Centro de Documentación

Registro:

Viscusi, W. Kip; Vernon, John M.; Harrington, Joseph E. Economics of regulation and antitrust. 3rd. ed. Cambridge: Massachusetts Institute of Technology, 2000. 864 p.

Notas:
Temas:	servicios públicos domiciliarios, regulación económica, teoría de la regulación, modelo de Averch-Johnson
Contenido:	Contents Preface to the Third Edition XIX 1. Introduction 1 The Rationale for Regulation and Antitrust Policies 2 Antitrust Regulation 3 The Changing Character of Antitrust Issues 4 Reasoning behind Antitrust Regulations 4 Economic Regulation 5 Development of Economic Regulation 6 Factors in Setting Rate Regulations 6 Health, Safety, and Environmental Regulation 7 Role of the Courts 8 Criteria for Assessment 9 Questions and Problems 10 Recommended Reading 10 Appendix 11 2. The Making of a Regulation 13 State versus Federal Regulation: The Federalism Debate 14 Advantages of Federalism 15 Advantages of National Regulations 16 The Overlap of State and Federal Regulations 17 The Character of the Rulemaking Process 18 The Chronology of New Regulations 18 Nature of the Regulatory Oversight Process 22 The Nixon and Ford Administrations 23 The Carter Administration 24 The Reagan Administration 26 The Bush Administration 26 The Clinton Administration 27 Regulatory Reform Legislation 27 Benefit-Cost Analysis 28 Discounting Deferred Effects 30 Present Value 32 The Criteria Applied in the Oversight Process 34 Regulatory Success Stories 34 Promotion of Cost-Effective Regulation 35 Distortion of Benefit and Cost Estimates 36 The Regulatory Role of Price and Quality 37 The Impact of the Oversight Process 37 The Cost of Regulation 38 Other Measures of the Size of Regulation 38 The Character of Regulatory Oversight Actions 42 What Do Regulators Maximize? 44 The Capture Theory 44 Other Theories of Influence Patterns 45 Comprehensive Models of Regulatory Objectives 45 Conclusion 46 Questions and Problems 47 Appendix: Trends in Regulatory Agency Budgets and Staff 48 I. ANTITRUST 59 3. Introduction to Antitrust 61 Industrial Organization Analysis 61 Concentration 63 Entry Barriers 64 Product Differentiation 64 Antitrust 65 Enforcement and Remedies 67 Exemptions from Antitrust 71 Summary and Overview of Part I 72 Appendix: antitrust Statutes 72 Sherman Act 72 Clayton Act 73 Federal trade Commission Act 74 4. Efficiency and Technical Progress 75 Economic Efficiency 75 Partial Equilibrium Welfare Tools 76 Monopoly-versus-Competition Example 78 Oil Industry Application 80 Some Complications 81 X-Inefficiency 84 Monopoly-Induced Waste 85 Estimates of the Welfare loss from monopoly 86 Technical Progress 88 Importance of Technological Change 89 An R & D Rivalry Model 91 Summary 94 Questions and Problems 95 5. Oligopoly, Collusion, and Antitrust 97 Game Theory 97 Example 1: Advertising Competition 97 Example 2: Compatibility of Standards 99 The Strategic Form of a Game 100 Nash Equilibrium 101 Oligopoly Theory 101 The Cournot Solution 102 Other Models of Oligopoly 108 Product Differentiation 109 Collusion 112 A Theory of Collusion 112 Cartel Problems 117 Collusion in Practice 121 Antitrust Law toward Price Fixing 125 Economic Analysis of Legal Categories 126 Per Se Rule Cases 127 Conscious Parallelism 131 Summary 135 Questions and Problems 136 Appendix A 137 Game Theory: Formal Definitions 137 Appendix B 138 The Addyston Pipe Case 138 The Opinion of the Court 140 6. Market Structure and Strategic Competition 143 Market Structure 143 Concentration 143 Scale Economics 150 Entry Conditions 152 Dominant Firm Theory 162 Static Analysis 162 Dynamic Analysis: Limit Pricing 165 Strategic Competition 170 Limit Pricing 171 Investment in Cost-Reducing Capital 178 Raising Rivals´ Costs 182 Preemption and Brand Proliferation 183 Summary 186 Questions and Problems 186 7. Mergers 191 Antitrust Laws and Merger Trends 192 Reasons for Mergers 195 Monopoly 195 Economies 195 Reducing Management Inefficiencies 198 Other Motives 198 Horizontal Mergers 198 Benefits and Costs 199 Effects of Airline Mergers 204 Cases 205 The 1992 Merger Guidelines 210 Conglomerate Mergers 213 Potential Benefits 214 Anticompetitive Effects and Cases 215 Summary 217 Questions and Problems 217 8. Vertical Mergers and Restrictions 219 Vertical Mergers 219 Benefits 219 Anticompetitive Effects 223 Extension of Monopoly: Fixed Proportions 229 Extension of Monopoly: Variable Proportions 230 Cases 232 Vertical Restrictions 233 Resale Price Maintenance 234 Territorial Restraints 238 Exclusive Restraints 238 Exclusive Dealing 240 Tying 241 Summary 253 Questions and Problems 254 9. Monopolization and Price Discrimination 257 The Possession of Monopoly Power 258 Intent to Monopolize 262 Cases 263 1890-1940: Standard Oil and United States Steel 263 1940-1970: Alcoa and United Shoe machinery 268 1970 to Present: Kodak, Cereals, IBM, and Others 272 1994-1998: Microsoft and Network Effects 274 Predatory Pricing: Proposed Legal Definitions 277 The ATC Rule 279 The Output Restriction Rule 280 Joskow-Klevorick Two-Stage Rule 283 Price Discrimination and the Robinson-Patman Act 284 Systematic Discrimination 284 Unsystematic Discrimination 290 Cases 290 Summary 292 Questions and Problems 292 II. ECONOMIC REGULATION 295 10. Introduction to Economic Regulation 297 What Is Economic Regulation? 297 Instruments of Regulation 298 Control of Price 298 Control of Quantity 299 Control of Entry and Exit 299 Control of Other Variables 300 Brief History of Economic Regulation 301 Formative Stages 301 Trends in Regulation 302 The Regulatory Process 308 Overview of the Regulatory Process 308 Regulatory Legislation 309 Independent Regulatory Commissions 309 Regulatory Procedures 311 The Theory of Regulation 313 Normative Analysis as a Positive Theory 314 Capture Theory 317 Economic Theory of Regulation 318 Testing Theories of Regulation 330 Summary and Overview of Part II 334 Questions and Problems 335 11. Theory of Natural Monopoly 337 The Natural Monopoly Problem 337 Permanent and Temporary Natural Monopoly 337 Subaddivity and Multiproduct Monopoly 339 Alternative Policy Solutions 344 Ideal Pricing 344 Franchise Bidding 356 Actual Solutions 356 Summary 358 Questions and Problems 358 12. Natural Monopoly Regulation and Electric Power 361 The Rate Case 362 Accounting Equation 362 Regulatory Lag 363 The Rate Level 364 Rate Base Evaluation 364 Cost of Equity Capital 366 The Sliding Scale Plan and Yardstick Competition 368 Price Caps and Performance Standards 369 Averch-Johnson Effect 371 Rate Structure 374 FDC Pricing 375 Undue Discrimination 377 Peak-Load Pricing 379 Costs of Power Production 379 Peak-Load Pricing Model 381 Regulation/Deregulation of Electric Power 386 Effectiveness of Price Regulation 386 Trend toward Competition 388 Summary 392 Questions and Problems 393 13. Franchise Bidding and Cable Television 395 Theory of Franchise Bidding 395 Competition at the Bidding Stage 397 Contractual Arrangements for the Postbidding Stage 405 Assessment of Franchise Bidding 409 Cable Television 409 Historical/Regulatory Background 410 Cable Television as a Natural monopoly 412 Franchising Process 417 Assessment of Franchise Bidding 418 Rate Regulation 423 Is There a Role for Government Intervention? 427 Summary 429 Questions and Problems 430 14. Public Enterprise 433 General Background 434 Positive Theory of Public Enterprise 435 Managerial Model of a Firm 436 Managerial Model of a Private Enterprise 437 Managerial Model of a Public Enterprise 438 Comparison of Public and Private Enterprise 441 Municipal Electric Utilities 442 Pricing Behavior 442 Allocative Efficiency Comparison 444 Productive Efficiency Comparison 446 Assessment of Private versus Public Utilities 447 Airlines 447 Summary 450 Questions and Problems 452 15. Dynamic Issues in Natural Monopoly Regulation: Telecommunications 453 Transformation of a Natural Monopoly 453 Basis for Natural monopoly Regulation 454 Sources of Natural Monopoly Transformation 457 Regulatory Response 460 Intercity Telecommunications Market 476 Separation of Regulated Monopolies and Competitive Markets 480 Benefits and Costs of Separation 481 Breakup of AT&T 484 Telecommunications and Computers 486 The Future of the Telecommunications Industry: Digital Convergence 487 Telecommunications Act of 1996 488 State of Competition 489 Summary 492 Questions and Problems 493 16. The Regulation of Potentially Competitive Markets: Theory and Estimation Methods 495 Theory of Price and Entry/Exit Regulation 496 Direct Effects of Price and Entry/Exit Regulation: The Competitive Model 496 Direct Effects of Price and Entry/Exit Regulation: The Imperfectly Competitive Model 500 Some Indirect Effects of Price and Entry Regulation 504 Some Indirect Effects of Price and Exit Regulation 507 Regulation and Innovation 509 Methods for Estimating the Effects of Regulation 512 Overview of Estimation Methods 512 Intertemporal Approach 512 Application: New York Stock Exchange 514 Intermarket Approach 515 Application: Advertising of Eyeglasses 516 Counterfactual Approach 517 Application: State Usury Laws 518 Measuring the Return to Price and Entry Restrictions: Taxicab Regulation 522 Summary 525 Question and Problems 526 17. Economic Regulation of Transportation: Surface Freight and Airlines 529 Transportation Industry 529 Surface Freight Transportation 531 Regulatory History 531 Description of Regulatory Practices 535 Effects of Regulation 537 Recent Regulatory Policy 550 Airlines 552 Regulatory History 552 Description of Regulatory Practices 554 Effects of Regulation 555 Competition and Antitrust Policy after Deregulation 568 Lessons from Regulation and Deregulation 582 Summary 583 Questions and Problems 584 18. Economic Regulation of Energy: Crude Oil and Natural Gas 585 The Theory of Price Ceilings 587 Price and Quantity Regulation of the Crude Oil Industry 591 Regulatory History 594 Oil Prorationing 596 Regulatory Practices 596 Rationale for Prorationing 597 Solutions to the Common Pool Problem 602 Effects of Prorationing 603 Mandatory Oil Import Program 604 Regulatory Practices 604 Effects of Regulation 605 Crud Oil Price Controls 607 Regulatory Practices 607 Effects of Price Regulation 609 Price Regulation of the Natural Gas Industry 616 Regulatory History 618 Regulatory Practices 619 Effects of Price Regulation 621 Transition from Regulation to Markets in the Transmission of Natural Gas 629 Summary 631 Questions and Problems 632 III. HEALTH, SAFETY, AND ENVIRONMENTAL REGULATION 635 19. Introduction: The Emergence of Health, Safety, and Environmental Regulation 637 Risk in Perspective 638 Measuring Mortality Risks 640 The Infeasibility of a No-Risk Society 641 Wealth and Risk 642 Irrationality and Biases in Risk Perception 644 Policy Evaluation 646 Regulatory Standards 647 Benefit-Cost Analysis 647 The Role of Heterogeneity 648 Uncertainty and Conservatism 650 The Role of Risk Ambiguity 652 The Role of Political Factors 654 Economic Models of Environmental Policies 654 Voting Patterns 656 Summary and Overview of Part III 657 Questions and Problems 659 Recommended Reading 660 20. Valuing Life and Other Nonmonetary Benefits 661 Policy Evaluation Principles 662 Willingness to Pay versus Other Approaches 664 Variations in the Value of Life 666 The Labor Market Model 669 Empirical Estimates of the Value of Life 673 Value of Life for Regulatory Policies 675 Survey Approaches to Valuing Policy Effects 678 Valuation of Air Quality 680 Exploratory Nature of the Survey Approach 681 Sensitivity Analysis and Cost Effectiveness 681 Risk-Risk Analysis 682 Establishing Prices for Health, Safety, and Environmental Regulation 683 Questions and Problems 684 21. Environmental Regulation 687 The Coase Theorem for Externalities 688 The Coase Theorem as a Bargaining Game 689 A Pollution Example 690 Long-Run Efficiency Concerns 692 Transactions Costs and Other Problems 692 Smoking Externalities 693 Special Features of Environmental Contexts 696 Selecting the Optimal Policy: Standards versus Fines 697 Setting the Pollution Tax 698 The Role of Heterogeneity 700 The Role of Uncertainty 701 Pollution Taxes 703 Cost Heterogeneity for Water Pollution Control 704 Current Market Trading Approaches 705 The Future of Market Approaches 708 Global Warming and Irreversible Environmental Effects 709 Assessing the Merits of Global-Warming Policies 709 How Should We React to Uncertainty 711 Multiperson Decisions and Group Externalities 712 The Prisoner´s Dilemma 712 The N-Person Prisoner´s Dilemma 713 Applications of the Prisoner´s Dilemma 714 The Enforcement and Performance of Environmental Regulation 715 Enforcement Options and Consequences 715 Hazardous Wastes 716 Contingent Valuation for the Exxon Valdez Oil Spill 719 Evaluating Performance 721 Summary 722 Questions and Problems 723 22. Product Safety 725 Emergence of Product Safety Regulations 725 Current Safety Decisions 726 Changing Emphasis of Product Regulation 728 Premanufacturing Screening: The Case of Pharmaceuticals 729 Weighing the Significance of Side Effects 730 Drug Approval Strategies 730 The Behavioral Response to Product Safety Regulation 734 Consumer´s Potential for Muting Safety Device Benefit 735 The Costs of Product Safety Regulation: The Automobile Industry Case 739 Trends in Motor Vehicle and Home Accident Deaths 744 Accident Rate Influences 744 The Decline of Accident Rates 745 The Rise of Product Liability 747 The Negligence Standard 748 The Strict Liability Standard 748 Events-Study Evidence on Liability Costs 748 Escalation of Damages 750 Risk information and Hazard Warning 753 Self-Certification of Safe Products 754 Government Determination of Safety 754 Alternatives to Direct Command and Control Regulation 755 The Future of Product Safety Policy 757 Questions and Problems 758 23. Regulation of Workplace Health and Safety 761 The Potential for Inefficiencies 763 How Markets Can Promote Safety 763 Compensating Wage Differential Theory 765 Risk Information 767 On-the-Job Experience and Worker Quit Rates 769 Inadequacies in the Market 770 Informational Problems and Irrationalities 770 Externalities 771 OSHA´s Regulatory Approach 772 Setting OSHA Standard Levels 772 The Nature of OSHA Standards 775 The Reform of OSHA Standards 777 Regulatory Reform Initiatives 777 Changes in OSHA Standards 777 OSHA´s Enforcement Strategy 780 Inspection Policies 782 Trivial Violations 783 OSHA Penalties 783 Enforcement Targeting 784 The Impact of OSHA Enforcement on Worker Safety 785 OSHA Regulations in Different Situations 787 OSHA and Other Factors Affecting Injuries 788 The Role of Workers´ Compensation 794 Agenda for Policy Reform Efforts 795 Questions and Problems 797 24. Patents and Pharmaceuticals 799 Economic of Invention and Patents 799 Background on Patents 801 Incentives to Invent: Monopoly versus Competition 802 Welfare Analysis of Patents 806 Pharmaceuticals and the Role of Patents 815 Industry Structure 816 The 1984 Drug Price Competition and Patent Restoration Act 825 Other Policies that Affect R&D Incentives 828 Summary 833 Questions and Problems 833 Author Index 837 Subject Index 841