Economics of Regulation and Antitrust / Edition 4

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This new edition of the leading text on business and government focuses on the insights economic reasoning can provide in analyzing regulatory and antitrust issues. Departing from the traditional emphasis on institutions, Economics of Regulation and Antitrust asks how economic theory and empirical analyses can illuminate the character of market operation and the role for government action and brings new developments in theory and empirical methodology to bear on these questions.The fourth edition has been substantially revised and updated throughout,with new material added and extended discussion of many topics. Part I, on antitrust, has been given a major revision to reflect advances in economic theory and recent antitrust cases, including the case against Microsoft and the Supreme Court's Kodak decision. Part II, on economic regulation, updates its treatment of the restructuring and deregulation of the telecommunications and electric power industries, and includes an analysis of what went wrong in the California energy market in 2000 and 2001. Part III, on social regulation, now includes increased discussion of risk-risk analysis and extensive changes to its discussion of environmental regulation. The many case studies included provide students not only pertinent insights for today but also the economic tools to analyze the implications of regulations and antitrust policies in the future.The book is suitable for use in a wide range of courses in business, law, and public policy, for undergraduates as well at the graduate level. The structure of the book allows instructors to combine the chapters in various ways according to their needs. Presentation of more advanced material is self-contained. Each chapter concludes with questions and problems.

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Editorial Reviews

New edition of a text that places economic reasoning first and foremost in analyzing regulatory and antitrust issues--stressing the economic theory and empirical analysis that provide the rationale for government intervention in the market. Institutional aspects of regulation and antitrust policy are also treated in case studies on mergers, cable television, and transportation regulation, among other topics. New subjects, such as regulation of environmental tobacco smoke, have been added to the second edition, and others, such as pharmaceutical regulation and price competition in electric power, have been given new treatments to reflect the changing emphases of government policy. Annotation c. Book News, Inc., Portland, OR
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Product Details

  • ISBN-13: 9780262220750
  • Publisher: MIT Press
  • Publication date: 9/1/2005
  • Edition description: fourth edition
  • Edition number: 4
  • Pages: 960
  • Sales rank: 515,951
  • Product dimensions: 8.00 (w) x 9.00 (h) x 0.12 (d)

Meet the Author

W. Kip Viscusi is the George G. Allen Professor of Economics at Duke University.

John M. Vernon was Professor of Economics at Duke University.

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Table of Contents

Preface to the Third Edition
1 Introduction 1
Appendix 11
2 The Making of a Regulation 13
App Trends in Regulatory Agency Budgets and Staff 48
3 Introduction to Antitrust 61
App Antitrust Statutes 72
4 Efficiency and Technical Progress 75
5 Oligopoly, Collusion, and Antitrust 97
App. A 137
App. B 138
6 Market Structure and Strategic Competition 143
7 Mergers 191
8 Vertical Mergers and Restrictions 219
9 Monopolization and Price Discrimination 257
10 Introduction to Economic Regulation 297
11 Theory of Natural Monopoly 337
12 Natural Monopoly Regulation and Electric Power 361
13 Franchise Bidding and Cable Television 395
14 Public Enterprise 433
15 Dynamic Issues in Natural Monopoly Regulation: Telecommunications 453
16 The Regulation of Potentially Competitive Markets: Theory and Estimation Methods 495
17 Economic Regulation of Transportation: Surface Freight and Airlines 529
18 Economic Regulation of Energy: Crude Oil and Natural Gas 585
19 Introduction: The Emergence of Health, Safety, and Environmental Regulation 637
20 Valuing Life and Other Nonmonetary Benefits 661
21 Environmental Regulation 687
22 Product Safety 725
23 Regulation of Workplace Health and Safety 761
24 Patents and Pharmaceuticals 799
Author Index 837
Subject Index 841
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