Signorino, Rodolfo (2012): Old lady charm: a comment.
Download (319kB) | Preview
I start from Nicola Giocoli’s acute rational reconstruction of current US antitrust debate which shows that there really is no shortage of plausible explanations to the Chicago persistent appeal puzzle. Each explanation, taken in isolation, is, at best, only partial. In my view, the persistent appeal of Chicago antitrust owes much to the enduring grip of the equilibrium end-state notion of competition within top US Economics Departments and to the (alleged) resilience of market competition, absent entry/exit barriers, in the face of Type II Errors committed by antitrust Agencies.
|Item Type:||MPRA Paper|
|Original Title:||Old lady charm: a comment|
|Keywords:||Chicago school of law and economics, Type I and Type II Errors, entry barriers and horizontal merger regulation|
|Subjects:||D - Microeconomics > D4 - Market Structure and Pricing > D40 - General
L - Industrial Organization > L4 - Antitrust Issues and Policies
|Depositing User:||Rodolfo Signorino|
|Date Deposited:||04. Jun 2012 15:14|
|Last Modified:||21. Feb 2013 04:07|
Arrow, Kenneth J. and Frank H. Hahn (1971). General Competitive Analysis. San Francisco: Holden Day.
Bailey, Elizabeth E. (1981). Contestability and the Design of Regulatory and Antitrust Policy. The American Economic Review, vol. 71 (2), pp. 178 – 183.
Bain, Joe S. (1956). Barriers to New Competition. Their character and consequences in manufacturing industries. Cambridge, Mass.: Harvard University Press.
Baker, Jonathan B. (1989). Recent Developments in Economics that Challenge Chicago School Views. Antitrust Law Journal, vol. 58, pp. 645 − 655.
Baumol, William J. (1982). Contestable Markets: An Uprising in the Theory of Industry Structure. The American Economic Review, vol. 72 (1), pp. 1 – 15.
Blaug, M. (1997). Competition as an end-state and competition as a process. In Mark Blaug, Not Only An Economist. Recent Essays by Mark Blaug, Cheltenham, UK and Brookfield, US: Edward Elgar, Chapter 6, pp. 66 − 86.
Blaug, M. (2003). The formalist revolution of the 1950’s. Journal of the History of Economic Thought, vol. 25 (2), pp. 145 – 156.
Bork, Robert H. (1967). Antitrust and Monopoly. The Goals of Antitrust Policy. The American Economic Review, vol. 57 (2), pp. 242 – 253.
Bork, Robert H. (1978). The Antitrust Paradox. A policy at war with itself. New York: Free Press.
Emmet, Ross B. (2010). Introduction. In Ross B. Emmet (ed) (2010). The Elgar Companion to the Chicago School of Economics. Cheltenham, UK and Northampton, MA, USA: Edward Elgar.
EU Horizontal Merger Guidelines (2004). Available at: http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2004:031:0005:0018:EN:PDF
Evensky, J. (2005). “Chicago Smith” versus “Kirkaldy Smith”. History of Political Economy, vol. 37 (2), pp. 197 – 203.
Fox, Eleanor M. (2009). The Efficiency Paradox. Law & Economics Research Paper Series. Working Paper No. 09-26. NYU Center for Law, Economics and Organization, pp. 77 – 101.
Gilbert, Richard J. (1989). The Role of Potential Competition in Industrial Organization. Journal of Economic Perspectives, vol. 3 (3), pp. 107 – 127.
Giocoli, N. (2010). Games judges don’t play: predatory pricing and strategic reasoning in US antitrust. Supreme Court Economic Review, forthcoming. Available at SSRN: http://ssrn.com/abstract=1676095
Giocoli, N. (2012). Old Lady charm: explaining the persistent appeal of Chicago antitrust. Available at SSRN: http://ssrn.com/abstract=2070666
Hovenkamp, H. (1988). The Sherman Act and the Classical Theory of Competition. Iowa Law Review, vol. 74, pp. 1019 – 1065.
Hovenkamp, H. (2001). Post-Chicago Antitrust: A Review and Critique. Columbus Business Law Review, vol. 57, pp. 257 – 337.
Ingrao, B. and Giorgio Israel (1990). The Invisible Hand: Economic Equilibrium in the History of Science. Cambridge, Mass.: The MIT Press.
Kaldor, N. (1972). The Irrelevance of Equilibrium Economics. The Economic Journal, vol. 82 (328), pp. 1237 – 1255.
Kovacic, William E. (2007). The Intellectual DNA of Modern U.S. Competition Law for Dominant Firm Conduct: The Chicago/Harvard Double Helix. Columbus Business Law Review, vol. 1, pp. 1 – 81.
Latsis, Spiro J. (1972). Situational Determinism in Economics. The British Journal for the Philosophy of Science, vol. 23 (3), pp. 207 − 245.
Machovec, Frank M. (1995). Perfect Competition and the Transformation of Economics. London: Routledge.
Medema, Steven G. (2010). Adam Smith and the Chicago School. In Ross B. Emmet (ed) (2010). The Elgar Companion to the Chicago School of Economics. Cheltenham, UK and Northampton, MA, USA: Edward Elgar, Chapter 3.
Monti, G. (2007). EC Competition Law. Cambridge (UK) and New York: Cambridge University Press.
OECD Competition Committee (2005). Barriers to Entry. Available at: http://www.oecd.org/dataoecd/43/49/36344429.pdf
Posner, Richard A. (1979). The Chicago School of Antitrust Analysis. University of Pennsylvania Law Review, vol. 127, pp. 925 – 948.
Reder, Melvin W. (1982). Chicago Economics: Permanence and Change. Journal of Economic Literature, vol. 20 (1) , pp. 1 – 38.
Salvadori, N. and Rodolfo Signorino (2011). Competition. In Gilbert Faccarello and Heinz D. Kurz (eds). Handbook of the History of Economic Analysis. Volume 3. Cheltenham, UK and Northampton, MA, USA: Edward Elgar, forthcoming. Available at http://mpra.ub.uni-muenchen.de/38387/
Samuelson, Paul A. (1978). The Canonical Classical Model of Political Economy. Journal of Economic Literature, vol. 16 (4), pp. 1415 − 1434.
Stigler, George J. (1957). Perfect Competition, Historically Contemplated. The Journal of Political Economy, vol. 65 (1), pp. 1 – 17.
Stigler, George J. (1968). Barriers to Entry, Economies of Scale, and Firm Size. In George J. Stigler. The Organization of Industry. Homewood, Illinois: R. D. Irwin, Chapter 6.
Sullivan, Lawrence A. (1995). Post-Chicago Economics: Economists, Lawyers, Judges, and Enforcement Officials in a Less Determinate Theoretical World. Antitrust Law Journal, vol. 63, pp. 669 − 681.
US Horizontal Merger Guidelines (2010). Available at: http://www.justice.gov/atr/public/guidelines/hmg-2010.pdf