTREME RECALL
CHILD SAFETY SEATS AND AIR BAGS BOX 23.4 THE AIR-BAG STANDARD
COMPATIBILITY OF VEHICLE SIZE AND SHAPE BENEFIT-COST ANALYSIS OF THE
TOTAL HIGHWAY SAFETY PROGRAM THE CONSUMER PRODUCT SAFETY COMMISSION
CONSUMER PRODUCTS FIRES BOX 23.5 CIGARETTES AND FIRES 23.6 THE FEDERAL
TRADE COMMISSION ON UNFAIR AND MISLEADING CLAIMS | 23.7 I CONSUMER
PROTECTION FOR SECURITIES TRADING BOX 23.6 STOCK MARKETS WHEEL AND DEAL
SUMMARY QUESTIONS APPENDIX 23.1 FATAL HIGHWAY CRASHES IN THE UNITED
STATES, 1996-2005 CHAPTER 24 PROTECTING AGAINST EFFECTS OF FIRM FAILURE
BANKING INDUSTRY REGULATION A BRIEF HISTORY OF BANKING REGULATION BOX
24.1 THE BANK HOLIDAY AND THE GREAT DEPRESSION BOX 24.2
ADJUSTABLE-RATE MORTGAGES AS A SOLUTION 24.1 784 785 785 786 788 790 791
792 794 795 796 796 797 797 798 799 800 801 803 804 805 805 807 810
CONTENTS XXXI GLOSSARY REFERENCES INDEX THE THRIFT INDUSTRY CRISIS AND
ITS CONSEQUENCES BOX 24.3 AN EXTRA COST OF FIRREA 24.2 INSURANCE
INDUSTRY REGULATION THE INSURANCE INDUSTRY INSURANCE REGULATION ISSUES
BOX 24.4 INSURANCE REGULATION FAILURE 24.3 FIRM FAILURE IN THE
TWENTY-FIRST CENTURY THE ROLE OF FINANCIAL INFORMATION BOX 24.5 AN
ACCOUNTANT S REPUTATION BOX 24.6 ACCOUNTING FOR STOCK OPTIONS PROTECTING
EMPLOYEE PENSIONS ACCOUNTING AND CORPORATE GOVERNANCE SUMMARY QUESTIONS
811 812 816 816 821 822 824 824 826 828 830 834 835 837 839 864 901
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PREFACE XXXIII 1.1 INTRODUCTION CHAPTER 1 INTRODUCTION TO MARKET
REGULATION GOVERNMENTAL MARKET REGULATION REGULATION OF COMPETITION BOX
1.1 GASOLINE PRICING REGULATION OF INDUSTRIES BOX 1.2 THE RISE AND
RIVALS OF SOUTHWEST AIRLINES SOCIAL REGULATION BOX 1.3 CROSS-BORDER AIR
POLLUTION 1.2 1.3 THE CONTEXT OF MARKET REGULATION TRANSACTIONS,
INCENTIVES, AND CORPORATIONS BOX 1.4 INCENTIVES FOR INNOVATION MARKETS
BOX 1.5 THE ENCLOSURE ACTS BOX 1.6 THE PAY OF A BLOCKING LINEMAN IN
PROFESSIONAL FOOTBALL BOX 1.7 A BUSINESS MODEL FOR SATELLITE RADIO LAW
AND POLITICS THE LEGAL SYSTEM THE POLITICAL SYSTEM BOX 1.8 VOTING ON
CLEAN AIR SUMMARY QUESTIONS CHAPTER 2 COMPETITION AS MARKET REGULATOR
THE FIRM'S PRODUCTION COSTS THE SINGLE-PRODUCT FIRM BOX 2.1 THE LOGIC OF
THE FIRM'S COST CURVES 2.1 1 3 4 4 5 6 7 9 11 12 12 16 19 20 22 23 24 24
27 30 32 33 34 35 35 38 VII VIII CONTENTS THE SHORT RUN, THE LONG RUN,
AND ENTRY 39 BOX 2.2 EXAMPLE: ARE THE COSTS OF AIRPLANES SUNK? 41 THE
MULTI-PRODUCT FIRM 42 BOX 2.3 ECONOMIES OF SCOPE IN A UNIVERSITY 45 BOX
2.4 IS THE AIRLINE INDUSTRY A CONTESTABLE MARKET? 47 2.2 COMPETITION AS
REGULATOR PERFECT COMPETITION PROFIT MAXIMIZATION SUPPLY AND THE
PERFECTLY COMPETITIVE EQUILIBRIUM BOX 2.5 PRICE FORMATION BY AUCTION BOX
2.6 EXPAND YOUR FIRM OR EXIT THE MARKET? 2.3 THE ECONOMIC WELFARE GOAL
OF MARKET 47 48 49 50 52 53 REGULATION REPRESENTING ECONOMIC WELFARE THE
BENEFITS OF COMPETITION BOX 2.7 A DUTCH AUCTION FOR FLOWERS RISK AND
WELFARE SUMMARY QUESTIONS CHAPTER 3 PROBLEMS FOR COMPETITION AS
REGULATOR 53 54 57 58 62 65 67 69 3.1 3.2 ENTRY AND EXIT BARRIERS
ECONOMIES OF SCALE ABSOLUTE COST ADVANTAGE SUNK COSTS IMPERFECT
INFORMATION PATENTS MONOPOLY 70 71 72 72 73 73 74 PRICING BY MONOPOLY 74
BOX 3.1 A MATHEMATICAL SOLUTION FOR THE UNIFORM MONOPOLY PRICE 76 BOX
3.2 WHY A MONOPOLY WANTS DEMAND TO BE ELASTIC 78 CONTENTS IX 3.6 OTHER
EFFECTS OF MONOPOLY 81 BOX 3.3 DISCIPLINE FROM THE CAPITAL MARKET 82 BOX
3.4 QUALITY DEGRADATION CAN IMPROVE PROFIT 83 3.3 3.4 3.5 DIFFERENTIATED
PRODUCTS PRODUCT DIFFERENTIATION MONOPOLISTIC COMPETITION EXTERNALITY AN
EXTERNAL EFFECT NETWORK EXTERNALITIES BOX 3.5 THE EXTERNALITY OF GLOBAL
WARMING IMPERFECT INFORMATION 84 84 85 87 87 89 89 91 IMPERFECT PRICE
INFORMATION ASYMMETRIC QUALITY INFORMATION THE ROLE OF ADVERTISING BOX
3.6 CAN YOU LOSE WEIGHT WITH A PILL? TECHNOLOGICAL CHANGE BOX 3.7 RECORD
COMPANIES VERSUS THE INTERNET TRANSACTION COSTS COSTS OF TRANSACTING
MOTIVATING AND MONITORING WORKERS SOME FIRMS FAIL SUMMARY QUESTIONS 91
92 93 94 95 95 96 96 96 97 97 99 PART 1 THE REGULATION OF COMPETITION
CHAPTER 4 FOCUS OF THE LAW: THE MODERN BUSINESS FIRM 4.1 THE BUSINESS
FIRM AND THE MARKET TRANSACTION COSTS MOTIVATING AND MONITORING WORKERS
BOX 4.1 AN ELECTRIC UTILITY'S CONTRACT FOR THE SUPPLY OF COAL 103 105
106 106 107 108 CONTENTS 4.3 4.4 4.5 4.6 THE GOAL OF THE FIRM PROFIT
INCENTIVES THE LONG RUN RULES OF THUMB AND SATISFICING 109 109 110 111
CORPORATE FINANCE 112 SHAREHOLDERS AND BONDHOLDERS 113 THE VALUATION OF
SHARES IN THE CAPITAL MARKET 114 BOX 4.2 VALUATION IN THE STOCK MARKET
115 HIERARCHIES AND CONTROL 115 OWNERSHIP AND CONTROL 116 TAKEOVERS 116
CORPORATE GOVERNANCE 1 19 BOX 4.3 THE STOCK OPTIONS SCANDAL 120
CORPORATE MERGERS 123 GENERAL MOTIVES FOR MERGERS AND ACQUISITIONS 124
BOX 4.4 SOME MERGERS INCREASE MARKET POWER 1 25 HORIZONTAL MERGERS:
WELFARE TRADE-OFFS AND DEMAND INTERRELATIONSHIPS 128 CONGLOMERATE
MERGERS: ECONOMIES OF SCOPE AND MULTI-MARKET CONTACT 129 BOX 4.5 THE
POWER, AND THE PROBLEMS, AT TIME WARNER 130 VERTICAL INTEGRATION AND
VERTICAL RESTRAINTS 130 VERTICAL INTEGRATION FOR PRICE DISCRIMINATION OR
MARKET FORECLOSURE 131 VERTICAL RELATIONSHIPS MORE GENERALLY: RETAIL
COMPETITION AND FREE RIDING 131 EXCLUSIVE GEOGRAPHIC TERRITORIES 132 THE
DOUBLE-MARGINALIZATION PROBLEM IN VERTICAL RELATIONSHIPS 133 BOX 4.6 THE
MATHEMATICS OF DOUBLE MARGINALIZATION 134 CONTENTS XI VERTICAL
INTEGRATION AND VERTICAL RESTRAINTS: SOLUTIONS FOR DOUBLE
MARGINALIZATION BOX 4.7 THE TWO-PART PRICE TO SOLVE DOUBLE
MARGINAIIZATION BOX 4.8 THE MORAL HAZARD OF PROFIT REPORTING BOX 4.9
RESALE PRICE MAINTENANCE (RPM) TO SOLVE DOUBLE MARGINALIZATION SUMMARY
QUESTIONS CHAPTER 5 MARKET STRUCTURE 5.4 135 136 138 139 140 141 146 5.1
5.2 MARKET STRUCTURE DUOPOLY AND OLIGOPOLY COURNOT'S EARLY SOLUTION GAME
THEORY COURNOT DUOPOLY BOX 5.1 A NUMERICAL EXAMPLE FOR THE COURNOT
EQUILIBRIUM COURNOT AND THE NUMBER OF FIRMS THE STACKELBERG
LEADER-FOLLOWER MODEL 5.3 ENTRY CONDITIONS 147 148 148 150 151 153 154
154 156 5.5 A REVIEW OF ENTRY BARRIERS 157 ECONOMIES OF SCALE AND LIMIT
PRICING 158 ENTRY AND THE SIZE DISTRIBUTION OF FIRMS 159 CONCENTRATION
MEASURES 162 INDUSTRY CONCENTRATION 162 BOX 5.2 HERFINDAHL-HIRSCHMAN
INDEX (HHI) CALCULATIONS 165 BOX 5.3 THE EFFECT OF SQUARING MARKET
SHARES IN THE HHI 165 AGGREGATE CONCENTRATION 167 EMPIRICAL EVIDENCE 170
STRUCTURE-CONDUCT-PERFORMANCE (SPC) STUDIES 170 XII CONTENTS OTHER
STUDIES 173 BOX 5.4 WHO HAS THE CAPACITY, AND WHAT DOES IT COST? 175
SUMMARY 175 QUESTIONS 176 APPENDIX 5.1 COURNOT'S SOLUTION TO DUOPOLY 179
APPENDIX 5.2 COURNOT FROM MONOPOLY TO MANY FIRMS 180 APPENDIX 5.3 ENTRY
IN THE COURNOT MODEL 182 APPENDIX 5.4 STACKELBERG'S LEADER-FOLLOWER
SOLUTION 185 CHAPTER 6 MARKET STRATEGY 187 | 6.1 | THE TOOLS OF STRATEGY
188 SOME GAME EXAMPLES 188 RIVALRY 190 BARGAINING 191 BOX 6.1 COMMITMENT
IN THE LYSINE CARTEL 192 | 6.2 I PRICE COMPETITION AMONG FEW FIRMS 193
THE PROBLEM OF PRICE COMPETITION 193 PRICE COORDINATION 194
MULTI-PRODUCT PRICING 197 BOX 6.2 THE MATHEMATICS OF INDEPENDENTLY
PRICING COMPLEMENTS 198 BOX 6.3 THE MATHEMATICS OF PRICING COMPLEMENTS
JOINTLY 199 6.3 I NONPRICE COMPETITION 203 LOCATION MODELS 204 QUALITY
AS "VERTICAL" PRODUCT DIFFERENTIATION 209 6.4 ADVERTISING 210
ADVERTISING AND MONOPOLY 210 BOX 6.4 PREDICTING THE ADVERTISING-TO-SALES
RATIO: THE DORFMAN-STEINER CONDITION 211 ADVERTISING AND COMPETITION 212
CONTENTS XIII MULTI-PRODUCT ADVERTISING SUMMARY QUESTIONS APPENDIX 6.1
INDEPENDENTLY PRICING SUBSTITUTES CHAPTER 7 MARKET INNOVATION 7.4
INTELLECTUAL PROPERTY AND TECHNOLOGICAL CHANGE INTELLECTUAL PROPERTY BOX
7.1 WHO OWNS THE SMILE? THE PROCESS OF TECHNOLOGICAL CHANGE MARKET
STRUCTURE AND OTHER INFLUENCES ON TECHNOLOGICAL CHANGE 213 213 215 219
220 221 221 223 224 225 7.2 7.3 APPROPRIATING GAINS FROM INNOVATION
INFORMATION AND CHANGE OPTIMAL REWARD FOR INNOVATION BOX 7.2 PAYING A
REWARD FOR INNOVATION PATENTS AND THE APPROPRIABILITY 226 226 227 228 OF
GAINS 228 PATENTS IN THE UNITED STATES 229 BOX 7.3 THE TRAGIC INVENTOR
231 PATENT BREADTH AND CUMULATIVE EFFECTS 231 THE ROLE OF COURTS IN THE
UNITED STATES PATENT SYSTEM 231 BOX 7.4 WHAT DOES IT TAKE TO INFRINGE A
PATENT? 232 SPECIAL PROBLEMS OF THE PHARMACEUTICAL INDUSTRY 233 BOX 7.5
MONOPOLY PROFIT EXCEEDS DUOPOLY PROFIT 235 MARKET STRUCTURE AND
INCENTIVE FOR INNOVATION 235 GAINS FROM DISCOVERING A PROCESS
(COST-REDUCING) INNOVATION 236 BIDDING FOR A DISCOVERY ONCE IT IS MADE
238 THE NUMBER OF FIRMS AND RESEARCH INCENTIVE 239 XIV CONTENTS
NEW-PRODUCT INNOVATION 240 BOX 7.6 THE CHANGING ROLE OF NEW PRODUCTS 240
OTHER EFFECTS OF MARKET STRUCTURE ON INNOVATION 241 LICENSING AND
RESEARCH JOINT VENTURES 242 7.5 | PATENT RACES AND OTHER DYNAMIC EFFECTS
OF COMPETITION 243 PRIVATELY OPTIMAL TIMING 244 SOCIALLY OPTIMAL TIMING
245 EFFECTS OF LEARNING BY DOING 246 WINNER-TAKE-ALL PATENT RACES 247
BOX 7.7 TECHNOLOGICAL CHANGE WITH LEARNING 247 ASSESSING THE PATENT
SYSTEM 248 7.6 I THE INTERNET AS AN EXAMPLE OF MAJOR INNOVATION 249
CONSUMER OPPORTUNITIES 250 SELLER OPPORTUNITIES 251 PROPERTY RIGHTS 252
MARKET FORMS 252 BOX 7.8 FROM RUSSIA, WITHOUT PERMISSION 253 SUMMARY 254
QUESTIONS 256 CHAPTER 8 THE ORIGIN AND DEVELOPMENT OF ANTITRUST LAW 258
| 8.1 | THE BEGINNINGS OF ANTITRUST POLICY 259 BRITISH ORIGINS 259
AMERICA IN 1890 260 | 8.2 | THE SHERMAN ACT 262 EARLY ENFORCEMENT 263
ESSENTIAL FACILITIES 266 THE RULE OF REASON 267 8.3 | THE CLAYTON AND
FEDERAL TRADE COMMISSION ACTS 268 THE CLAYTON ACT 268 CONTENTS XV 8.4
8.5 8.6 THE FEDERAL TRADE COMMISSION ACT 270 BOX 8.1 ADVERTISING AND THE
FEDERAL TRADE COMMISSION 271 A QUIET PERIOD FOR ANTITRUST 271
ENFORCEMENT AGENCIES AND REMEDIES 273 THE DEPARTMENT OF JUSTICE 274 THE
FEDERAL TRADE COMMISSION 274 REMEDIES FOR VIOLATIONS OF ANTITRUST LAW
275 THE ROLE OF THE STATES 277 SHOULD COURTS OPPOSE MONOPOLY CONDUCT OR
MONOPOLY POWER? 278 MONOPOLY CONDUCT AND THE RULE OF REASON 279 ALCOA
AND THE IMPORTANCE OF MONOPOLY POWER 279 THE SPECIAL BURDEN OF MARKET
DOMINANCE GOVERNMENT CONTROL OF MERGERS EFFECTIVE ANTIMERGER LAW MARKET
DEFINITION BOX 8.2 MERGER POLICY IN THE BUSH ADMINISTRATION PREMERGER
NOTIFICATION TAKEOVERS 8.7 | UNFAIR AND DECEPTIVE PRACTICES BOX 8.3
REGULATING FUNERAL HOMES SUMMARY QUESTIONS APPENDIX 8.1 HORIZONTAL
MERGER GUIDELINES APPENDIX 8.2 TIME LINE FOR MAJOR ANTITRUST LEGISLATION
CHAPTER 9 APPLICATIONS OF ANTITRUST LAW 9.1 | THE FIRM AND MARKET
STRUCTURE REGULATING MERGERS BOX 9.1 ONE REASON BEHIND THE URGE TO MERGE
281 283 283 284 286 286 287 288 289 290 292 294 295 296 297 298 300 XVI
CONTENTS 9.2 PRICE DISCRIMINATION BOX 9.2 PRICE DISCRIMINATION IN THE
MING DYNASTY IN CHINA PREDATORY PRICING ESSENTIAL FACILITIES AND
REFUSALS TO DEAL THE FIRM AND MARKET STRATEGY HORIZONTAL RESTRAINTS OF
TRADE BOX 9.3 PRICE FIXING IN GRANTS OF COLLEGE STUDENT FINANCIAL AID
BOX 9.4 TERRITORIAL ALLOCATION IN EUROPE BOX 9.5 THE LYSINE CONSPIRACY
VERTICAL RESTRAINTS OF TRADE 303 304 305 307 309 310 313 314 315 320 BOX
9.6 EXCLUSIVE CONTRACTS WITH GASOLINE STATIONS 325 9.3 THE FIRM AND
MARKET INNOVATION 326 BROADER INTERPRETATION IN DYNAMIC INDUSTRIES 326
THE MICROSOFT CASE 327 BOX 9.7 MICROSOFT IN EUROPE 331 SUMMARY 332
QUESTIONS 333 PART 2 THE REGULATION OF INDUSTRIES 335 CHAPTER 10
INDUSTRY REGULATION 337 WHEN COMPETITION FAILS TO REGULATE 338 ECONOMIES
OF SCALE AND ECONOMIES OF SCOPE 338 SUNK COSTS 339 NETWORK ECONOMIES AND
COMPATIBILITY 340 COMPETITIVE MARKETS OR GOVERNMENT INTERVENTION? 342
THEORIES OF REGULATION 342 BOX 10.1 POLITICS AND PRICES: SOME EXAMPLES
344 BOX 10.2 LOBBYING CONGRESS 346 THE SCOPE OF REGULATION 347
TECHNOLOGICAL CHANGE AND REGULATION 351 10.1 CONTENTS XVII 10.3 THE
TRANSFORMATION OF REGULATED INDUSTRIES GOVERNMENT REGULATION OF
INDUSTRIES BOX 10.3 COMPETITION IN LONG-DISTANCE TELEPHONE SERVICE
ACCESS AS A SOURCE OF COMPETITION 10.3 ECONOMIC WELFARE REVISITED THE
PURSUIT OF ECONOMIC WELFARE MARKET ENTRY AND INCENTIVES THE OWNERSHIP
INTEREST SUMMARY QUESTIONS PRICING PRINCIPLES 11.1 PEAK-LOAD PRICING BOX
11.1 MARGINAL-COST PRICING AT A LEMONADE STAND BOX 11.2 PEAK-LOAD
PRICING AT THE LEMONADE STAND SINGLE TECHNOLOGY DIVERSE TECHNOLOGY
LIMITATIONS OF MARGINAL-COST PRICING 11.2 RAMSEY PRICING BOX 11.3 FIXED
COST AT THE LEMONADE STAND THE MARGINAL-COST PRICING "SOLUTION" BOX 11.4
A MATHEMATICAL SOLUTION TO THE SECOND-BEST PROBLEM RAMSEY PRICES
AVOIDING CROSS-SUBSIDY IN THE MULTI-PRODUCT FIRM BOX 11.5 RAMSEY PRICING
AT THE LEMONADE STAND 11.3 | NONUNIFORM PRICING BOX 11.6 NONUNIFORM
PRICING AT THE LEMONADE STAND 352 353 355 355 360 361 362 363 364 365
368 369 369 370 370 374 376 378 379 380 382 382 384 385 386 387 XVIII
CONTENTS 11.4 EXCHANGE AND OTHER PROBLEMS WITH NONUNIFORM PRICES 387 THE
TWO-PART PRICE 388 INFORMATION AND TWO-PART PRICES 389 BLOCK PRICES 391
INTERRUPTIBLE SERVICE PRICING 394 ACCESS PRICING 395 EXAMPLES OF ACCESS
395 BOX 11.7 ACCESS PRICING FOR LEMONADE 396 EFFICIENT COMPONENT PRICING
FOR ACCESS 397 RAMSEY PRICING FOR ACCESS 399 SUMMARY 400 QUESTIONS 401
APPENDIX 11.1 SOCIALLY OPTIMAL PRICING 406 APPENDIX 11.2 LONG-RUN
MARGINAL-COST PRICING 408 APPENDIX 11.3 AXIOMATIC PRICING 408 CHAPTER 12
INSTITUTIONS OF INDUSTRY REGULATION 411 INDUSTRY REGULATORY AGENCIES 412
FEDERAL REGULATORY AGENCIES 412 STATE REGULATORY COMMISSIONS 413
REGULATED ENTERPRISES 414 THE PUBLIC ENTERPRISE 414 BOX 12.1 PUBLIC
ENTERPRISE AND HIGH PURPOSE 416 THE PUBLIC UTILITY 417 12.3 |
RATE-OF-RETURN REGULATION 419 FINANCE UNDER RATE-OF-RETURN REGULATION
419 INPUT INEFFICIENCY 420 BOX 12.2 THE GREAT ELECTRICAL EQUIPMENT
CONSPIRACY 422 OUTPUT INEFFICIENCY 423 12.1 12.2 CONTENTS XIX 12.4 12.5
COST CONTROL AND TECHNOLOGICAL CHANGE BOX 12.3 EXCHANGING ELECTRICITY
DESIGNING A REGULATORY MECHANISM REGULATION VERSUS MARKETS TO TELL THE
TRUTH INCENTIVE REGULATION PRICE-CAP REGULATION IMPROVING COST CONTROL
IMPROVING PRICING THE ROLE OF ACCESS IN TRANSFORMING REGULATED
INDUSTRIES ACCESS AND COMPETITION ACCESS AND THE TRANSFORMATION OF
INDUSTRY REGULATION SUMMARY QUESTIONS APPENDIX 12.1 THE ORIGINS OF
RATE-OF-RETURN REGULATION 12.6 CHAPTER 13 POSTAL SERVICE 423 424 426 426
427 429 431 431 431 433 434 434 435 436 437 439 13.1 13.2 THE
BUDGET-CONSTRAINED PUBLIC ENTERPRISE THE GOAL OF THE PUBLIC ENTERPRISE
ENTRY PROTECTION AND PRICING DISCRETION CREATION OF THE UNITED STATES
439 440 441 POSTAL SERVICE THE UNITED STATES POSTAL SERVICE UNIVERSAL
SERVICE BOX 13.1 THE CHALLENGING FUTURE FOR POSTAL SERVICE INTERNATIONAL
MAIL 443 444 446 447 448 XX CONTENTS 13.3 13.4 MAXIMIZING WELFARE OR
EXPENDITURES 448 WELFARE MAXIMIZATION 449 EXPENDITURE MAXIMIZATION 449
PROFIT MAXIMIZATION 450 COMPARISON OF PRICING RULES 450 BOX 13.2 AN
EXPENDITURE OR REVENUE MAXIMIZING EXAMPLE 451 RAMSEY PRICING IN THE
UNITED STATES POSTAL SERVICE 452 COSTS, DEMAND FUNCTIONS, AND WELFARE
MEASUREMENT 453 ESTIMATED RAMSEY PRICES 455 UNBUNDLING POSTAL SERVICE
FUNCTIONS 458 BOX 13.3 PARCELS, PARCELS, EVERYWHERE 459 UNBUNDLED
UPSTREAM MAIL SERVICES 459 UNBUNDLED DOWNSTREAM MAIL SERVICES 461
SUMMARY 461 QUESTIONS 463 APPENDIX 13.1 EXPENDITURE VERSUS WELFARE
MAXIMIZING PRICES 465 APPENDIX 13.2 PRICE-SETTING GUIDELINES OF THE
POSTAL REORGANIZATION ACT 467 CHAPTER 14 COMMUNICATIONS SERVICES 468
13.5 14.1 THE ECONOMICS OF TELEPHONE NETWORKS 469 EXTERNALITIES IN A
TELEPHONE NETWORK 469 INTERCONNECTION OF TELEPHONE NETWORKS 473 DOUBLE
DOUBLE MARGINALIZATION 474 THE IMPORTANCE OF CALL VOLUMES 475 14.2 EARLY
REGULATION OF THE U.S. TELEPHONE INDUSTRY THE BEGINNINGS OF REGULATION
BOX 14.1 AT&T ACCUMULATES POWER 476 477 478 CONTENTS XXI THE
"SETTLEMENT" CONFLICT AND THE REGULATORY SOLUTION 478 A REVOLUTION FOR
THE TELEPHONE INDUSTRY 480 BOX 14.2 THE TELPAK CONTROVERSY 481
INTERCONNECTION TO THE BELL SYSTEM NETWORK 481 BOX 14.3 THE CARTERPHONE
CONNECTION 482 14.3 14.4 THE MODIFICATION OF FINAL JUDGMENT INCENTIVE
REGULATION PRICE-CAP REGULATION PROBLEMS WITH THE MODIFICATION OF FINAL
JUDGMENT THE TELECOMMUNICATIONS ACT OF 1996 483 484 485 486 487 BOX 14.4
CABLE AND TELEPHONE COMPETITION 488 INTERCONNECTION AND PRICING ACCESS
488 BOX 14.5 ENERGETIC COMMUNICATIONS 489 COMPETITIVE EFFECTS OF THE
TELECOMMUNICATIONS ACT ON WIRELINE SERVICES FINANCIAL EFFECTS OF THE
TELECOMMUNICATIONS ACT BOX 14.6 TELECOMMUNICATIONS DEALS 14.5 NEW
SOURCES OF COMPETITION WIRELESS SERVICES THE INTERNET BOX 14.7 JOINING
DEVICES TO THE INTERNET WITHOUT WIRES IMPLICATIONS FOR REGULATION BOX
14.8 THE EXAMPLE OF SKYPE SUMMARY QUESTIONS APPENDIX 14.1 DOUBLE DOUBLE
MARGINALIZATION IN A TELEPHONE NETWORK APPENDIX 14.2 TARIFF WARS AFTER
INTERCONNECTION 491 493 494 495 495 496 496 497 497 499 500 502 505 XXII
CONTENTS CHAPTER 15 COMMUNICATION FOR NEWS AND ENTERTAINMENT 507 NETWORK
COMPATIBILITY IN BROADCASTING 508 509 15.1 15.2 15.4 ALLOCATING THE
RADIO FREQUENCY SPECTRUM REGULATION WITH CHANGING TECHNOLOGY BOX 15.1
DIGITAL TELEVISION BY CABLE BROADCASTING NETWORKS BOX 15.2 COLLEGE
STUDENTS AND TV ADVERTISING RATES BROADCASTING AS A PUBLIC GOOD PROGRAM
SELECTION AND BROADCAST TIMING BOX 15.3 THE LIGHTHOUSE AS A PUBLIC GOOD
OWNERSHIP RESTRICTIONS PUBLIC SERVICE AND AVOIDING CORRUPTION IN
BROADCASTING 15.3 CABLE SERVICE ON AGAIN, OFF AGAIN GOVERNMENT
REGULATION COMPETITION BETWEEN CABLE AND TELEPHONE NETWORKS BIDDING FOR
A FRANCHISE BOX 15.4 THE DVD AS COMPETITOR THE BUNDLING OF CABLE
OFFERINGS PAY TV AND SATELLITE TV OTHER FORMS OF COMPETITION CONVERGENCE
OF BROADCAST, CABLE, AND TELEPHONE AND THE TELECOMMUNICATIONS ACT OF
1996 THE SCOPE OF SERVICES OFFERED RETREATING ON CABLE RATE REGULATION
MARKET POWER IN BROADCASTING OTHER PROVISIONS OF THE ACT BOX 15.5 CLEAR
CHANNEL RADIO SUMMARY QUESTIONS 511 514 515 516 517 517 518 522 522 523
524 525 526 526 527 529 529 531 531 531 532 532 532 533 534 CONTENTS
XXIII CHAPTER 16 TRANSPORTATION 537 16.1 RAILROAD TRANSPORTATION THE
EARLY PERIOD BOX 16.1 RAILROAD WARS AND THE CORPORATE FORM OF
ORGANIZATION RAILROAD REGULATION RAILROAD DEREGULATION AND ITS EFFECTS
BOX 16.2 ACCESS TO RAILROAD TRACKS 16.2 TRUCK TRANSPORTATION 538 539 539
540 541 541 542 16.3 16.4 16.5 TRUCKING REGULATION 542 RATE SETTING 543
TRUCKING DEREGULATION AND ITS EFFECTS 544 BUS TRAVEL AND URBAN
TRANSPORTATION 545 INTERCITY BUSES 545 EARLY URBAN TRANSIT 546 URBAN
TRANSIT WITH AUTOMOBILES AND BUSES 546 BOX 16.3 HOW URBAN ANCESTORS
TRAVELED 547 SUBURBIA 548 FEDERAL FUNDING FOR URBAN TRANSIT 549 PRICING
THE ROAD NETWORK 552 THE HIGHWAY CONGESTION PROBLEM 552 ROAD PRICING IN
PRACTICE 555 BOX 16.4 DRIVING IN SEATTLE 558 AIR TRANSPORTATION 558
REGULATION BY THE CIVIL AERONAUTICS BOARD 559 AIRLINE DEREGULATION AND
ITS EFFECTS 561 BOX 16.5 RESTRAINING SOUTHWEST AIRLINES 563 CHANGING
FORMS OF AIRLINE COMPETITION AFTER DEREGULATION 564 BOX 16.6 AIRLINE
ENTRY 566 BOX 16.7 AIRLINE RESERVATION SYSTEMS 567 THE AIRLINE INDUSTRY
AFTER SEPTEMBER 11, 2001 568 XXIV CONTENTS SUMMARY QUESTIONS APPENDIX
16.1 MAJOR FEDERAL RAILROAD LEGISLATION APPENDIX 16.2 MAJOR FEDERAL
TRUCK, BUS, AND HIGHWAY LEGISLATION APPENDIX 16.3 MAJOR FEDERAL AIRLINE
LEGISLATION CHAPTER 17 ENERGY 17.1 I COAL AND NUCLEAR POWER COAL POWER
BOX 17.1 A PRIZE FOR CAPTURING CARBON DIOXIDE NUCLEAR POWER BOX 17.2
NUCLEAR WASTE ON THE RESERVATION 17.2J OIL OIL OUTPUT RESTRICTION BOX
17.3 PROBLEMS OF POOLING IN PRACTICE OIL IMPORT RESTRICTIONS CRUDE OIL
PRICE CONTROLS BOX 17.4 TRYING FOR OIL INDEPENDENCE 17.3 I NATURAL GAS
PRICE CONTROL RESTRUCTURING OF NATURAL GAS BOX 17.5 TREACHEROUS TRADING
17.4 RENEWABLE ENERGY SOLAR ENERGY WIND ENERGY BOX 17.6 NOT IN MY
BACKYARD GEOTHERMAL ENERGY WATER ENERGY BOX 17.7 A LARGE UNITED STATES
HYDROELECTRIC POWER SYSTEM 570 571 574 574 575 576 577 577 579 579 580
581 582 584 585 586 588 589 589 591 597 598 599 599 600 600 601 601
CONTENTS XXV BIOMASS ENERGY 602 CHEMICAL ENERGY 602 SUMMARY 603
QUESTIONS 605 CHAPTER 18 ELECTRICITY 606 THE ELECTRICITY INDUSTRY 607
ELECTRICITY GENERATION 608 ELECTRICITY TRANSMISSION 610 BOX 18.1
COLLAPSE OF THE U.S. ELECTRICITY NETWORK 611 ELECTRICITY DISTRIBUTION
AND RETAILING 612 SPECIAL FEATURES OF ELECTRICITY DEMAND AND SUPPLY 613
BOX 18.2 COOLING THE EMPIRE STATE BUILDING 613 18.1 18.2 ORGANIZATION OF
THE ELECTRICITY INDUSTRY THE TRADITIONAL MODEL THE PUBLIC UTILITY
REGULATORY POLICY ACT OF 1978 THE ENERGY POLICY ACT OF 1992 (ERA) 18.3
MARKETS FOR POWER SPOT MARKETS AND CONTRACTING INCREASED SCOPE FOR
NETWORK COORDINATION 18.4 COMPETITION IN A RESTRUCTURED 615 615 619 620
622 623 625 ELECTRICITY INDUSTRY 629 STRANDED COSTS AND THE REGULATORY
COMPACT 629 RESTRUCTURING IN CALIFORNIA 630 RESTRUCTURING IN TEXAS 636
RESTRUCTURING THE ELECTRICITY INDUSTRY IN OTHER STATES 637 SUMMARY
QUESTIONS 639 640 XXVI CONTENTS \ APPENDIX 18.1 TRANSMISSION GRID
ILLUSTRATION OF CONGESTION COST 643 APPENDIX 18.2 ILLUSTRATION OF
RESTRUCTURED ELECTRICITY INDUSTRY 645 PART 3 SOCIAL REGULATION 647
CHAPTER 19 SOCIAL REGULATION OF MARKETS 649 EXTERNALITIES 650 UNCLEAR
PROPERTY RIGHTS 651 THE COASE THEOREM 652 BOX 19.1 HONEY BEES AND
POLLINATION 652 BARGAINING PROBLEMS AND TRANSACTION COSTS 654 BOX 19.2
THE ROLE OF BARBED WIRE 654 TAX-SUBSIDY OR PROPERTY-RIGHT SOLUTIONS 656
EFFECTS ON INCOME DISTRIBUTION 658 19.1 19.2 IMPERFECT INFORMATION THE
MARKET WITH IMPERFECTLY INFORMED CONSUMERS ASYMMETRIC INFORMATION
REMEDIES BOX 19.3 RATING COLLEGE AND UNIVERSITY TEACHING 19.3 FAIRNESS
FOR WORKERS 659 660 661 661 663 664 19.4 EMPLOYMENT "AT WILL" 664
FAIRNESS LEGISLATION 664 BOX 19.4 STATISTICAL DISCRIMINATION 665 HEALTH
AND SAFETY 666 CONSEQUENCES OF FIRM FAILURE 666 BANKING AND INSURANCE
COMPANIES 667 PENSIONS 668 ACCOUNTING AND CORPORATE GOVERNANCE 668 BOX
19.5 BACKDATING STOCK OPTIONS 669 SUMMARY 670 QUESTIONS 671 CONTENTS
XXVII 20.1 CHAPTER 20 PURSUING SOCIAL REGULATION BENEFIT-COST ANALYSIS
MAXIMIZING SOCIAL BENEFIT INCOME-DISTRIBUTION EFFECTS OF REGULATORY
ACTIONS 20.2 20.3 VALUING NONMARKET OBJECTS THE ADVANTAGE OF PLACING A
VALUE ON LIFE BOX 20.1 THE USEFULNESS OF A VALUE FOR LIFE THE VALUE OF A
STATISTICAL LIFE OTHER NONMARKET EFFECTS BOX 20.2 THE COSTS OF SAVING
LIVES BOX 20.3 VALUING TRUE LOVE, OR BEING PRESIDENT COMMAND-AND-CONTROL
MEANS OF SOCIAL REGULATION COMMAND-AND-CONTROL METHODS RULE-MAKING
PROCEDURES BOX 20.4 THE CREATION OF A FEDERAL RULE 20.4 20.5 INFORMATION
AS REGULATION INFORMATION AND POLLUTION CONTROL PROTECTING WORKERS AND
CONSUMERS PROTECTING INVESTORS SUMMARY QUESTIONS CHAPTER 21
ENVIRONMENTAL PROTECTION AIR, WATER, AND LAND POLLUTION THREE MAIN AIR
POLLUTION PROBLEMS BOX 21.1 ACID RAIN 21.1 673 674 674 676 677 678 679
679 683 683 684 685 685 687 688 TAX-SUBSIDY AND PROPERTY-RIGHT MEANS OF
SOCIAL REGULATION 689 TAX-SUBSIDY SOLUTIONS 689 CREATING AND TRADING
PROPERTY RIGHTS 692 INCOME-DISTRIBUTION CONSEQUENCES 694 698 698 699 700
700 702 704 705 705 707 XXVIII CONTENTS \ THE PROBLEM SUBSTANCES FOR AIR
WATER AND LAND POLLUTION BOX 21.2 OIL ON ALASKA'S TUNDRA 21.2
COMMAND-AND-CONTROL MEANS OF PROTECTING THE AIR BEGINNING AIR POLLUTION
REGULATION SETTING AND IMPLEMENTING EMISSION STANDARDS FOR AIR BOX 21.3
A MERGER SOLUTION FOR EXTERNALITY BOX 21.4 THE CAFE STANDARDS BOX 21.5
"CHICKEN-AND-EGG" PROBLEMS FOR THE FUEL-CELL CAR INTERNATIONAL
AGREEMENTS TO COMBAT GLOBAL WARMING 21.3 POLLUTION-RIGHT MEANS OF
PROTECTING THE AIR TRADING POLLUTION RIGHTS TO COMBAT ACID RAIN EFFECTS
OF TRADING POLLUTION ALLOWANCES 21.4 PROTECTING WATER AND LAND WATER
POLLUTION REGULATION BOX 21.6 TOO MUCH FISHING BOX 21.7 BOTTLED WATER A
BROADER PROBLEM FOR WATER BOX 21.8 A DROP TO DRINK LAND POLLUTION
REGULATION 711 712 713 714 715 719 720 722 723 724 725 725 728 732 732
733 734 735 736 736 SUMMARY QUESTIONS APPENDIX 21.1 NATIONAL AMBIENT AIR
QUALITY STANDARDS CHAPTER 22 WORKER PROTECTION PROTECTION IN MARKETS
EMPLOYMENT DISCRIMINATION 22.1 737 739 742 743 744 744 22.2 22.3 22.4
CONTENTS OCCUPATIONAL SAFETY AND HEALTH RETIREMENT SECURITY EMPLOYMENT
DISCRIMINATION LAWS LIMITING EMPLOYMENT AT WILL BOX 22.1 NATIONAL ORIGIN
BIAS BOX 22.2 WHISTLEBLOWING PROVING DISCRIMINATION SPECIAL PROBLEMS
OCCUPATIONAL SAFETY AND HEALTH LAWS OSHA STANDARDS BOX 22.3 DANGER AT
WORK REVISED FORMS OF OSHA ACTIONS BOX 22.4 THE ADVANTAGE OF A STANDARD
FOR ENFORCEMENT ENFORCEMENT EFFECTS OF OSHA REGULATION RETIREMENT
SECURITY LAWS DEFINED-BENEFIT PENSION PLANS CASH-BALANCE PENSION PLANS
DEFINED-CONTRIBUTION PENSION PLANS SUMMARY QUESTIONS CHAPTER 23 CONSUMER
PROTECTION 23.1 23.2 23.3 THE COURTS AND PRODUCT LIABILITY TORT LAW
LABELING STATE LAWS THE FOOD AND DRUG ADMINISTRATION SCOPE OF THE FDA
BOX 23.1 RANCHERS AS NEIGHBORS BOX 23.2 BAD APPLES 747 751 752 752 754
755 755 756 757 757 758 759 761 762 763 764 766 768 770 771 773 775 111
111 780 780 781 781 782 783 XXIX XXX CONTENTS 23.4 23.5 PRODUCT
LIABILITY AND THE FDA TOBACCO THE NATIONAL HIGHWAY TRAFFIC SAFETY
ADMINISTRATION MOTOR VEHICLE SAFETY STANDARDS BOX 23.3 EXTREME RECALL
CHILD SAFETY SEATS AND AIR BAGS BOX 23.4 THE AIR-BAG STANDARD
COMPATIBILITY OF VEHICLE SIZE AND SHAPE BENEFIT-COST ANALYSIS OF THE
TOTAL HIGHWAY SAFETY PROGRAM THE CONSUMER PRODUCT SAFETY COMMISSION
CONSUMER PRODUCTS FIRES BOX 23.5 CIGARETTES AND FIRES 23.6 THE FEDERAL
TRADE COMMISSION ON UNFAIR AND MISLEADING CLAIMS | 23.7 I CONSUMER
PROTECTION FOR SECURITIES TRADING BOX 23.6 STOCK MARKETS WHEEL AND DEAL
SUMMARY QUESTIONS APPENDIX 23.1 FATAL HIGHWAY CRASHES IN THE UNITED
STATES, 1996-2005 CHAPTER 24 PROTECTING AGAINST EFFECTS OF FIRM FAILURE
BANKING INDUSTRY REGULATION A BRIEF HISTORY OF BANKING REGULATION BOX
24.1 THE "BANK HOLIDAY" AND THE GREAT DEPRESSION BOX 24.2
ADJUSTABLE-RATE MORTGAGES AS A SOLUTION 24.1 784 785 785 786 788 790 791
792 794 795 796 796 797 797 798 799 800 801 803 804 805 805 807 810
CONTENTS XXXI GLOSSARY REFERENCES INDEX THE THRIFT INDUSTRY CRISIS AND
ITS CONSEQUENCES BOX 24.3 AN EXTRA COST OF FIRREA 24.2 INSURANCE
INDUSTRY REGULATION THE INSURANCE INDUSTRY INSURANCE REGULATION ISSUES
BOX 24.4 INSURANCE REGULATION FAILURE 24.3 FIRM FAILURE IN THE
TWENTY-FIRST CENTURY THE ROLE OF FINANCIAL INFORMATION BOX 24.5 AN
ACCOUNTANT'S REPUTATION BOX 24.6 ACCOUNTING FOR STOCK OPTIONS PROTECTING
EMPLOYEE PENSIONS ACCOUNTING AND CORPORATE GOVERNANCE SUMMARY QUESTIONS
811 812 816 816 821 822 824 824 826 828 830 834 835 837 839 864 901 |
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| callnumber-first | H - Social Science |
| callnumber-label | HD87 |
| callnumber-raw | HD87 |
| callnumber-search | HD87 |
| callnumber-sort | HD 287 |
| callnumber-subject | HD - Industries, Land Use, Labor |
| classification_rvk | QR 300 |
| ctrlnum | (OCoLC)145379685 (DE-599)BVBBV023313378 |
| dewey-full | 338.8 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 338 - Production |
| dewey-raw | 338.8 |
| dewey-search | 338.8 |
| dewey-sort | 3338.8 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Book |
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| id | DE-604.BV023313378 |
| illustrated | Illustrated |
| index_date | 2024-07-02T20:51:11Z |
| indexdate | 2024-07-09T21:15:38Z |
| institution | BVB |
| isbn | 9780321322326 0321322320 |
| language | English |
| lccn | 2007024459 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016497604 |
| oclc_num | 145379685 |
| open_access_boolean | |
| owner | DE-M382 DE-703 DE-83 DE-20 |
| owner_facet | DE-M382 DE-703 DE-83 DE-20 |
| physical | XXXVII, 918 S. ill. |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | Pearson / Addison Wesley |
| record_format | marc |
| series2 | Addison-Wesley series in economics |
| spelling | Sherman, Roger 1930-2010 Verfasser (DE-588)131758969 aut Market regulation Roger Sherman Boston ; Munich [u.a.] Pearson / Addison Wesley 2008 XXXVII, 918 S. ill. txt rdacontent n rdamedia nc rdacarrier Addison-Wesley series in economics Includes bibliographical references and index Politik Wirtschaftspolitik Economic policy Competition Monopolies Government policy Monopol (DE-588)4040098-0 gnd rswk-swf Wettbewerbspolitik (DE-588)4065839-9 gnd rswk-swf Wettbewerbspolitik (DE-588)4065839-9 s Monopol (DE-588)4040098-0 s DE-604 http://www.loc.gov/catdir/toc/ecip0720/2007024459.html Table of contents only GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016497604&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Sherman, Roger 1930-2010 Market regulation Politik Wirtschaftspolitik Economic policy Competition Monopolies Government policy Monopol (DE-588)4040098-0 gnd Wettbewerbspolitik (DE-588)4065839-9 gnd |
| subject_GND | (DE-588)4040098-0 (DE-588)4065839-9 |
| title | Market regulation |
| title_auth | Market regulation |
| title_exact_search | Market regulation |
| title_exact_search_txtP | Market regulation |
| title_full | Market regulation Roger Sherman |
| title_fullStr | Market regulation Roger Sherman |
| title_full_unstemmed | Market regulation Roger Sherman |
| title_short | Market regulation |
| title_sort | market regulation |
| topic | Politik Wirtschaftspolitik Economic policy Competition Monopolies Government policy Monopol (DE-588)4040098-0 gnd Wettbewerbspolitik (DE-588)4065839-9 gnd |
| topic_facet | Politik Wirtschaftspolitik Economic policy Competition Monopolies Government policy Monopol Wettbewerbspolitik |
| url | http://www.loc.gov/catdir/toc/ecip0720/2007024459.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016497604&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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