ECONOMICS OF REGULATION AND ANTITRUST FOURTH EDITION2025|PDF|Epub|mobi|kindle电子书版本百度云盘下载

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1 Introduction1

The Rationale for Regulation and Antitrust Policies2

Antitrust Regulation3

The Changing Character of Antitrust Issues4

Reasoning behind Antitrust Regulations5

Economic Regulation5

Development of Economic Regulation6

Factors in Setting Rate Regulations6

Health，Safety，and Environmental Regulation8

Role of the Courts9

Criteria for Assessment9

Questions and Problems11

Recommended Reading11

Appendix11

2 The Making of a Regulation13

State versus Federal Regulation：The Federalism Debate14

Advantages of Federalism15

Advantages of National Regulations16

Product Labeling Example17

The Overlap of State and Federal Regulations18

The Character of the Rulemaking Process19

The Chronology of New Regulations19

Nature of the Regulatory Oversight Process24

The Nixon and Ford Administrations24

The Carter Administration25

The Reagan Administration27

The Bush Administration28

The Clinton Administration28

The George W.Bush Administration28

Regulatory Reform Legislation28

Benefit-Cost Analysis30

Discounting Deferred Effects33

Present Value34

The Criteria Applied in the Oversight Process36

Regulatory Success Stories36

Promotion of Cost-Effective Regulation37

Distortion of Benefit and Cost Estimates38

The Regulatory Role of Price and Quality39

The Impact of the Oversight Process39

The Cost of Regulation40

Other Measures of the Size of Regulation40

The Character of Regulatory Oversight Actions45

What Do Regulators Maximize？48

The Capture Theory48

Other Theoryes of Influence Patterns49

Comprehensive Models of Regulatory Objectives49

Conclusion51

Questions and Problems51

Appendix：Trends in Regulatory Agency Budgets and Staff52

Ⅰ ANTITRUST59

3 Introduction to Antitrust61

Industrial Organization62

Structure63

Conduct66

Performance66

Government68

Antitrust69

Federal Antitrust Laws69

Enforcement and Remedies71

Exemptions from Antitrust75

Summary and Overview of Part Ⅰ76

Appendix：Antitrust Statutes76

Sherman Act76

Clayton Act77

Federal Trade Commission Act78

4 Efficiency and Technical Progress79

Economic Efficiency79

Partial Equilibrium Welfare Tools80

Monopoly-versus-Competition Example82

Oil Industry Application84

Some Complications85

X-Inefficiency88

Monopoly-Induced Waste89

Estimates of the Welfare Loss from Monopoly90

Technical Progress93

Importance of Technological Change93

A Model of R ＆ D Rivalry95

Summary98

Questions and Problems99

5 Oligopoly，Collusion，and Antitrust101

Game Theory101

Example 1：Advertising Competition101

Example 2：Compatibility of Standards103

The Strategic Form of a Game104

Nash Equilibrium105

Oligopoly Theory106

The Cournot Solution106

Other Models of Oligopoly112

Product Differentiation113

Collusion116

A Theory of Collusion117

Challenges to Collusion121

Collusion in Practice128

Antitrust Law and Policy toward Price Fixing134

Economic Analysis of Legal Categories135

Per Se Rule Cases137

Tacit Collusion140

Enforcement Policy144

Summary150

Questions and Problems151

Appendix153

Game Theory：Formal Definitions153

6 Market Structure and Strategic Competition155

Market Structure155

Concentration155

Scale Economies162

Entry Conditions164

Dominant Firm Theory174

Static Analysis174

Dynamic Analysis：Limit Pricing177

Strategic Competition182

Limit Pricing183

Investment in Cost-Reducing Capital190

Raising Rivals’ Costs194

Preemption and Brand Proliferation194

Summary198

Questions and Problems198

7 Mergers203

Antitrust Laws and Merger Trends204

Reasons for Mergers207

Monopoly207

Economies207

Reducing Management Inefficiencies208

Horizontal Mergers210

Benefits and Costs210

Effects of Airline Mergers219

Cases220

U.S.Department of Justice Merger Guidelines225

Conglomerate Mergers229

Potential Benefits229

Anticompetitive Effects and Cases230

Summary232

Questions and Problems233

8 Vertical Mergers and Vertical Restraints235

Vertical Mergers236

Benefits237

Anticompetitive Effects241

Commitment and the Restoration of Market Power246

Raising Rivals’ Costs248

Antitrust Law and Policy253

Historical Development254

Time Warner and Turner255

Vertical Restraints257

Exclusive Dealing258

Antitrust Law and Policy263

Tying266

Modern Theories of Leveraging275

Manufacturer-Retailer Restraints282

Summary288

Questions and Problems289

9 Monopolization and Price Discrimination293

Establishing Monopolization Claims294

Measuring Monopoly Power294

Assessing Intent to Monopolize298

Development of Antitrust Case Law299

1890-1940：Standard Oil and United States Steel299

1940-1970：Alcoa and United Shoe Machinery300

1970 to Present：Kodak，IBM，Microsoft，and Others303

Predatory Pricing305

Theories of Predatory Pricing309

Efficiency Rationales316

Antitrust Policy317

The Areeda-Turner Rule and Other Single-Parameter Rules317

The Brooke Case and the Two-Tier Rule319

Recent Developments321

Refusal to Deal and the Essential Facilities Doctrine322

Essential Facilities Doctrine323

Intellectual Property Rights324

Kodak and Monopoly Power in Aftermarkets326

Microsoft Case332

Network Externalities332

Antitrust Case336

Tying and Monopolization of the Browser Market338

Maintenance of Monopoly in the Operating Systems Market339

Remedies and Harm342

Price Discrimination and the Robinson-Patman Act343

Systematic Discrimination344

Unsystematic Discrimination349

Cases350

Summary352

Questions and Problems352

Ⅱ ECONOMIC REGULATION355

10 Introduction to Economic Regulation357

What Is Economic Regulation？357

Instruments of Regulation358

Control of Price358

Control of Quantity359

Control of Entry and Exit359

Control of Other Variables360

Brief History of Economic Regulation362

Formative Stages362

Trends in Regulation364

The Regulatory Process369

Overview of the Regulatory Process369

Regulatory Legislation371

Independent Regulatory Commissions371

Regulatory Procedures373

The Theory of Regulation375

Normative Analysis as a Positive Theory376

Capture Theory379

Economic Theory of Regulation380

Testing Theoryes of Regulation392

Summary and Overview of Part Ⅱ396

Appendix397

A Theory of Interest Group Competition397

Questions and Problems399

11 Theory of Natural Monopoly401

The Natural Monopoly Problem401

Permanent and Temporary Natural Monopoly402

Subadditivity and Multiproduct Monopoly404

Alternative Policy Solutions408

Ideal Pricing409

Franchise Bidding421

Actual Solutions421

Summary423

Appendix423

The Troublesome Case of a Natural Monopoly423

Questions and Problems425

12 Natural Monopoly Regulation and Electric Power429

Traditional Rate-of-Return Regulation430

The Rate Case431

Averch-Johnson Effect433

Incentive Regulation436

Performance Standards436

Earnings Sharings437

Price Caps439

Yardstick Regulation442

Rate Structure443

FDC Pricing443

Undue Discrimination445

Peak-Load Pricing447

Costs of Power Production447

Peak-Load Pricing Model449

Regulation and Restructuring of Electric Power453

Historical，Technological，and Regulatory Background453

Overview of Recent Legislation455

Restructuring in California456

Summary461

Questions and Problems462

13 Franchise Bidding and Cable Television465

Theory of Franchise Bidding465

Competition at the Bidding Stage467

Contractual Arrangements for the Postbidding Stage475

Assessment of Franchise Bidding478

Cable Television479

Historical/Regulatory Background480

Cable Television as a Natural Monopoly481

Franchising Process485

Assessment of Franchise Bidding487

Rate Regulation492

Is There a Role for Government Intervention？497

Summary499

Questions and Problems500

14 Public Enterprise503

General Background504

Positive Theory of Public Enterprise505

Managerial Model of a Firm506

Managerial Model of a Private Enterprise507

Managerial Model of a Public Enterprise508

Comparison of Public and Private Enterprise510

Municipal Electric Utilities512

Pricing Behavior512

Allocative Efficiency Comparison513

Productive Efficiency Comparison515

Assessment of Private versus Public Utilities515

Airlines516

Privatization517

Summary521

Questions and Problems522

15 Dynamic Issues in Natural Monopoly Regulation：Telecommunications523

Transformation of a Natural Monopoly523

Basis for Natural Monopoly Regulation524

Sources of Natural Monopoly Transformation527

Regulatory Response529

Intercity Telecommunications Market534

Telecommunications Act of 1996544

Separation of Regulated Monopolies and Competitive Markets546

Benefits and Costs of Separation547

Breakup of AT＆T550

Summary551

Questions and Problems553

16 The Regulation of Potentially Competitive Markets：Theory and Estimation Methods555

Theory of Price and Entry/Exit Regulation556

Direct Effects of Price and Entry/Exit Regulation：The Competitive Model556

Direct Effects of Price and Entry/Exit Regulation：The Imperfectly Competitive Model560

Indirect Effects of Price and Entry Regulation564

Some Indirect Effects of Price and Exit Regulation567

Regulation and Innovation568

Methods for Estimating the Effects of Regulation572

Overview of Estimation Methods572

Intertemporal Approach572

Application：New York Stock Exchange574

Intermarket Approach575

Application：Advertising of Eyeglasses576

Application：44 Liquormart Decision578

Counterfactual Approach578

Application：State Usury Laws579

Measuring the Return to Price and Entry Restrictions：Taxicab Regulation583

Summary585

Questions and Problems587

17 Economic Regulation of Transportation：Surface Freight and Airlines589

Transportation Industry589

Surface Freight Transportation591

Regulatory History591

Description of Regulatory Practices595

Effects of Regulation597

Airlines609

Regulatory History609

Description of Regulatory Practices611

Effects of Regulation612

Competition and Antitrust Policy after Deregulation625

Lessons from Regulation and Deregulation638

Summary639

Questions and Problems640

18 Economic Regulation of Energy：Crude Oil and Natural Gas641

The Theory of Price Ceilings642

Price and Quantity Regulation of the Crude Oil Industry646

Regulatory History648

Oil Prorationing651

Regulatory Practices651

Rationale for Prorationing651

Solutions to the Common Pool Problem656

Effects of Prorationing657

Mandatory Oil Import Program659

Regulatory Practices659

Effects of Regulation659

Crude Oil Price Controls661

Regulatory Practices661

Effects of Price Regulation663

Price Regulation of the Natural Gas Industry671

Regulatory History672

Regulatory Practices673

Effects of Price Regulation675

Transition from Regulation to Markets in the Transmission of Natural Gas683

Summary685

Questions and Problems686

Ⅲ HEALTH，SAFETY，AND ENVIRONMENTAL REGULATION689

19 Introduction：The Emergence of Health，Safety，and Environmental Regulation691

Risk in Perspective692

Measuring Mortality Risks694

The Infeasibility of a No-Risk Society695

Homeland Security696

Wealth and Risk699

Irrationality and Biases in Risk Perception700

Policy Evaluation703

Regulatory Standards704

Benefit-Cost Analysis704

The Role of Heterogeneity705

Uncertainty and Conservatism707

The Role of Risk Ambiguity707

The Role of Political Factors709

Economic Models of Environmental Policies709

Voting Patterns711

Summary and Overview of Part Ⅲ713

Questions and Problems714

Recommended Reading715

20 Valuing Life and Other Nonmonetary Benefits717

Policy Evaluation Principles718

Willingness-to-Pay versus Other Approaches720

Variations in the Value of Statistical Life723

The Labor Market Model725

Empirical Estimates of the Value of Life730

Value of Risks to Life for Regulatory Policies731

Survey Approaches to Valuing Policy Effects736

Valuation of Air Quality738

Exploratory Nature of the Survey Approach738

Sensitivity Analysis and Cost-Effectiveness739

Risk-Risk Analysis740

Establishing Prices for Health，Safety，and Environmental Regulation742

Questions and Problems742

21 Environmental Regulation745

The Coase Theorem for Externalities746

The Coase Theorem as a Bargaining Game747

A Pollution Example748

Long-Run Efficiency Concerns750

Transaction Costs and Other Problems750

Smoking Externalities751

Special Features of Environmental Contexts754

Siting Nuclear Wastes756

Selecting the Optimal Policy：Standards versus Fines757

Setting the Pollution Tax758

The Role of Heterogeneity760

The Role of Uncertainty761

Pollution Taxes763

Cost Heterogeneity for Water Pollution Control764

Current Market Trading Policies765

The Future of Market Approaches768

Global Warming and Irreversible Environmental Effects769

Assessing the Merits of Global Warming Policies769

How Should We React to Uncertainty？771

Multiperson Decisions and Group Externalities772

The Prisoner’s Dilemma772

The N-Person Prisoner’s Dilemma773

Applications of the Prisoner’s Dilemma774

The Enforcement and Performance of Environmental Regulation775

Enforcement Options and Consequences775

Hazardous Wastes776

Contingent Valuation for the Exxon Valdez Oil Spill779

The Senior Discount for the Value of Life782

Evaluating Performance783

Summary785

Questions and Problems786

22 Product Safety789

Emergence of Product Safety Regulations789

Current Safety Decisions790

Changing Emphasis of Product Regulation792

Premanufacturing Screening：The Case of Pharmaceuticals793

Weighing the Significance of Side Effects794

Drug Approval Strategies794

The Behavioral Response to Product Safety Regulation798

Consumer’s Potential for Muting Safety Device Benefits801

The Costs of Product Safety Regulation：The Automobile Industry Case804

Trends in Motor Vehicle and Home Accident Deaths808

Accident Rate Influences809

The Decline of Accident Rates809

The Rise of Product Liability810

The Negligence Standard812

The Strict Liability Standard813

The Ford Pinto Case813

Escalation of Damages815

Risk Information and Hazard Warnings816

Self-Certification of Safe Products817

Government Determination of Safety818

Alternatives to Direct Command and Control Regulation818

Regulation through Litigation820

Breast Implant Litigation and Regulation821

The Future of Product Safety Policy823

Questions and Problems825

23 Regulation of Workplace Health and Safety827

The Potential for Inefficiencies829

How Markets Can Promote Safety829

Compensating Wage Differential Theory831

Risk Information833

On-the-Job Experience and Worker Quit Rates835

Inadequacies in the Market836

Externalities838

OSHA’s Regulatory Approach838

Setting OSHA Standard Levels839

The Nature of OSHA Standards841

The Reform of OSHA Standards843

Regulatory Reform Initiatives843

Changes in OSHA Standards843

OSHA’s Enforcement Strategy847

Inspection Policies848

Trivial Violations849

OSHA Penalties849

Enforcement Targeting850

The Impact of OSHA Enforcement on Worker Safety851

OSHA Regulations in Different Situations852

OSHA and Other Factors Affecting Injuries854

The Role of Workers’ Compensation860

Agenda for Policy Reform Efforts861

Questions and Problems863

24 Patents and Pharmaceuticals865

Economics of Invention and Patents865

Background on Patents867

Incentives to Invent：Monopoly versus Competition868

Welfare Analysis of Patents872

Pharmaceuticals and the Role of Patents881

Industry Structure881

The 1984 Drug Price Competition and Patent Restoration Act891

Other Policies That Affect R＆D Incentives894

Summary899

Questions and Problems899

Author Index903

Subject Index909