Economics of Regulation and Antitrust

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Departing from the traditional focus on institutions, this text emphasizes economic theory and empirical analysis to understand regulatory and antitrust policies. It addresses key questions such as the market failure rationales for government intervention, the implications of competition amid market failures, and insights from empirical analyses regarding regulatory experiences and future interventions. The third edition tackles contemporary issues shaping the economic and political landscape. It includes discussions on the government's case against Microsoft, allegations of anticompetitive pricing in NASDAQ and airlines, the blocked Staples-Office Depot merger, and the Telecommunications Act of 1996. It also examines the deregulation of California's electric power industry and recent efforts in bank branching and natural gas transmission. Additionally, it delves into social regulatory matters, highlighting recent cigarette litigation and the contentious contingent valuation of natural resource damages, particularly in the context of the Exxon Valdez oil spill. New empirical evidence is integrated throughout the text. Each section can be utilized independently for various courses, including regulation and antitrust in undergraduate programs, business schools, and public policy schools, as well as serving as a foundation for doctoral courses. Exercises are provided at the end of each chapter to enhance learning.