Oligopolistic Competition in an Evolutionary Environment: a Computer Simulation
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Twelve Fallacies of the “Neo-Antitrust” Movement
TWELVE FALLACIES OF THE “NEO-ANTITRUST” MOVEMENT Seth B. Sacher John M. Yun Antonin Scalia Law School, George Mason University George Mason University Law & Economics Research Paper Series 19-12 This paper is available on the Social Science Research Network at ssrn.com/abstract=3369013 TWELVE FALLACIES OF THE “NEO-ANTITRUST” MOVEMENT Seth B. Sachera and John M. Yunb Antonin Scalia Law School George Mason University May 1, 2019 Abstract Antitrust enforcement is back in the spotlight with advocates from both the political left and the populist political right demanding fundamental competition policy changes. While there are differences among those calling for such changes, several common beliefs generally unite them. This includes a contention that the writings and interpretations of Robert Bork and the Chicago School of economics have led antitrust astray in a manner fundamentally inconsistent with the original intent of the Sherman Act. Further, they are united by a belief that recent empirical, economic studies indicate the economy is becoming overly concentrated, that market power has been increasing dramatically, that performance in many, if not most, markets has been deficient, and that too much profit is going to too few firms. In this article, we identify and detail twelve fallacies of what we call the “neo-antitrust movement” and their associated claims. At the heart of these fallacies is a fundamental misunderstanding of economics and the consumer welfare standard that has been at the heart of competition policy since at least the 1960s. Additionally, there is a heavy reliance on studies that, upon closer scrutiny, do not support the positions of those who cite them. -
1 Introduction
1 Introduction The Australian Energy Market Agreement (AEMA) establishes a process for the Australian Energy Market Commission (AEMC or ‘the Commission’) to assess and provide advice to the Ministerial Council on Energy (MCE) on competition in the retail electricity and natural gas markets of jurisdictions for the purpose of phasing out retail price regulation where effective retail competition is demonstrated (clause 14.11).1 1.1 Revisions to Statement of Approach In response to a request for advice by the MCE, this Statement of Approach sets out the proposed methodology and consultation approach the AEMC will adopt in conducting the retail competition reviews. The AEMC has previously prepared and published versions of the Statement of Approach which have been applied to the retail competition reviews undertaken in Victoria in 2007, South Australia in 2008 and the Australian Capital Territory in 2010. Over time, the MCE, in consultation with the AEMC, has periodically approved revisions and updates to the Statement of Approach to reflect developments and reforms in energy markets and revised timings of the AEMC’s remaining jurisdictional reviews. This latest MCE approved version of the Statement of Approach has been prepared for application to the New South Wales retail competition review in 2012-13. 1.2 Scope The scope of the competition reviews is set out in clauses 14.11(a) and (c) of the AEMA (see Appendix A). According to the AEMA, the aim of the competition reviews is to assess the effectiveness of competition in the electricity and gas retail markets for the purpose of the retention, removal or reintroduction of retail energy price controls. -
Comparative Market Structures in Developing Countries
380. 141 LI7" M671 No. 75 i"J- _ , Comparative Market Structures In Developing Countries by Marvin Miracle The University of Wisconsin LAND TENURE CENTER Madison, Wisconsin 53706 Comparative Market Structures in Developing Countries. 380.14i Wisconsir Uniro Lard Tenure Center. NTIS M671 Comparative Market Structures in Devel j)b oping'hp. Cou;triesoMarvh-7 P. Miracle. 19'0° I-,r /0L6 Bibliographic footnotes. C LTC Repriit -,o, 75. i. Markets. 2. Capital markets. 3. Marketing - Agricultural commodities, I. Miracle, Marvin P. IT. Title. Reprinted from Nebraska Journal of Economics and Business, Vol. 9, No. 4, Autumn 1970. Copyright by the University of Nebraska, 1970 COMPARATIVE MARKET STRUCTURES IN DEVELOPING COUNTRIES* Marvin Miracle Associate Professor,Departmentof AgriculturalEconomics and Chairman,African Studies Program Universityof Wisconsin Market structures in developing countries arc of interest for a number of reasons. Apart from the possibility that market structure may have an important impact on the rate of economic growth-a possibility that will not be explored here-market structure is of interest because it clearly affects the distribution of income, a subject that is increasingly of interest among those working on the problems of developing countries. It is also of interest because economic theory has its widest applications when per fect competition can be assumed. In fact, in absence of evidence to the contrary, something close to perfect competition is nearly always assumed by planners in developing countries. The literature on market structures in developing countries-which are here defined to exclude Communist-bloc countries-is relatively thin, un usually widely scattered, and so far has resulted in few insights as to the impact of market structure on the pace and character of economic devel opment. -
Working Paper No. 39, Neoliberalism As a Variant of Capitalism
Portland State University PDXScholar Working Papers in Economics Economics 12-12-2019 Working Paper No. 39, Neoliberalism as a Variant of Capitalism Justin Pilarski Portland State University Follow this and additional works at: https://pdxscholar.library.pdx.edu/econ_workingpapers Part of the Economic History Commons, and the Economic Theory Commons Let us know how access to this document benefits ou.y Citation Details Pilarski, Justin "Neoliberalism as a Variant of Capitalism, Working Paper No. 39", Portland State University Economics Working Papers. 39. (12 December 2019) i + 14 pages. This Working Paper is brought to you for free and open access. It has been accepted for inclusion in Working Papers in Economics by an authorized administrator of PDXScholar. Please contact us if we can make this document more accessible: [email protected]. Neoliberalism as a Variant of Capitalism Working Paper No. 39 Authored by: Justin Pilarski A Contribution to the Working Papers of the Department of Economics, Portland State University Submitted for: EC445 “Comparative Economic Systems” 12 December 2019; i + 14 pages Prepared for Professor John Hall Abstract: Economic systems evolve over time in adapting to the needs and deficiency of the system. This inquiry seeks to establish Neoliberalism as—in the language of Barry Clark—a variant of capitalism that evolved out of retaliation of the regulated variant of capitalism. We utilize Barry Clark’s work on the evolution of economic systems in establishing the pattern of adaptation in American capitalism. Then we establish and analyze the neoliberal variant of capitalism in how this evolution retaliated against the existing system rather than adapting the preceding variant. -
Effective Competition and Corporate Disclosure A
EFFECTIVE COMPETITION AND CORPORATE DISCLOSURE A CRITICAL STUDY by RAZAHUSSEIN M, DEVJI B. Sc. (Econ)», University of London, 1961 Barrister-at-Law, Honourable Society of Middle Temple, London, 1962 A THESIS SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION In the Faculty of Graduate Studies We accept this thesis as conforming to the required staricTardT THE UNIVERSITY OF BRITISH COLUMBIA September, 1968 In presenting this thesis in partial ful• filment of the requirements for an advanced degree at the University of British Columbia, I agree that the Library shall make it freely available for reference and study* I further agree that permission for ex• tensive copying of this thesis for scholarly purposes may be granted by the Head of my Department or by his representatives. It is understood that copying or publication of this thesis for financial gain shall not be allowed without my written permission. Faculty of Commerce and Business Administration, The University of British Columbia, Vancouver 8, B. C. Canada. ABSTRACT Economic activity in the United States and Canada is predominantly performed by corporations. They are by far the largest private employers of workers, the biggest investors and the predominant instrument of production. They are rapidly growing in size, are generating sufficient funds internally to carry out most of their expansion programs, and are diversifying into unrelated activities. Their affairs are increasingly managed by professional executives who have little, if any, stake In the risk capital. The shareholders, who are legally pre• sumed to exercise control over the powers and actions of corporate executives, are normally too numerous and scattered so as not to be in a position to have a significant influence on the policies of the corporations. -
CHOICE – a NEW STANDARD for COMPETITION LAW ANALYSIS? a Choice — a New Standard for Competition Law Analysis?
GO TO TABLE OF CONTENTS GO TO TABLE OF CONTENTS CHOICE – A NEW STANDARD FOR COMPETITION LAW ANALYSIS? a Choice — A New Standard for Competition Law Analysis? Editors Paul Nihoul Nicolas Charbit Elisa Ramundo Associate Editor Duy D. Pham © Concurrences Review, 2016 GO TO TABLE OF CONTENTS All rights reserved. No photocopying: copyright licenses do not apply. The information provided in this publication is general and may not apply in a specifc situation. Legal advice should always be sought before taking any legal action based on the information provided. The publisher accepts no responsibility for any acts or omissions contained herein. Enquiries concerning reproduction should be sent to the Institute of Competition Law, at the address below. Copyright © 2016 by Institute of Competition Law 60 Broad Street, Suite 3502, NY 10004 www.concurrences.com [email protected] Printed in the United States of America First Printing, 2016 Publisher’s Cataloging-in-Publication (Provided by Quality Books, Inc.) Choice—a new standard for competition law analysis? Editors, Paul Nihoul, Nicolas Charbit, Elisa Ramundo. pages cm LCCN 2016939447 ISBN 978-1-939007-51-3 ISBN 978-1-939007-54-4 ISBN 978-1-939007-55-1 1. Antitrust law. 2. Antitrust law—Europe. 3. Antitrust law—United States. 4. European Union. 5. Consumer behavior. 6. Consumers—Attitudes. 7. Consumption (Economics) I. Nihoul, Paul, editor. II. Charbit, Nicolas, editor. III. Ramundo, Elisa, editor. K3850.C485 2016 343.07’21 QBI16-600070 Cover and book design: Yves Buliard, www.yvesbuliard.fr Layout implementation: Darlene Swanson, www.van-garde.com GO TO TABLE OF CONTENTS ii CHOICE – A NEW STANDARD FOR COMPETITION LAW ANALYSIS? Editors’ Note PAUL NIHOUL NICOLAS CHARBIT ELISA RAMUNDO In this book, ten prominent authors offer eleven contributions that provide their varying perspectives on the subject of consumer choice: Paul Nihoul discusses how freedom of choice has emerged as a crucial concept in the application of EU competition law; Neil W. -
The Ontology of Money and Other Economic Phenomena. Dan
Economic Reality: The Ontology of Money and Other Economic Phenomena. Dan Fitzpatrick PhD Thesis Department of Philosophy, Logic and Scientific Method London School of Economics. 1 UMI Number: U198904 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Publishing UMI U198904 Published by ProQuest LLC 2014. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 TH f , s*’- ^ h %U.Oi+. <9 Librw<V Brittsn utxwy Oi HouUco. J and Eoonowc Science m >Tiir I Abstract The contemporary academic disciplines of Philosophy and Economics by and large do not concern themselves with questions pertaining to the ontology of economic reality; by economic reality I mean the kinds of economic phenomena that people encounter on a daily basis, the central ones being economic transactions, money, prices, goods and services. Economic phenomena also include other aspects of economic reality such as economic agents, (including corporations, individual producers and consumers), commodity markets, banks, investments, jobs and production. My investigation of the ontology of economic phenomena begins with a critical examination of the accounts of theorists and philosophers from the past, including Plato, Aristotle, Locke, Berkeley, Hume, Marx, Simmel and Menger. -
The 4 Economic Systems What Is an Economic System?
The 4 Economic Systems What is an Economic System? Economics is the study of how people make decisions given the resources that are provided to them Economics is all about CHOICES, both individual and group choices. We must make choices to provide for our needs and wants. The choices each society or nation selects leads to the creation of their type of economy. 3 Basic Questions Each economic system tries to answer the three basic questions: What should be produced? How it should be produced? For whom should it be produced? How they answer these questions determines the kind of system they have. Four Types of Systems There are four main types of economic systems. The Traditional Economic System The Command Economic System The Market Economic System The Mixed Economic System Each system has its strengths and weaknesses. Traditional Economy In a traditional economy, the customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed. Each member of society knows from early on what their role in the larger group will be. Jobs are passed down from generation to generation so there is little change in jobs over the generations. In a traditional economy, people are depended upon to fulfill their jobs. If someone fails to do their part, the system can break down. Farming, hunting, and herding are part of a traditional economy. Traditional economies can be found in different indigenous groups. In addition, traditional economies bartering is used for trade. Bartering is trading without money. For example, if an individual has a good and he trades it with another individual for a different good. -
Haiti: Toward a New Narrative
TRADE AND COMPETITIVENESS GLOBAL PRACTICE Public Disclosure Authorized Public Disclosure Authorized Systematic Country Diagnostic BACKGROUND PAPER Public Disclosure Authorized Haiti: Toward a New Narrative Haiti—Let’s Talk Competition A Brief Review of Market Conditions Georgiana Pop Public Disclosure Authorized Trade and Competitiveness Global Practice Haiti—Let’s Talk Competition A Brief Review of Market Conditions Georgiana Pop © 2016 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved 1 2 3 4 19 18 17 16 This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) http://creativecommons.org/licenses/by/3.0/igo. Under the Creative Commons Attribution license, you are free to copy, distribute, transmit, and adapt this work, including for commercial purposes, under the following conditions: Attribution—Please cite the work as follows: Pop, Georgiana. -
A New Standard for Antitrust the Effective Competition Standard: in Practice
A NEW STANDARD FOR ANTITRUST THE EFFECTIVE COMPETITION STANDARD: IN PRACTICE ISSUE BRIEF BY MARSHALL STEINBAUM AND MAURICE E. STUCKE | SEPTEMBER 2018 Today’s economy has a market power problem. Consumers are paying higher prices; new entrants face tougher barriers; workers have little power to demand competitive wages and benefits and less mobility to leave for a better offer; and suppliers often can’t reach the market without paying powerful intermediaries for the privilege. The available economic data all point to declining competition, increasing concentration, less innovation, and widening wealth and income inequality. There are many drivers of our market power problem. One significant factor is weak antitrust law and enforcement. Over the past 35 years, Americans have paid the price for a “consumer welfare” standard, which the courts created and interpreted in ways that neither benefit consumers nor their welfare. After nearly four decades, no consensus exists on what the consumer welfare standard actually means. While it is intended to prevent monopolies from charging higher prices, it has failed even on this measure, as the empirical evidence reveals. Moreover, the consumer welfare standard ignores vast segments of the economy, including the adverse effects of mergers, powerful buyers, and unilateral restraints on upstream suppliers and workers. With such price-centric tools, the U.S. competition agencies often cannot assess how mergers and restraints will impact what is increasingly important in the 21st century economy, namely quality, privacy, and innovation. Exacerbating the shortcomings of this “consumer welfare” standard is the courts’ unwieldy, case-by-case rule-of-reason analysis, which is too costly and time-consuming for anyone other than a well-financed plaintiff to undertake. -
Proceedings of the Fifth Workshop of the Apec-Oecd
PROCEEDINGS OF THE FIFTH WORKSHOP OF THE APEC-OECD CO-OPERATIVE INITIATIVE ON REGULATORY REFORM PARIS, FRANCE 2-3 December, 2003 2 TABLE OF CONTENTS I. PROCEEDINGS OF THE PARIS WORKSHOP ................................................................ 5 II. AGENDA OF THE PARIS WORKSHOP......................................................................... 11 III. WELCOME AND OPENING SPEECH ............................................................................ 17 IV. SUMMARY OF THE PRESENTATIONS ........................................................................ 21 APPENDIX 1: ELEMENTS OF THE PROTOTYPE INTEGRATED CHECKLIST PARTICULARLY RELEVANT TO THIS WORKSHOP................................................................................ 45 APPENDIX 2: PROTOTYPE APEC-OECD INTEGRATED CHECKLIST ON REGULATORY REFORM ............................................................................................................................ 47 APPENDIX 3: APEC PRINCIPLES TO ENHANCE COMPETITION AND REGULATORY REFORM ...................................................................................... 67 APPENDIX 4: THE 1997 OECD POLICY RECOMMENDATIONS ON REGULATORY REFORM.... 71 APPENDIX 5: SUBMITTED PAPERS ....................................................................................................... 73 APPENDIX 6: LIST OF PARTICIPANTS................................................................................................ 143 3 4 I. PROCEEDINGS OF THE PARIS WORKSHOP (SECOND WORKSHOP OF THE SECOND PHASE OF THE -
Transnational Corporations
VOLUME 15 NUMBER 1 APRIL 2006 TRANSNATIONAL CORPORATIONS United Nations New York and Geneva, 2006 United Nations Conference on Trade and Development Division on Investment, Technology and Enterprise Development Editorial statement Transnational Corporations (formerly The CTC Reporter) is a refereed journal published three times a year by UNCTAD. In the past, the Programme on Transnational Corporations was carried out by the United Nations Centre on Transnational Corporations (1975-1992) and by the Transnational Corporations and Management Division of the United Nations Department of Economic and Social Development (1992-1993). The basic objective of this journal is to publish articles and research notes that provide insights into the economic, legal, social and cultural impacts of transnational corporations in an increasingly global economy and the policy implications that arise therefrom. It focuses especially on political and economic issues related to transnational corporations. In addition, Transnational Corporations features book reviews. The journal welcomes contributions from the academic community, policy makers and staff members of research institutions and international organizations. Guidelines for contributors are given at the end of this issue. Acting Editor: Anne Miroux Associate Editor: Shin Ohinata Production Manager: Tess Ventura Guest editor for special issue: Peter Buckley home page: http://www.unctad.org/TNC Subscriptions A subscription to Transnational Corporations for one year is US$ 45 (single issues are US$ 20). See p. 239 for details of how to subscribe, or contact any distributor of United Nations publications. United Nations, Sales Section, Room DC2-853, 2 UN Plaza, New York, NY 10017, United States – tel.: 1 212 963 3552; fax: 1 212 963 3062; e-mail: [email protected]; or Palais des Nations, 1211 Geneva 10, Switzerland – tel.: 41 22 917 1234; fax: 41 22 917 0123; e-mail: [email protected].