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Full Description
Market Regulation gives students the economic intuition to analyze the history of antitrust and regulation, diagnose current corporate strategy, and evaluate possible policy recommendations. Roger Sherman grounds modern examples in historical context and develops thought-provoking discussions to motivate students from many different majors. The structure of the text can easily be adapted for use in a variety of courses. Three main sections-antitrust, industry regulation, and social regulation-present the basic theories. The industry regulation chapters (Part II) are self-contained for flexibility, covering specific industries such as communications, postal service, and energy."Roger is one of those scholars who is a true credit to the academic world. Not only is he a fine researcher but he has been a great positive influence on graduate students and colleagues over the years. His book is a comprehensive treatment of regulation by one of the best qualified to write such a book."-Michael Crew, Rutgers University
Contents
INTRODUCTION1 Introduction to Market Regulation1.1 Governmental Market Regulation1.2 The Context of Market Regulation1.3 Law and Politics2 Competition as Market Regulator2.1 The Firm's Production Costs2.2 Competition as Regulator2.3 The Economic Welfare Goal of Market Regulation3 Problems for Competition as Regulator3.1 Entry and Exit Barriers3.2 Monopoly3.3 Differentiated Products3.4 Externality3.5 Imperfect Information3.6 Transaction Costs4 Focus of the Law: The Modern Business Firm4.1 The Business Firm and the Market4.2 The Goal of the Firm4.3 Corporate Finance4.4 Hierarchy and Control4.5 Corporate Mergers4.6 Vertical Integration and Vertical Restraints5 Market Structure5.1 Market Structure5.2 Duopoly and Oligopoly5.3 Entry and Conditions5.4 Concentration Measures5.5 Empirical Evidence Appendix 5.1 Cournot's Solution to DuopolyAppendix 5.2 Cournot from Monopoly to Many FirmsAppendix 5.3 Entry in the Cournot ModelAppendix 5.4 Stackelberg's Leader-Follower Solution 6 Market Strategy6.1 The Tools of Strategy 6.2 Price Competition Among Few Firms 6.3 Non-Price Competition 6.4 Advertising 7 Market Innovation7.1 Intellectual Property and Technological Change 7.2 Appropriating Gains from Innovation 7.3 Patents and the Appropriability of Gains 7.4 Market Structure and Incentive for Innovation 7.5 Patent Races and Other Dynamic Effects of Competition 7.6 The Internet as an Example of Major Innovation 8 The Origin and Development of Antitrust Law8.1 The Beginnings of Antitrust Policy 8.2 The Sherman Act8.3 The Clayton and Federal Trade Commission Acts 8.4 Enforcement Agencies and Remedies8.5 Should Courts Oppose Monopoly Conduct or Monopoly Power? 8.6 Government Control of Mergers8.7 Unfair and Deceptive Practices Appendix 8.1 Horizontal Merger GuidelinesAppendix 8.2 Time Line for Major Antitrust Legislation9 Applications of Antitrust Law9.1 The Firm and Market Structure9.2 The Firm and Market Strategy9.3 The Firm and Market Innovation 10 Industry Regulation10.1 When Competition Fails to Regulate10.2 Competitive Markets or Government Intervention?10.3 The Transformation of Regulated Industries 10.4 Economic Welfare Revisited 11 Pricing Principles11.1 Peak-Load Pricing11.2 Ramsey Pricing11.3 Nonuniform Pricing11.4 Access PricingAppendix 11.1 Socially Optimal PricingAppendix 11.2 Long-Run Marginal-Cost PricingAppendix 11.3 Axiomatic Pricing12 Institutions of Industry Regulation12.1 Industry Regulatory Agencies12.2 Regulated Enterprises12.3 Rate-of-Return Regulation 12.4 Designing a Regulatory Mechanism 12.5 Price-Cap Regulation12.6 The Role of Access in Transforming Regulated IndustriesAppendix 12.1 Rate-of-Return Regulation and Its Origins13 Postal Service13.1 The Budget-Constrained Public Enterprise 13.2 Creation of the United States Postal Service 13.3 Maximizing Welfare or Expenditure13.4 Ramsey Pricing in the United States Postal Service 13.5 Unbundling Postal Service Functions Appendix 13.1 Budget vs. Welfare Maximizing Prices Appendix 13.2 Pricing Guidelines of the Postal Reorganization Act 14 Communications Services14.1 The Economics of Telephone Networks 14.2 Early Regulation of the United States Telephone Industry 14.3 The Modification of Final Judgment 14.4 The Telecommunications Act of 1996 14.5 New Sources of Telecommunications CompetitionAppendix 14.1 Double Double Marginalization in a Telephone NetworkAppendix 14.2 Tariff Wars After Interconnection15 Communication for News and Entertainment15.1 Network Compatibility in Broadcasting 15.2 Broadcasting as a Public Good 15.3 Cable Service 15.4 Convergence of Broadcast, Cable and Telephone, and the Telecommunications Act of 1996 16 Transportation16.1 Railroad Transportation 16.2 Truck Transportation 16.3 Bus Travel and Urban Transportation 16.4 Pricing the Road Network 16.5 Air Transportation Appendix 16.1 Major Railroad Legislation Appendix 16.2 Major Federal Truck, Bus, and Highway Legislation Appendix 16.3 Major Federal Airline Legislation 17 Energy17.1 Coal and Nuclear Power 17.2 Oil 17.3 Natural Gas 17.4 Renewable Energy 18 Electricity18.1 The Electricity Industry 18.2 Organization of the Electricity Industry 18.3 Markets for Power 18.4 Competition in a Restructured Electricity Industry Appendix 18.1 A Transmission Grid Illustration of Congestion CostAppendix 18.2 Illustration of Restructured Electricity IndustryPART III SOCIAL REGULATION 19 Social Regulation of Markets19.1 Externalities 19.2 Imperfect Information 19.3 Fairness for Workers 19.4 Consequences of Firm Failure 20 Pursuing Social Regulation20.1 Benefit-Cost Analysis 20.2 Valuing Nonmarket Objects20.3 Command and Control Means of Social Regulation20.4 Tax-Subsidy and Property-Right Means of Social Regulation20.5 Information as Regulation 21 Environmental Protection21.1 Air, Water, and Land Pollution 21.2 Command-and-Control Means of Protecting the Air21.3 Pollution-Right Means of Protecting the Air21.4 Protecting Water and LandAppendix 21.1 National Ambient Air Quality Standards22 Worker Protection22.1 Protection in Markets 22.2 Employment Discrimination Laws22.3 Occupational Safety and Health Laws22.4 Retirement Security Laws23 Consumer Protection23.1 The Courts and Product Liability23.2 State Laws 23.3 The Food and Drug Administration23.4 The National Highway Traffic Safety Administration23.5 The Consumer Product Safety Commission23.6 The Federal Trade Commission on Unfair and Misleading Claims23.7 Consumer Protection for Securities Trading24 Protecting against Effects of Firm Failure24.1 Banking Industry Regulation24.2 Insurance Industry Regulation24.3 Firm Failure in the Twenty-First CenturyReferences
