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Competition Policy and Merger Analysis in Deregulated and Newly Competitive Industries

Edited by Peter C. Carstensen, Fred W & Vi Miller Chair in Law Emeritus, University of Wisconsin Law School, Senior Fellow American Antitrust Institute and Susan Beth Farmer, Professor of Law, Dickinson Law School, Pennsylvania State University, US
This comprehensive book contains case studies on the evolution of competition policy, with an emphasis on merger policy, for seven major US industries that have experienced substantial deregulation in the past forty years – electricity, natural gas, telecommunications, railroads, airlines, hospitals and banking. Also included is a comparison of the EU’s experience in attempting to bring about competition in the energy, finance, and airline industries.
Extent: 264 pp
Hardback Price: $135.00 Web: $121.50
Publication Date: 2008
ISBN: 978 1 84542 313 1
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  • Economics and Finance
  • Competition Policy
  • Economic Regulation and Governance
  • Industrial Organisation
This comprehensive book contains case studies on the evolution of competition policy, with an emphasis on merger policy, for seven major US industries that have experienced substantial deregulation in the past forty years – electricity, natural gas, telecommunications, railroads, airlines, hospitals and banking. Also included is a comparison of the EU’s experience in attempting to bring about competition in the energy, finance, and airline industries.

The contributors to the volume, each a recognized expert on the industry examined, explore the positive and negative implications of the substitution of market-oriented processes for historic patterns of command and control regulation. The chapters reveal clear similarities in the economic, legal and public policy issues that have arisen following deregulation of these economic sectors. Together they provide a good basis to discern the consistency of the problems and the relative success of differing responses to these issues over a range of industries going through similar transformation. While taking a basically positive view of the movement away from direct regulation, the contributors identify a number of continuing problems with achieving workable competition in these industries.

The thorough analyses presented here will be of great value to law, economics, and political science researchers interested in deregulation, economic consultants advising government agencies or private parties, attorneys who focus on deregulated industries, policy planners at the agencies overseeing these industries, and students in advanced seminars on economic regulation.
‘The thorough analyses presented in the book provide the reader with a good overview of the deregulation process in the respective industries. . . Competition Policy and Merger Analysis in Deregulated and Newly Competitive Industries is a valuable resource for researchers of law, economics, and political science. . .’
– Volker Soyez, European Competition Law Review
Contributors: P.C. Carstensen, J. Chen, S.B. Farmer, T.L. Greaney, C.M. Grimm, D.L. Moss, R.J. Pierce, B. Shull
Contents:

1. Introduction and Overview
Peter C. Carstensen and Susan Beth Farmer

2. Mergers in the US Electric Power Industry
Richard J. Pierce

3. Natural Gas Pipelines: Can Merger Enforcement Preserve the Gains from Restructuring?
Diana L. Moss

4. Telecommunications Mergers
Jim Chen

5. Merger Analysis in the Post-Staggers Railroad Industry
Curtis M. Grimm

6. Airline Mergers – Second-best Results in a Changed Environment
Peter C. Carstensen

7. Hospital Mergers
Thomas L. Greaney

8. Mergers and Competition Policy in the Banking Industry
Bernard Shull

9. The European Experience with Merger and Deregulation
Susan Beth Farmer

10. Reflections on Mergers and Competition in Formerly Regulated Industries
Peter C. Carstensen

Index