By Choi J.P. (ed.)
Antitrust coverage within the usa and Europe is based more and more on financial research. fiscal idea and empirical research play a primary position in antitrust judgements within the courts and within the formula and enforcement of coverage. Antitrust instances are argued utilizing refined monetary pondering; either plaintiffs and defendants in U.S. v. Microsoft, for instance, made broad use of video game idea, the economics of knowledge, and transaction fee economics of their arguments. during this CESifo quantity, experts from the USA and the ecu Union research conceptual and empirical matters focused on antitrust coverage in gentle of contemporary advancements within the field.The first 3 chapters handle theoretical concerns which have been vital in contemporary antitrust activities: sturdy items markets, two-sided markets and platform pageant, and tying preparations. individuals then take in empirical matters, discussing such themes as bundling and tying as noticeable available in the market for chilly and pain-relief medication; the political features of merger regulate; and marketplace definition and differentiated items within the vehicle and tender drink markets. members additionally tackle antitrust and regulatory matters in markets with imperfect details, interpreting comparative ads and incentives for info disclosure. the ultimate bankruptcy treats the possession constitution of cable tv networks and its impression on pageant within the neighborhood entry industry. the significance of financial research in antitrust coverage makes this review of contemporary theoretical and empirical advancements crucial studying for lecturers and policymakers.
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Sample text
Barro, R. 1972. ” Journal of Political Economy 80:589–607. , and R. Kormendi. 1974. ” Journal of Law and Economics 17:381–401. , and L. Samuelson. 1984. ” Rand Journal of Economics 15:336–345. , J. Mackie-Mason, and J. Netz. 1995. ” Antitrust Law Journal 63:455–482. Bork, R. 1978. The Antitrust Paradox: A Policy at War with Itself New York: Basic Books. Bowman, W. 1957. ” Yale Law Review 67:19–36. Bulow, J. 1982. ” Journal of Political Economy 90:314–332. Bulow, J. 1986. ” Quarterly Journal of Economics 101:729–749.
There it was argued that in this type of model a new-unit seller with market power will have an incentive to reduce durability below the socially optimal level because the resulting decrease in used-unit quality allows the firm to charge a higher price for new units in later periods. There are two ways this result can translate into the new-unit seller wanting to behave in a fashion that makes used units unavailable for consumption. First, if in the argument just given the incentive for a new-unit seller to reduce used-unit quality is sufficiently strong—that is, optimal used-unit quality equals zero— then we immediately get the result that the firm has an incentive to make used units unavailable for consumption.
Note that we believe our analysis makes sense not just because the modeling approach is more realistic than the Swan approach employed by Carlton and Gertner, but also because the outcome is more realistic in terms of who is hurt by a merger that increases market power. As stated above, in the Carlton and Gertner analysis the social-welfare loss comes solely from low-valuation individuals who consume the good under competition but not under monopoly. But suppose, for example, that all of the world’s automobile manufacturers were, in fact, to merge, and then the merged firm exercised its market power by reducing output.