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Economics of Antitrust Law

Edited by Benjamin Klein and Andres V. Lerner, Compass Lexecon, Los Angeles, US
This insightful two-volume set presents a careful selection of the most important published papers on the economics of antitrust law. The collection focuses on areas of major importance including market power, horizontal arrangements, and vertical arrangements and exclusionary behaviour. It includes seminal papers on topics such as oligopoly and collusion, horizontal mergers and joint ventures, exclusive dealing and tying and bundling.
Two volume set
Extent: 1,312 pp
Hardback Price: $686.00 Web: $617.40
Publication Date: 2008
ISBN: 978 1 84542 513 5
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  • Economics and Finance
  • Law and Economics
  • Law - Academic
  • Competition and Antitrust Law
  • Law and Economics
This insightful two-volume set presents a careful selection of the most important published papers on the economics of antitrust law. The collection focuses on areas of major importance including market power, horizontal arrangements, and vertical arrangements and exclusionary behaviour. It includes seminal papers on topics such as oligopoly and collusion, horizontal mergers and joint ventures, exclusive dealing and tying and bundling.

The Economics of Antitrust Law will be an essential source of reference for economists, lawyers and practitioners concerned with this important and controversial area of law and economics.
‘Antitrust law and policy now use economic analysis as the guiding star. This collection contains the seminal articles that influenced the shift to reliance on economics, as well more recent articles that are likely to influence antitrust’s future. Moreover, Klein and Lerner have written a highly useful introduction to guide the reader through the major developments of the last 30 years.’
– Timothy J. Muris, George Mason University School of Law and former Chairman of the Federal Trade Commission, US

‘A well collected, historically sensitive, and highly useful selection of the most important essays on the uses of economics in antitrust law. Klein and Lerner include a superb introduction explaining the development of and rationales for an economic approach to antitrust.’
– Herbert Hovenkamp, University of Iowa, US
38 articles, dating from 1956 to 2004
Contributors include: J.B. Baker, T. Bresnahan, H. Demsetz, F.H. Easterbrook, F. Fisher, W. Landes, R. Posner, G. Stigler, L. Telser, M.D. Whinston
Contents:

Volume I

Acknowledgements

Introduction The Role of Economics in the Development of Antitrust Law Benjamin Klein and Andres V. Lerner

PART I MARKET POWER
1. Harold Demsetz (1973), ‘Industry Structure, Market Rivalry, and Public Policy’
2. William M. Landes and Richard A. Posner (1981), ‘Market Power in Antitrust Cases’
3. Franklin M. Fisher and John J. McGowan (1983), ‘On the Misuse of Accounting Rates of Return to Infer Monopoly Profits’
4. Thomas G. Krattenmaker, Robert H. Lande and Steven C. Salop (1987), ‘Monopoly Power and Market Power in Antitrust Law’
5. Jonathan B. Baker and Timothy F. Bresnahan (1992), ‘Empirical Methods of Identifying and Measuring Market Power’
6. Benjamin Klein (1993), ‘Market Power in Antitrust: Economic Analysis after Kodak’

PART II HORIZONTAL ARRANGEMENTS
A Oligopoly and Collusion
7. George J. Stigler (1964), ‘A Theory of Oligopoly’
8. Donald F. Turner (1962), ‘The Definition of Agreement under the Sherman Act: Conscious Parallelism and Refusals to Deal’
9. Richard A. Posner (1969), ‘Oligopoly and the Antitrust Laws: A Suggested Approach’
10. Franklin M. Fisher (1989), ‘Games Economists Play: A Noncooperative View’
11. Jonathan B. Baker (1993), ‘Two Sherman Act Section 1 Dilemmas: Parallel Pricing, the Oligopoly Problem, and Contemporary Economic Theory’

B Horizontal Mergers and Joint Ventures
12. Oliver E. Williamson (1968), ‘Economies as an Antitrust Defense: The Welfare Tradeoffs’
13. Janusz Ordover and Robert D. Willig (1983), ‘The 1982 Department of Justice Merger Guidelines: An Economic Assessment’
14. Joseph Farrell and Carl Shapiro (1990), ‘Horizontal Mergers: An Equilibrium Analysis’
15. Jonathan B. Baker (2002), ‘Mavericks, Mergers, and Exclusion: Proving Coordinated Competitive Effects Under the Antitrust Laws’
16. Thomas M. Jorde and David J. Teece (1990), ‘Innovation and Cooperation: Implications for Competition and Antitrust’
17. Carl Shapiro and Robert D. Willig (1990), ‘On the Antitrust Treatment of Production Joint Ventures’

Name Index


Volume II

Acknowledgements

Introduction The Role of Economics in the Development of Antitrust Law Benjamin Klein and Andres V. Lerner

PART I VERTICAL ARRANGEMENTS
1. Aaron Director and Edward H. Levi (1956), ‘Law and the Future: Trade Regulation’
2. Frank H. Easterbrook (1984), ‘The Limits of Antitrust’

A Tying and Bundling
3. Ward S. Bowman, Jr. (1957), ‘Tying Arrangements and the Leverage Problem’
4. George J. Stigler (1963), ‘United States v. Loew’s Inc.: A Note of Block-Booking’
5. William James Adams and Janet L. Yellen (1976), ‘Commodity Bundling and the Burden of Monopoly’
6. Benjamin Klein and Lester F. Saft (1985), ‘The Law and Economics of Franchise Tying Contracts’
7. Michael D. Whinston (1990), ‘Tying, Foreclosure, and Exclusion’
8. Dennis W. Carlton and Michael Waldman (2002), ‘The Strategic Use of Tying to Preserve and Create Market Power in Evolving Industries’
9. Barry Nalebuff (2004), ‘Bundling as an Entry Barrier’

B Resale Price Maintenance and Exclusive Territories
10. Lester G. Telser (1960), ‘Why Should Manufacturers Want Fair Trade?’
11. Benjamin Klein and Kevin M. Murphy (1988), ‘Vertical Restraints as Contract Enforcement Mechanisms’
12. Pauline M. Ippolito (1991), ‘Resale Price Maintenance: Empirical Evidence From Litigation’

C Exclusive Dealing
13. Howard P. Marvel (1982), ‘Exclusive Dealing’
14. Philippe Aghion and Patrick Bolton (1987), ‘Contracts as a Barrier to Entry’
15. Eric Rasmusen, J. Mark Ramseyer and John S. Wiley, Jr. (1991), ‘Naked Exclusion’
16. Benjamin Klein and Andres Lerner (2007), ‘The Expanded Economics of Free-Riding: How Exclusive Dealing Prevents Free-Riding and Creates Undivided Loyalty’

PART II UNILATERAL EXCLUSIONARY BEHAVIOR
A Predatory Pricing
17. John S. McGee (1958), ‘Predatory Price Cutting: The Standard Oil (N.J.) Case’
18. Phillip Areeda and Donald F. Turner (1975), ‘Predatory Pricing and Related Practices under Section 2 of the Sherman Act’
19. Janusz A. Ordover and Robert D. Willig (1981), ‘An Economic Definition of Predation: Pricing and Product Innovation’

B Raising Rivals’ Costs
20. Thomas G. Krattenmaker and Steven C. Salop (1986), ‘Anticompetitive Exclusion: Raising Rivals’ Costs to Achieve Power Over Price’
21. Elizabeth Granitz and Benjamin Klein (1996), ‘Monopolization by “Raising Rivals’ Costs”: The Standard Oil Case’

Name Index