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Market Structure and Competition Policy
This 2000 text applies modern advances in game theory to the analysis of competition policy and develops some of the theoretical and policy concerns associated with the pioneering work of Louis Phlips. Containing contributions by leading scholars from Europe and North America, this book observes a common theme in the relationship between the regulatory regime and market structure. Since the inception of the new industrial organization, economists have developed a better understanding of how real-world markets operate. These results have particular relevance to the design and application of anti-trust policy. Analyses indicate that picking the most competitive framework in the short run may be detrimental to competition and welfare in the long run, concentrating the attention of policy makers on the impact on the long-run market structure. This book provides essential reading for graduate students of industrial and managerial economics as well as researchers and policy makers.
The Construction of Europe
Stephen Martin* The fourteen essays that constitute this work provide a coherent review of the past and present of the European Community, and consider some of its possible futures. Werner Abelshauser and Richard Griffiths offer separate perspectives on the precursors of the European Community. Abelshauser argues that comparison of the fates of the European Coal and Steel Community and the European Defense Community demonstrate the dominance of political over economic considerations in the integration process. Griffiths considers the stillborn European Political Community, many of the proposed features of which, somewhat transformed, were embodied in the Treaty of Rome. Both suggest that as ...
Making European Merger Policy More Predictable
Analyses European Merger Control with regard to its capacity to generate predictability among the concerned parties. The authors show both theoretically and empirically that there have been serious shortcomings with regard to the predictability of competition policy. They assess the reforms of European Merger Control.
Profits and Morality
Are profits morally justifiable? While neoclassical economists have traditionally endorsed the pursuit of profits, many moral philosophers have challenged profit making on a variety of ethical grounds. Through the lenses of economics, philosophy, and law, these six essays explore the morality of profits from libertarian, utilitarian, and consequentialist perspectives. Presenting arguments for and against the morality of profit making, the contributors examine the nature of profits and which ethical theories can support them. Two essays address how profits are made: one explores entrepreneurship as a legitimate source of profit, while another argues that recent advances in welfare economics weaken the case for the morality of profits. The other chapters focus on ethical theory, covering the right to profits from economic rent; the morality of how profits are used—those directed toward library or university endowments, for example, are considered morally acceptable—and whether or not profits are deserved.
Understanding Strategic Interaction
Strategic interaction occurs whenever it depends on others what one finally obtains: on markets, in firms, in politics etc. Game theorists analyse such interaction normatively, using numerous different methods. The rationalistic approach assumes perfect rationality whereas behavioral theories take into account cognitive limitations of human decision makers. In the animal kingdom one usually refers to evolutionary forces when explaining social interaction. The volume contains innovative contributions, surveys of previous work and two interviews which shed new light on these important topics of the research agenda. The contributions come from highly regarded researchers from all over the world who like to express in this way their intellectual inspiration by the Nobel-laureate Reinhard Selten.
