Author: John R. Lott (Jr)Publisher:
ISBN:
Category :
Languages : en
Pages : 173
Book Description
Are Predatory Commitments Credible?
Author: John R. Lott (Jr)Are Predatory Commitments Credible?
Author: John R. LottPublisher: University of Chicago Press
ISBN: 9780226493558
Category : Business & Economics
Languages : en
Pages : 196
Book Description
Predatory pricing has long been a contentious issue among lawmakers and economists. Legal actions are continually brought against companies. But the question remains: how likely are firms to cut prices in order to drive rivals out of business? Predatory firms risk having to keep prices below cost for such an extended period that it would become cost-prohibitive. Recently, economists have turned to game theory to examine circumstances under which predatory tactics could be profitable. John R. Lott, Jr. provides long-awaited empirical analysis in this book. By examining firms accused of or convicted of predation over a thirty-year period of time, he shows that these firms are not organized as the game-theoretic or other models of predation would predict. In contrast, what evidence exists for predation suggests that government enterprises are more of a threat. Lott presents crucial new data and analysis, attacking an issue of major legal and economic importance. This impressive work will be of great interest to economists, legal scholars, and antitrust policy makers.
Testing Whether Predatory Commitments are Credible
Author: John R. LottPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Many recent game-theoretic models suggest that with asymmetric information it can be profitable for firms to acquire a reputation for toughness to discourage later entry. We identify institutional arrangements which firms must undertake if predatory commitments are to be credible. For example, simply hiring managers who value market share or output maximization is insufficient if managers can be removed whenever it actually becomes necessary to engage in predation. Firms must also make removing the manager more difficult. We find no evidence that allegedly predatory firms are organized as these game-theoretic models imply. If anything, the reverse seems to be frequently true.
Are Public Enterprises the Only Credible Predators?
Author: David E. M. SappingtonPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
In this review of John Lott's book, Are Predatory Commitments Credible?: Who Should the Courts Believe?, we find that Lott is more successful in pointing out the likelihood of predatory pricing by public enterprises than in proving that predatory pricing by private enterprises does not occur. In Part I of this Review, we critique Lott's theoretical and empirical attempts to show that predatory pricing by private firms is implausible. We review the theoretical arguments regarding the plausibility of predation by private firms, we critique Lott's empirical research on the credibility of predatory commitments by private firms, and finally we assess Lott's theoretical analysis of the effects of allowing would-be victims of predation to benefit directly from their privileged knowledge of a predator's intended activities. In Part II, we assess Lott's theoretical and empirical analyses of predatory pricing by public enterprises. In Part III, we present, as a proposed research agenda for scholars in law and economics, important unanswered questions that extend Lott's research on predatory pricing by public enterprises.
Questioning Credible Commitment
Author: D'Maris CoffmanPublisher: Cambridge University Press
ISBN: 1107039010
Category : Business & Economics
Languages : en
Pages : 301
Book Description
An interdisciplinary examination of credible commitment to fiscal responsibility and its relevance to current macroeconomic policy making.
Searching the Law, 3d Edition
Author: Frank BaePublisher: BRILL
ISBN: 9004502416
Category : Law
Languages : en
Pages : 764
Book Description
Skepticism and Freedom
Author: Richard A. EpsteinPublisher: University of Chicago Press
ISBN: 9780226213040
Category : Law
Languages : en
Pages : 324
Book Description
With this book, Richard A. Epstein provides a spirited and systematic defense of classical liberalism against the critiques mounted against it over the past thirty years. One of the most distinguished and provocative legal scholars writing today, Epstein here explains his controversial ideas in what will quickly come to be considered one of his cornerstone works. He begins by laying out his own vision of the key principles of classical liberalism: respect for the autonomy of the individual, a strong system of private property rights, the voluntary exchange of labor and possessions, and prohibitions against force or fraud. Nonetheless, he not only recognizes but insists that state coercion is crucial to safeguarding these principles of private ordering and supplying the social infrastructure on which they depend. Within this framework, Epstein then shows why limited government is much to be preferred over the modern interventionist welfare state. Many of the modern attacks on the classical liberal system seek to undermine the moral, conceptual, cognitive, and psychological foundations on which it rests. Epstein rises to this challenge by carefully rebutting each of these objections in turn. For instance, Epstein demonstrates how our inability to judge the preferences of others means we should respect their liberty of choice regarding their own lives. And he points out the flaws in behavioral economic arguments which, overlooking strong evolutionary pressures, claim that individual preferences are unstable and that people are unable to adopt rational means to achieve their own ends. Freedom, Epstein ultimately shows, depends upon a skepticism that rightly shuns making judgments about what is best for individuals, but that also avoids the relativistic trap that all judgments about our political institutions have equal worth. A brilliant defense of classical liberalism, Skepticism and Freedom will rightly be seen as an intellectual landmark.
More Guns, Less Crime
Author: John R. LottPublisher: University of Chicago Press
ISBN: 0226493679
Category : Social Science
Languages : en
Pages : 457
Book Description
On its initial publication in 1998, John R. Lott’s More Guns, Less Crime drew both lavish praise and heated criticism. More than a decade later, it continues to play a key role in ongoing arguments over gun-control laws: despite all the attacks by gun-control advocates, no one has ever been able to refute Lott’s simple, startling conclusion that more guns mean less crime. Relying on the most rigorously comprehensive data analysis ever conducted on crime statistics and right-to-carry laws, the book directly challenges common perceptions about the relationship of guns, crime, and violence. For this third edition, Lott draws on an additional ten years of data—including provocative analysis of the effects of gun bans in Chicago and Washington, D.C—that brings the book fully up to date and further bolsters its central contention.
Measuring Judicial Independence
Author: J. Mark RamseyerPublisher: University of Chicago Press
ISBN: 0226703878
Category : Law
Languages : en
Pages : 215
Book Description
The role of the U.S. Supreme Court in the aftermath of the 2000 presidential election raised questions in the minds of many Americans about the relationships between judges and political influence; the following years saw equally heated debates over the appropriate role of political ideology in selecting federal judges. Legal scholars have always debated these questions—asking, in effect, how much judicial systems operate on merit and principle and how much they are shaped by politics. The Japanese Constitution, like many others, requires that all judges be "independent in the exercise of their conscience and bound only by this Constitution and its laws." Consistent with this requirement, Japanese courts have long enjoyed a reputation for vigilant independence—an idea challenged only occasionally, and most often anecdotally. But in this book, J. Mark Ramseyer and Eric B. Rasmusen use the latest statistical techniques to examine whether that reputation always holds up to scrutiny—whether, and to what extent, the careers of lower court judges can be manipulated to political advantage. On the basis of careful econometric analysis of career data for hundreds of judges, Ramseyer and Rasmusen find that Japanese politics do influence judicial careers, discreetly and indirectly: judges who decide politically charged cases in ways favored by the ruling party enjoy better careers after their decisions than might otherwise be expected, while dissenting judges are more likely to find their careers hampered by assignments to less desirable positions. Ramseyer and Rasmusen's sophisticated yet accessible analysis has much to offer anyone interested in either judicial independence or the application of econometric techniques in the social sciences.
The Anticompetitive Impact of Regulation
Author: Giuliano AmatoPublisher: Edward Elgar Publishing
ISBN: 9781781009611
Category : Business & Economics
Languages : en
Pages : 536
Book Description
This timely book addresses the important issue of the negative effects of anticompetitive regulation on industry and the massive economic harm it causes. The distinguished contributors, including economic and legal scholars, advocate the need for a review of all anticompetitive laws and address several industry and country case studies with the ultimate aim of providing recommendations to eliminate the impact of anticompetitive regulation. The first part of the book considers regulations affecting private business and professions, part two covers public utility and public services regulation, whilst part three discusses the role of institutions and competition authorities in relation to anticompetitive practices. The authors draft guidelines, based on economic evidence and legal arguments, which they believe would provide a starting point for the European Union to address the problem. They go on to propose possible implementation strategies for these guidelines from both an institutional and legal perspective. The book also includes a historical perspective on the evolution of anticompetitive regulation complemented by an overview of the actions currently being implemented to address and reverse the problem in other jurisdictions.