Economics of Regulation and Antitrust, Fourth Edition

by W. Kip Viscusi, John M. Vernon and Joseph E. Harrington

ISBN: 9780262332606 | Copyright 2005

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This new edition of the leading text on business and government focuses on the insights economic reasoning can provide in analyzing regulatory and antitrust issues. Departing from the traditional emphasis on institutions, Economics of Regulation and Antitrust asks how economic theory and empirical analyses can illuminate the character of market operation and the role for government action and brings new developments in theory and empirical methodology to bear on these questions.

The fourth edition has been substantially revised and updated throughout, with new material added and extended discussion of many topics. Part I, on antitrust, has been given a major revision to reflect advances in economic theory and recent antitrust cases, including the case against Microsoft and the Supreme Court's Kodak decision. Part II, on economic regulation, updates its treatment of the restructuring and deregulation of the telecommunications and electric power industries, and includes an analysis of what went wrong in the California energy market in 2000 and 2001. Part III, on social regulation, now includes increased discussion of risk-risk analysis and extensive changes to its discussion of environmental regulation. The many case studies included provide students not only pertinent insights for today but also the economic tools to analyze the implications of regulations and antitrust policies in the future.The book is suitable for use in a wide range of courses in business, law, and public policy, for undergraduates as well at the graduate level. The structure of the book allows instructors to combine the chapters in various ways according to their needs. Presentation of more advanced material is self-contained. Each chapter concludes with questions and problems.

Rather than inundate the reader with institutional details that will soon be out of date, this impressive book provides the tools necessary to analyze current and future regulatory and antitrust issues. Its compelling set of contemporary applications should make it appealing to advanced undergraduates and a useful reference for graduate students.

Michael Greenstone 3M Associate Professor of Economics, MIT

How do Viscusi, Harrington, and Vernon do it? Their book keeps getting better and better. It is only 'natural' that they have a monopoly on teaching students, faculty, and policymakers the economics of regulation and antitrust.

Thomas J. Kniesner Chair and Krisher Professor, Department of Economics, Syracuse University

This book is by far the most comprehensive and analytically sophisticated treatment of its subject available. The combination of antitrust with government regulation makes the book especially valuable for any course about the effects of government on the private economy. The book manages to convey both contemporary economic theory and current regulatory practice with uncommon lucidly and without burdening the reader with jargon or legalese.

Sam Peltzman Ralph and Dorothy Keller Distinguished Service Professor of Economics, Emeritus, Graduate School of Business, University of Chicago
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Contents (pg. iii)
Preface to the Fourth Edition (pg. xvii)
1 - Introduction (pg. 1)
2 - The Making of a Regulation (pg. 13)
I - Antitrust (pg. 59)
3 - Introduction to Antitrust (pg. 61)
4 - Efficiency and Technical Progress (pg. 79)
5 - Oligopoly, Collusion, and Antitrust (pg. 101)
6 - Market Structure and Strategic Competition (pg. 155)
7 - Mergers (pg. 203)
8 - Vertical Mergers and Vertical Restraints (pg. 235)
9 - Monopolization and Price Discrimination (pg. 293)
II - ECONOMIC REGULATION (pg. 355)
10 - Introduction to Economic Regulation (pg. 357)
11 - Theory of Natural Monopoly (pg. 401)
12 - Natural Monopoly Regulation and Electric Power (pg. 429)
13 - Franchise Bidding and Cable Television (pg. 465)
14 - Public Enterprise (pg. 503)
15 - Dynamic Issues in Natural Monopoly Regulation: Telecommunications (pg. 523)
16 - The Regulation of Potentially Competitive Markets: Theory and Estimation Methods (pg. 555)
17 - Economic Regulation of Transportation: Surface Freight and Airlines (pg. 589)
18 - Economic Regulation of Energy: Crude Oil and Natural Gas (pg. 641)
III - HEALTH, SAFETY, AND ENVIRONMENTALREGULATION (pg. 689)
19 - Introduction: The Emergence of Health, Safety, and Environmental Regulation (pg. 691)
20 - Valuing Life and OtherNonmonetary Benefits (pg. 717)
21 - Environmental Regulation (pg. 745)
22 - Product Safety (pg. 789)
23 - Regulation of Workplace Health and Safety (pg. 827)
24 - Patents and Pharmaceuticals (pg. 865)
Author Index (pg. 903)
Subject Index (pg. 909)

W. Kip Viscusi

W. Kip Viscusi is the George G. Allen Professor of Economics at Duke University.


John M. Vernon

John M. Vernon was Professor of Economics at Duke University.


Joseph E. Harrington

Joseph E. Harrington is Professor of Economics at Johns Hopkins University.


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