Download or read book The More Economic Approach to Predatory Pricing written by Michael Funk and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.
Download or read book Illustrating a Behaviorally Informed Approach to Antitrust Law written by Avishalom Tor and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the core assumptions of the traditional economic approach to antitrust law is that competitors are perfectly rational, profit-maximizing, decision makers. Sometimes, this assumption serves as a useful simplification of business behavior, providing an effective foundation for antitrust doctrine. At other times, however, assuming strictly rational behavior on the part of competitors is not “approximately right” but, instead, “perfectly wrong.” In these latter cases, the reliance on the perfect rationality assumption can lead scholars to mispredict market behavior and, possibly, advocate erroneous prescriptions for antitrust policy. In contrast, a behaviorally informed approach to antitrust law is based on scientific findings regarding actual human behavior. The hallmark of behavioral law and economics is the replacement of homo economicus - the perfectly rational actor - with a “boundedly rational” decision maker who, apart from being affected by emotion and motivation, has only limited cognitive resources. To function effectively in a complex world, boundedly rational actors must rely on various simplifying cognitive heuristics. Even when they are, overall, beneficial and often correct, however, these mental rules-of-thumb inevitably lead people to make some systematic decision errors, such that their behavior deviates from rational actor models in predictable ways. Potentially, empirical findings on boundedly rational judgment and decision making can provide better descriptions of market behavior and more effective prescriptions for competition policy than those based on the often unrealistic theoretical assumptions of rational actor models. In the context of antitrust law, moreover, systematic deviations of market participants' behavior from neo-classical assumptions are especially important: Actual behavioral patterns of judgment and decision making reveal that certain anticompetitive practices are more or less likely to occur than the traditional economic approach deems. In considering Section 2 predatory pricing behavior, for instance, if managers of dominant firms were shown to be risk seeking - that is, engaging in negative expected value business practices - under certain circumstances, some costly predatory pricing could occur even where recoupment prospects are dim. With respect to antitrust law in general, a behavioral approach may even reveal that some business practices are altogether more or less anticompetitive than previously thought.
Download or read book New Developments in Competition Law and Economics written by Klaus Mathis and published by Springer. This book was released on 2019-03-18 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book further develops both the traditional and the behavioural approach to competition law, and applies these approaches to a variety of timely issues. It discusses several fundamental questions regarding competition law and economics, and explores the applications of competition law and economics. In turn, the book analyses the interplay of intellectual property rights and patents in various aspects of competition law, and investigates the impacts that developments in information technology, such as big data analytics, have on competition law. The book also discusses the impact of energy law reforms on energy markets from a competition law perspective. Competition law is a classic field of economic analysis. This is largely due to the fact that competition law uses terms such as market, price, and competition and must therefore rely on economic know-how and analyses. In the United States, economic analysis has greatly influenced not just the scholarship on antitrust law, but also judicial decisions and agency enforcement. Antitrust law and economics are based on the traditional paradigm of neoclassical economics, which relies on the assumption that the market players, i.e. consumers and producers, are rational. This approach to competition law was later received in Europe under the banner of a “more economic approach”. For the past two decades, behavioural law and economics, which seeks to generate better insights into legal phenomena by providing more realistic psychological foundations for economic models, and to offer a multitude of applications in legislation and legal adjudication, has challenged the traditional economic approach to law in general and, more recently, to competition law specifically.
Download or read book Multi dimensional Approaches Towards New Technology written by Ashish Bharadwaj and published by Springer. This book was released on 2018-07-23 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access edited book captures the complexities and conflicts arising at the interface of intellectual property rights (IPR) and competition law. To do so, it discusses four specific themes: (a) policies governing functioning of standard setting organizations (SSOs), transparency and incentivising future innovation; (b) issue of royalties for standard essential patents (SEPs) and related disputes; (c) due process principles, procedural fairness and best practices in competition law; and (d) coherence of patent policies and consonance with competition law to support innovation in new technologies. Many countries have formulated policies and re-oriented their economies to foster technological innovation as it is seen as a major source of economic growth. At the same time, there have been tensions between patent laws and competition laws, despite the fact that both are intended to enhance consumer welfare. In this regard, licensing of SEPs has been debated extensively, although in most instances, innovators and implementers successfully negotiate licensing of SEPs. However, there have been instances where disagreements on royalty base and royalty rates, terms of licensing, bundling of patents in licenses, pooling of licenses have arisen, and this has resulted in a surge of litigation in various jurisdictions and also drawn the attention of competition/anti-trust regulators. Further, a lingering lack of consensus among scholars, industry experts and regulators regarding solutions and techniques that are apposite in these matters across jurisdictions has added to the confusion. This book looks at the processes adopted by the competition/anti-trust regulators to apply the principles of due process and procedural fairness in investigating abuse of dominance cases against innovators.
Download or read book Competition Policy Analysis written by Kai Hüschelrath and published by Springer Science & Business Media. This book was released on 2008-09-08 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competition policy is an integral and prominent part of economic policy-making in the European Union. The EU Treaty prescribes its member states to conduct economic policy ‘in accordance with the principle of an open market economy with free competition’. More precisely, the goal of EU competition policy is “to defend and develop effective competition in the common market” (European Commission, 2000: 7). Under its Commissioners van Miert, Monti and, most - cently, Kroes the EU Commission has stepped up its effort to pursue and achieve the aforementioned goal. A number of so-called hard-core cartels, such as the - torious “vitamin cartel” led by Roche, have been detected, tried in violation of Art. 81 of the Maastricht Accord and punished with severe fines. Also Microsoft was hit hard by the strong hand of the Commission having been severely fined for - ploiting a dominant market position. Economic analysis has been playing an increasingly significant role in the Commission’s examination of competition law cases. This holds true in particular for merger control. Here, however, the Commission has had to accept some poi- ant defeats in court, such as the Court’s reversals of Airtours-First Choice or GE- Honeywell. Among other things, the European Court of Justice found the e- nomic analysis as conducted by the EU’s Directorate General for Competition to be flawed and the conclusions drawn not to be convincing. These rejections by the courts have stirred up the scholarly debate on the conceptual foundations of Eu- pean competition policy.
Download or read book The More Economic Approach Under Article 102 TFEU written by Marta Zalewska-Głogowska and published by Nomos Verlagsgesellschaft. This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The idea of the more economic approach marks the long-awaited review of EU prohibition of abuse of dominance. This work depicts the development of the more economic approach under Article 102 TFEU, and in particular analyses two Commission's documents: the 2005 Discussion Paper and the 2009 Priorities Paper. It also explains what the more economic approach in abuse of dominance cases means for EU institutions, namely the Commission's practice, and the case law of the CJEU. The author argues that despite the fact that the trend of the more economic approach in Europe is hallmarked by the clash between the Commission's policy and the jurisprudence of the CJEU, it appears undeniable that the process of the EU institutions' transition towards a more economic approach to Article 102 TFEU has begun. Finally, the work also provides a comparison between the US and EU abuse of market power regimes, and points to the most important similarities and discrepancies.
Download or read book Strategy Predation and Antitrust Analysis written by Steven C. Salop and published by . This book was released on 1981 with total page 772 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Antitrust Law written by Richard A. Posner and published by . This book was released on 1976 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'A creative, informative, and highly readable narrative... The book consists of four sections dealing in turn with (1) the law and economics of antitrust policy; (2) the problem of collusion; (3) the question of exclusionary practices; and (4) the difficulties of enforcement... This is a provocative work that judiciously raises pertinent questions about our antitrust policy.'-Robert J. Steamer, Perspective
Download or read book Unfair and Predatory Pricing Under Article 82 EC written by David N. Howarth and published by . This book was released on 2018 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The analysis of unfair (excessive) pricing and predatory pricing under Article 82 EC isusually based on some form of cost-price comparison. This approach has intuitive appeal,is easily incorporated into economic models and has considerable precedential weight.However, cost-price comparisons have significant weaknesses. Economic theory providesno clear guidance as to which cost measure should be taken as a benchmark: in practicethese comparisons seem more scientific than they actually are and too much reliance onsuch tests can cause the real competition issues to be overlooked.This chapter presents three main arguments. First, although cost-price comparisons areoften asserted by the European Commission and the Community Courts (as well ascommentators) to be the basis for deciding pricing abuses, they are seldom determinativein actual cases. Secondly, this is to be welcomed: cost analysis should play a minor roleunder Article 82 EC. Instead, a more rigorous treatment of strategic factors would yield abetter understanding of the purpose and effect of conduct, even if some legal uncertaintyis likely. Thirdly, the current trend towards a 'more economic approach' to the analysis ofArticle 82 EC ought not lead to the abandonment of legal analysis, where this is moresuited to determining the relevant question, nor should it support the adoption of a singletype of economic analysis as 'received wisdom'
Download or read book EU Competition Law and Economics written by Damien Geradin and published by OUP Oxford. This book was released on 2012-03-22 with total page 916 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first EU competition law treatise that fully integrates economic reasoning in its treatment of the decisional practice of the European Commission and the case-law of the European Court of Justice. Since the European Commission's move to a "more economic approach" to competition law reasoning and decisional practice, the use of economic argument in competition law cases has become a stricter requirement. Many national competition authorities are also increasingly moving away from a legalistic analysis of a firm's conduct to an effect-based analysis of such conduct, indeed most competition cases today involve teams composed of lawyers and industrial organisation economists. Competition law books tend to have either only cursory coverage of economics, have separate sections on economics, or indeed are far too technical in the level of economic understanding they assume. Ensuring a genuinely integrated approach to legal and economic analysis, this major new work is written by a team combining the widely recognised expertise of two competition law practitioners and a prominent economic consultant. The book contains economic reasoning throughout in accessible form, and, more pertinently for practitioners, examines economics in the light of how it is used and put to effect in the courts and decision-making institutions of the EU. A general introductory section sets EU competition law in its historical context. The second chapter goes on to explore the economics foundations of EU competition law. What follows then is an integrated treatment of each of the core substantive areas of EU competition law, including Article 101 TFEU, Article 102 TFEU, mergers, cartels and other horizontal agreements and vertical restraints.
Download or read book Economics for Competition Lawyers written by Gunnar Niels and published by Oxford University Press, USA. This book was released on 2011-04-07 with total page 637 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics for Competition Lawyers provides a comprehensive explanation of the economic principles most relevant for competition law. Written specifically for competition lawyers, it uses real-world examples, is non-technical, and explains the key points from first principles.
Download or read book The Economics of Regulation written by Alfred E. Kahn and published by MIT Press. This book was released on 1988-06-22 with total page 620 pages. Available in PDF, EPUB and Kindle. Book excerpt: As Chairman of the Civil Aeronautics Board in the late 1970s, Alfred E. Kahn presided over the deregulation of the airlines and his book, published earlier in that decade, presented the first comprehensive integration of the economic theory and institutional practice of economic regulation. In his lengthy new introduction to this edition Kahn surveys and analyzes the deregulation revolution that has not only swept the airlines but has transformed American public utilities and private industries generally over the past seventeen years. While attitudes toward regulation have changed several times in the intervening years and government regulation has waxed and waned, the question of whether to regulate more or to regulate less is a topic of constant debate, one that The Economics of Regulation addresses incisively. It clearly remains the standard work in the field, a starting point and reference tool for anyone working in regulation.Kahn points out that while dramatic changes have come about in the structurally competitive industries - the airlines, trucking, stock exchange brokerage services, railroads, buses, cable television, oil and natural gas - the consensus about the desirability and necessity for regulated monopoly in public utilities has likewise been dissolving, under the burdens of inflation, fuel crises, and the traumatic experience with nuclear plants. Kahn reviews and assesses the changes in both areas: he is particularly frank in his appraisal of the effect of deregulation on the airlines. His conclusion today mirrors that of his original, seminal work - that different industries need different mixes of institutional arrangements that cannot be decided on the basis of ideology.
Download or read book Antitrust Analysis written by Phillip Areeda and published by Aspen Publishers. This book was released on 1997 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reorganized for increased accessibility, The 1997 edition of ANTITRUST ANALYSIS presents coverage of current issues with the same incisive -- and effective -- approach that has earned the book its premier reputation in the field. The distinctive emphasis on textual explanations that has always characterized Antitrust Analysis continues in the Fifth Edition. These strong textual discussions convey essential background information and necessary economic principles. Further, less significant cases have been trimmed. The authors' vast expertise in antitrust and economics is shown in a casebook of truly unrivaled quality. ANTITRUST ANALYSIS, Fifth Edition, opens with a clear introduction To The history of antitrust law and a cogent presentation of important economics material. The authors then explore: horizontal agreements monopolization vertical agreements mergers price discrimination Reflecting ongoing movement in the antitrust arena, Areeda and Kaplow now address new developments in: intellectual property health care international aspects of antitrust law
Download or read book Exclusionary Practices written by Chiara Fumagalli and published by Cambridge University Press. This book was released on 2018-01-11 with total page 651 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most controversial area in competition policy is that of exclusionary practices, where actions are taken by dominant firms to deter competitors from challenging their market positions. Economists have been struggling to explain such conduct and to guide policy-makers in designing sensible enforcement rules. In this book, authors Chiara Fumagalli, Massimo Motta, and Claudio Calcagno explore predatory pricing, rebates, exclusive dealing, tying, and vertical foreclosure, through a blend of theory and practice. They develop a general framework which builds on and extends existing economic theories, drawing upon case law, discussions of cases and other practical considerations to identify workable criteria that can guide competition authorities to assess exclusionary practices. Along with analyses of policy implications and insights applied to case studies, the book provides practitioners with non-technical discussions of the issues at hand, while guiding economics students with dedicated technical sections with rigorous formal models.
Download or read book Predatory Pricing written by Joseph F. Brodley and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Responding to a critique that our earlier article on predatory pricing moved too swiftly and decisively to implement modern strategic theory in antitrust enforcement, we urge that (1) strategic theory is robust and provides a solid foundation for legal policy, (2) the several elements of our proposed rule effectively distinguish between predation and competition, and thereby avoid over enforcement risks, (3) claims that post trial evidence in three relatively recent cases disproves the feasibility of a strategic approach to predatory pricing are without foundation, the courts having made no attempt in those cases to evaluate the facts within a strategic framework. Finally, we elaborate and extend our previous analysis of predatory pricing in our defense of the economic robustness of strategic theory in Part I and in our development of the proposed legal rule in Part II.
Download or read book Predatory Pricing in a Market Economy written by Roland H. Koller and published by . This book was released on 1978 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt:
