Monopsony In Law And Economics

Author: Roger D. Blair
Editor: Cambridge University Press
ISBN: 1139490974
Size: 14,45 MB
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Most readers are familiar with the concept of a monopoly. A monopolist is the only seller of a good or service for which there are not good substitutes. Economists and policy makers are concerned about monopolies because they lead to higher prices and lower output. The topic of this book is monopsony, the economic condition in which there is one buyer of a good or service. It is a common misunderstanding that if monopolists raise prices, then monopsonists must lower them. It is true that a monopsonist may force sellers to sell to them at lower prices, but this does not mean consumers are better off as a result. This book explains why monopsonists can be harmful and the way law has developed to respond to these harms.

Monopsony

Author: Roger D. Blair
Editor:
ISBN: 9780691043098
Size: 18,87 MB
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When owners of major league baseball teams collude in dealing with free agents, when universities meet to avoid a bidding war for the most desirable students, when large manufacturing or processing facilities fix purchase prices of raw materials at artificially low levels, and when dealers rig the bids in public auctions, monopsony power is being exercised. Drawing on microeconomic theory and antitrust law, this interdisciplinary work explores the implications of monopsony, or buying power, for antitrust policy. Roger Blair and Jeffrey Harrison argue that monopsony is more prevalent than usually supposed. Here they offer a systematic treatment of the topic, demonstrating that whether monopsony power exists because of a dominant buyer or collusion among buyers, it can cause social welfare losses analogous to those occasioned by monopoly. Blair and Harrison demonstrate that monopsony affects all areas of antitrust policy, including the law of monopolization, collusion, and merger policy. In so doing, they develop several policy tools, such as a Buying Power Index and a guide to its practical application. They also discuss bilateral monopoly and offer a principled basis for distinguishing between socially desirable and undesirable cooperative buying.

The Oxford Handbook Of International Antitrust Economics

Author: Roger D. Blair
Editor: Oxford Handbooks
ISBN: 0199859191
Size: 16,45 MB
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More than any other area of regulation, antitrust economics shapes law and policy in the United States, the Americas, Europe, and Asia. In a number of different areas of antitrust, advances in theory and empirical work have caused a fundamental reevaluation and shift of some of the assumptions behind antitrust policy. This reevaluation has profound implications for the future of the field. The Oxford Handbook of International Antitrust Economics has collected chapters from many of the leading figures in antitrust. In doing so, this two volume Handbook provides an important reference guide for scholars, teachers, and practitioners. However, it is more than a merely reference guide. Rather, it has a number of different goals. First, it takes stock of the current state of scholarship across a number of different antitrust topics. In doing so, it relies primarily upon the economics scholarship. In some situations, though, there is also coverage of legal scholarship, case law developments, and legal policies. The second goal of the Handbook is to provide some ideas about future directions of antitrust scholarship and policy. Antitrust economics has evolved over the last 60 years. It has both shaped policy and been shaped by policy. The Oxford Handbook of International Antitrust Economics will serve as a policy and research guide of next steps to consider when shaping the future of the field of antitrust.

Monopsonistic Labour Markets And The Gender Pay Gap

Author: Boris Hirsch
Editor: Springer Science & Business Media
ISBN: 9783642104091
Size: 15,60 MB
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This book investigates models of spatial and dynamic monopsony and their application to the persistent empirical regularity of the gender pay gap.

Antitrust Law And Economics

Author: Keith N. Hylton
Editor: Edward Elgar Publishing
ISBN: 1849805288
Size: 10,35 MB
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In this outstanding new book Professor Keith Hylton and his collaborators examine what antitrust law has become over the past ten years, a time in which economic analysis has become its undisputed core. What has become of the old antitrust doctrine, what are the new issues for the immediate future? This book brings together the leading experts to examine this silent revolution at the core of US domestic policy. Mark Grady, UCLA School of Law, US Hylton s Antitrust Law and Economics brings together many of the best authors writing in antitrust today. Their essays range widely, covering proof of agreement under the Sherman Act, group boycotts, monopolization and essential facilities, tying and other vertical restraints, and merger policy. The writing is clear, accessible but still technically sophisticated and comprehensive. This book represents the best in contemporary antitrust scholarship, by authors who understand and are able to communicate the centrality of economic analysis to antitrust. No antitrust lawyer, serious antitrust student, or antitrust economist should be without this book. Herbert Hovenkamp, University of Iowa College of Law, US This comprehensive book provides an extensive overview of the major topics of antitrust law from an economic perspective. Its in-depth treatment and analysis of both the law and economics of antitrust is presented via a collection of interconnected original essays. The contributing authors are among the most influential scholars in antitrust, with a rich diversity of backgrounds. Their entries cover, amongst other issues, predatory pricing, essential facilities, tying, vertical restraints, enforcement, mergers, market power, monopolization standards, and facilitating practices. This well-organized and substantial work will be invaluable to professors of American antitrust law and European competition law, as well as students specializing in competition law. It will also be an important reference for professors and graduate students of economics and business.

Research Handbook On The Economics Of Antitrust Law

Author: Einer Elhauge
Editor: Edward Elgar Publishing
ISBN: 0857938096
Size: 11,88 MB
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One might mistakenly think that the long tradition of economic analysis in antitrust law would mean there is little new to say. Yet the field is surprisingly dynamic and changing. The specially commissioned chapters in this landmark volume offer a rigorous analysis of the field's most current and contentious issues. Focusing on those areas of antitrust economics that are most in flux, leading scholars discuss topics such as: mergers that create unilateral effects or eliminate potential competition; whether market definition is necessary; tying, bundled discounts, and loyalty discounts; a new theory of predatory pricing; assessing vertical price-fixing after Leegin; proving horizontal agreements after Twombly; modern analysis of monopsony power; the economics of antitrust enforcement; international antitrust issues; antitrust in regulated industries; the antitrust-patent intersection; and modern methods for measuring antitrust damages. Students and scholars of law and economics, law practitioners, regulators, and economists with an interest in industrial organization and consulting will find this seminal Handbook an essential and informative resource.

The Law And Economics Of Article 102 Tfeu

Author: Robert O'Donoghue
Editor: A&C Black
ISBN: 1782251413
Size: 12,77 MB
Format: PDF
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The Law and Economics of Article 102 TFEU is a comprehensive, integrated treatment of the legal and economic principles that underpin the application of Article 102 TFEU to the behaviour of dominant firms. Traditional concerns of monopoly behaviour, such as predatory pricing, refusals to deal, excessive pricing, tying and bundling, discount practices and unlawful discrimination are treated in detail through a review of the applicable economic principles, the case law and decisional practice and more recent economic and legal writings. In addition, the major constituent elements of Article 102 TFEU, such as market definition, dominance, effect on trade and applicable remedies are considered at length. Jointly authored by a lawyer and an economist, The Law and Economics of Article 102 TFEU contains an integrated approach to the legal and economic principles that frame policy in this major area of competition law. Although written primarily with practitioners and in-house lawyers in mind, it is essential reading for anyone with an interest in competition law enforcement against monopoly behaviour. Reviews of the First Edition: This is a truly outstanding book?With regard to many issues, the authors..achieve an analytical depth which is not even matched by many journal contributions dealing exclusively with those particular subjects?a truly seminal book on Article 82 EC that should and will have a major impact on the further development of this area of EC competition law. The book not only deserves to but certainly also will be widely read by academic and practising lawyers and economists concerned with abuse control. Thomas Eilmansberger Common Market Law Review Vol 44. No 4 Being the first book dedicated to this subject, The Law and Economics of Article 82 EC sets the benchmark very high for any followers?a comprehensive study that adopts a fresh method to the consideration of Art.82 EC?One of the strongest features is perhaps the fact that the economics discussion contains hardly any equations and thus is absolutely accessible to non-economists?The Law and Economics of Article 82 EC can be thought of as saving the reader from having recourse to two separate books by combining the law and economics of Art.82 EC in a coherent framework without leaving anything essential out?a seminal guide for all those interested in Art.82 EC. Pinar Akman The Journal of Business Law March 2007 The text is lucid and there is a wealth of references to economic and legal materials and explanations in careful and substantial footnotes. I found answers to many questions I had not even thought of asking. The work is critical as well as practical?A second edition will be demanded soon after the Commission publishes its intentions next year. This scholarly, practical and very substantial work is warmly welcome. Valentine Korah World Competition Law and Economics Review June 2007 ...this book is one of the best I have come across?the first to thoroughly integrate the economic and legal discussions into a single text?an essential book for any practice dealing in competition law. I would also suggest that it should find its way into university and vocational training law libraries where?a better overall understanding of Art.82 will accrue. Philip Allery European Competition Law Review 2007 This book is an admirable achievement, and the authors are to be congratulated on producing a work of high class and great interest. It is handsomely produced, easy to read, and comprehensive in its scope. Its publication now is timely, as we await the next stage of the Commission's review of Article 82?a first-rate piece of work that will be highly influential in the years ahead and that will be gratefully referred to by everyone interested in this fascinating but difficult topic. It is very highly recommended. Richard Whish Competition Policy International Journal Autumn 2006, Vol. 2, No. 2 La structure de l'ouvrage, qui analyse consécutivement les notions de définition de marché, de position dominante, les différents abus et leurs remà ̈des, est classique. Le contenu, en revanche, est engagé? O'Donoghue et Padilla font ?uvre de décomposition minutieuse et sans réel précédent du droit des pratiques unilatérales. Translation from the French :The structure of the book is classic. It analyses the concepts of definition of the market, of dominant position, of the various abuses and their remedies. The content, on the other hand, is highly original?O'Donoghue and Padilla engage in a searching analysis, one without any real precedent, of the law of unilateral practices. Simon Gen

Sports Economics

Author: Roger D. Blair
Editor: Cambridge University Press
ISBN: 1139504525
Size: 10,95 MB
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Sports Economics, the most comprehensive textbook in the field by celebrated economist Roger D. Blair, focuses primarily on the business and economics aspects of major professional sports and the NCAA. It employs the basic principles of economics to address issues such as the organization of leagues, pricing, advertising and broadcasting as well as the labor market in sports. Among its novel features is the candid coverage of the image and integrity of players, teams, managers and the leagues themselves, including cases of gambling, cheating, misconduct and steroids. Blair explains how economic decisions are made under conditions of uncertainty using the well-known expected utility model and makes extensive use of present value concepts to analyze investment decisions. Numerous examples are drawn from the daily press. The text offers ample boxes to illustrate sports themes, as well as extensive use of diagrams, tables, problem sets and research questions.

Monopsony In Motion

Author: Alan Manning
Editor: Princeton University Press
ISBN: 1400850673
Size: 17,35 MB
Format: PDF
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What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.

Microeconomics

Author: John P. Burkett
Editor: Oxford University Press
ISBN: 0195345916
Size: 17,13 MB
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In this book, John P. Burkett presents microeconomics as an evolving science, interacting with mathematics, psychology, and other disciplines and offering solutions to a growing range of practical problems. The book shows how early contributors such as Xenophon, Ibn Khaldun, and David Hume posed the normative and positive questions central to microeconomics. It expounds constrained optimization techniques, as developed by economists and mathematicians from Daniel Bernoulli to Leonid Kantorovich, emphasizing their value in deriving norms of rational behavior and testable hypotheses about typical behavior. Applying these techniques, the book introduces partial equilibrium analysis of particular markets and general equilibrium analysis of market economies. The book both explains how laboratory and field experiments are used in testing economic hypotheses and provides materials for classroom experiments. It gives extensive and innovative coverage of recent findings in cognitive psychology and behavioral economics, which not only document behavior inconsistent with some traditional theories, but also advance positive theories with superior predictive power.