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Contents Part 1 Introduction and theory 1 Chapter 1 Overview&tab;000 models&tab;000 Price Theory&tab;000 Transaction Costs&tab;000 Game Theory&tab;000 Contestable Markets&tab;000 Organization&tab;000 Basic Theory&tab;000 Market Structures&tab;000 Business Practices: Strategies and Conduct&tab;000 Information, Advertising, and Disclosure&tab;000 Dynamic Models and Market Clearing&tab;000 Government Policies and Their Effects&tab;000 Chapter 2 The Firm and Costs&tab;000 The Firm&tab;000 The Objective of a Firm&tab;000 Ownership and Control&tab;000 Mergers and Acquisitions&tab;000 Reasons for Mergers and Acquisitions&tab;000 Merger Activity in the United States&tab;000 Merger Activities in Other Countries&tab;000 Empirical Evidence on the Efficiency and Profitability of Mergers&tab;000 Cost Concepts&tab;000 Types of Costs&tab;000 Cost Concepts&tab;000 Economies of Scale&tab;000 Reasons for Economies of Scale&tab;000 Total Costs Determine Scale Economies&tab;000 A Measure of Scale Economies&tab;000 Empirical Studies of Cost Curves&tab;000 Economies of Scale in Total Manufacturing Costs&tab;000 Survivorship Studies&tab;000 Cost Concepts for Multiproduct Firms&tab;000 Adaptation of Traditional Cost Concepts for a Multiproduct Firm&tab;000 Economies of Scope&tab;000 Economies of Scale and Economies of Scope&tab;000 Specialization in Manufacturing&tab;000 An Example of an Industry with Economies of Scope&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Appendix 2A Cost Concepts for a Multiproduct Firm&tab;000 Example 2.1 Value of Limited Liability&tab;000 Example 2.2 Conflicts of Interest Between Managers and share holders&tab;000 Example 2.3 Specialization of Labor&tab;000 Example 2.4 Indiana Libraries&tab;000 Example 2.5 The Baking Industry&tab;000 Example 2.6 Electricity Minimum Efficient Scale and Scope&tab;000 Part 2 Market Structures&tab;000 Chapter 3 Competition&tab;000 Perfect Competition&tab;000 Assumptions&tab;000 The Behavior of a Single Firm&tab;000 The Competitive Market&tab;000 Elasticities and The Residual Demand Curve&tab;000 Elasticities of Demand and Supply&tab;000 The Residual Demand Curve of Price Takers&tab;000 Efficiency and Welfare&tab;000 Efficiency&tab;000 Welfare&tab;000 Entry and Exit&tab;000 Restrictions On Entry&tab;000 Competition with Few Firms-Contestability&tab;000 Definition of Barriers to Entry&tab;000 Identifying Barriers to Entry&tab;000 The Size of Entry Barriers by Industry&tab;000 Externalities&tab;000 Limitations of Perfect Competition&tab;000 The Many Meanings of Competition&tab;000 Summary&tab;000 Problems&tab;000 Example 3.1 Are Farmers Price Takers?&tab;000 Example 3.2 Restrictions on Entry Across Countries&tab;000 Example 3.3 FTC Opposes Internet Bans That Harm Competition&tab;000 Example 3.4 Increasing Congestion&tab;000 Chapter 4 Monopolies, Monopsonies, and Dominant Firms&tab;000 Monopoly Behavior&tab;000 Profit Maximization&tab;000 Monopoly Power&tab;000 The Incentive for Efficient Operation&tab;000 Monopoly Behavior over Time&tab;000 The Costs and Benefits of Monopoly&tab;000 The Deadweight Loss of Monopoly&tab;000 Rent-Seeking Behavior&tab;000 Monopoly Profits and Deadweight Loss Vary with the Elasticity of Demand&tab;000 The Benefits of Monopoly&tab;000 Creating and Maintaining a Monopoly&tab;000 Knowledge Advantage&tab;000 Government-Created Monopolies&tab;000 Natural Monopoly&tab;000 Profits and Monopoly&tab;000 Is Any Firm That Earns a Positive Profit a Monopoly?&tab;000 Does a Monopoly Always Earn a Positive Profit?&tab;000 Are Monopoly Mergers to Eliminate Short-Run Losses Desirable?&tab;000 Monopsony&tab;000 Dominant Firm with a Competitive Fringe&tab;000 Why Some Firms Are Dominant&tab;000 The No-Entry Model&tab;000 A Model with Free, Instantaneous Entry&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Example 4.1 Monopoly Newspaper Ad Prices&tab;000 Example 4.2 Monopolizing by Merging&tab;000 Example 4.3 Controlling a key Ingredient&tab;000 Example 4.4 Preventing Imitation-Cat Got Your Tongue?&tab;000 Example 4.5 Protecting a Monopoly&tab;000 Example 4.6 Eu Allows merger to Eliminate Losses&tab;000 Example 4.7 Priest Monopsony&tab;000 Example 4.8 Price Umbrella&tab;000 Example 4.9 China Tobacco Monopoly to Become a Dominant Firm&tab;000 Chapter 5 Cartels&tab;000 Why Cartels Form&tab;000 Creating and Enforcing the Cartel&tab;000 Factors That Facilitate the Formation of Cartels&tab;000 Enforcing a Cartel Agreement&tab;000 Cartels and Price Wars&tab;000 Consumers Gain as Cartels Fail&tab;000 Price-Fixing Laws&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Appendix 5A The Effects of Cartel Size&tab;000 Example 5.1 An Electrifying Conspiracy&tab;000 Example 5.2 The Viability of Commodity Cartels&tab;000 Example 5.3 Concrete Example of Government-Aided Collusion&tab;000 Example 5.4 Relieving the Headache of Running a cartel&tab;000 Example 5.5 Vitamins Cartel&tab;000 Example 5.6 How Consumers Were Railroaded&tab;000 Example 5.7 The Social Costs of Cartelization&tab;000 Example 5.8 Prosecuting Global Cartels&tab;000 Chapter 6 Oligopoly&tab;000 Game Theory&tab;000 Single-Period Oligopoly Models&tab;000 Nash Equilibrium&tab;000 The Cournot Model&tab;000 The Bertrand Model&tab;000 The Stackelberg Leader-Follower Model&tab;000 A Comparison of the Major Oligopoly Models&tab;000 Multiperiod Games&tab;000 Single-Period Prisoners' Dilemma Game&tab;000 Infinitely Repeated Prisoners' Dilemma Game&tab;000 Types of Equilibria in Multiperiod Games&tab;000 Experimental Evidence on Oligopoly Models&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Appendix 6A A Mathematical Derivation of Cournot and Stackelberg Equilibria&tab;000 Appendix 6B Mixed Strategies&tab;000 Example 6.1 Do Birds of a Feather Cournot-Flock Together?&tab;000 Example 6.2 Oligopoly Welfare Losses&tab;000 Example 6.3 Mergers in a Cournot Economy&tab;000 Example 6.4 Roller Coaster Gasoline&tab;000 Example 6.5 Copying Pricing&tab;000 Example 6.6 Car Wars&tab;000 Chapter 7 Product Differentiation and Monopolistic Competition&tab;000 Differentiated Products&tab;000 The Effect of Differentiation on a Firm's Demand Curve&tab;000 Preferences for Characteristics of Products&tab;000 The Representative Consumer Model&tab;000 A Representative Consumer Model with Undifferentiated Products&tab;000 A Representative Consumer Model with Differentiated Products&tab;000 Conclusions about Representative Consumer Models&tab;000 Location Models&tab;000 Hotelling's Location Model&tab;000 Salop's Circle Model&tab;000 Hybrid Models&tab;000 Estimation of Differentiated Goods Models&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Appendix 7A Welfare in a Monopolistic Competition Model with Homogeneous Products&tab;000 Appendix 7B Welfare in a Monopolistic Competition Model with Differentiated Products&tab;000 Example 7.1 All Water Is Not the Same&tab;000 Example 7.2 Entry Lowers Prices&tab;000 Example 7.3 The Jeans Market&tab;000 Example 7.4 A Serial Problem&tab;000 Example 7.5 Combining Beers&tab;000 Chapter 8 Industry Structure and Performance&tab;000 Theories of Price Markups and Profits&tab;000 Structure-Conduct-Performance&tab;000 Measures of Market Performance&tab;000 Rates of Return&tab;000 Price-Cost Margins&tab;000 Measures of Market Structure&tab;000 The Relationship of Structure to Performance&tab;000 Modern Structure-Conduct-Performance Analysis&tab;000 Theory&tab;000 Empirical Research&tab;000 Value of Modern Approaches to measuring Performance&tab;000 Summary&tab;000 Problems&tab;000 Appendix 8A Relationship Between the Herfindahl-Hirschman Index (HHI) and the Price-Cost Margin&tab;000 Appendix 8B Identifying Market Power&tab;000 Example 8.1 Supermarkets and Concentration&tab;000 Example 8.2 How Sweet It Is&tab;000 Part 3 Business Practices: Strategies and Conduct&tab;000 Chapter 9 Price Discrimination&tab;000 Nonuniform Pricing&tab;000 Incentive and Conditions for Price Discrimination&tab;000 Profit Motive for Price Discrimination&tab;000 Conditions for Price Discrimination&tab;000 Resales&tab;000 Types of Price Discrimination&tab;000 Perfect Price Discrimination&tab;000 Different Prices to Different Groups&tab;000 Other Methods of Third-Degree Price Discrimination&tab;000 Welfare Effects of Price Discrimination&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Appendix 9A An Example of Price Discrimination: Agricultural Marketing Orders&tab;000 Example 9.1 Coupons&tab;000 Example 9.2 Thank You, Doctor&tab;000 Example 9.3 Halting Drug Sales from Canada&tab;000 Example 9.4 Vertical Integration as a Means of Price Discrimination: Alcoa Shows Its True Metal&tab;000 Example 9.5 A Discriminating Labor Union&tab;000 Example 9.6 Does Competition Always Lower Price?&tab;000 Chapter 10 Advanced Topics in Pricing&tab;000 Nonlinear Pricing&tab;000 A Single Two-Part Tariff&tab;000 Two Two-Part Tariffs&tab;000 Tie-in Sales&tab;000 General Justifications for Tie-in Sales&tab;000 Tie-in Sales as a Method of Price Discrimination&tab;000 Package Tie-in Sales of Independent Products&tab;000 Interrelated Demands&tab;000 Quality Choice&tab;000 Other Methods of Nonlinear Pricing&tab;000 Minimum Quantities and Quantity Discounts&tab;000 Selection of Price Schedules&tab;000 Premium for Priority&tab;000 Auctions&tab;000 Summary&tab;000 Problems&tab;000 Appendix 10A The Optimal Two-Part Tariff&tab;000 Appendix 10B Nonlinear Pricing with an Example&tab;000 Example 10.1 Football Tariffs&tab;000 Example 10.2 You Auto Save from Tie-in Sales&tab;000 Example 10.3 Stuck Holding the Bag&tab;000 Example 10.4 Tied to TV&tab;000 Example 10.5 Not Too Suite-Mixed Bundling&tab;000 Example 10.6 Price Discriminating on eBay&tab;000 Chapter 11 Strategic Behavior&tab;000 Strategic Behavior Defined&tab;000 Noncooperative Strategic Behavior&tab;000 Predatory Pricing&tab;000 Limit Pricing&tab;000 Investments to Lower Production Costs&tab;000 Raising Rivals' Costs&tab;000 Welfare Implications and the Role of the Courts&tab;000 Cooperative Strategic Behavior&tab;000 Practices That Facilitate Collusion&tab;000 Cooperative Strategic Behavior and the Role of the Courts&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Appendix 11A: The Strategic Use of Tie-in Sales and Product Compatibility to Create or Maintain Market Power with Applications to Networks&tab;000 Example 11.1 Supreme Court Says Alleged Predation Must Be Credible&tab;000 Example 11.2 Evidence of Predatory Pricing in Tobacco&tab;000 Example 11.3 The Shrinking Share of Dominant Firms&tab;000 Example 11.4 And Only a Smile Remained&tab;000 Example 11.5 Strategic Behavior and Rapid Technological Change: The Microsoft Case&tab;000 Example 11.6 Value of Preventing Entry&tab;000 Example 11.7 The FTC Versus Ethyl, et al.&tab;000 Example 11.8 Information Exchanges: The Hardwood Case&tab;000 Chapter 12 Vertical Integration and Vertical Restrictions&tab;000 The Reasons for and Against Vertical Integration&tab;000 Integration to Lower Transaction Costs&tab;000 Integration to Assure Supply&tab;000 Integration to Eliminate Externalities&tab;000 Integration to Avoid Government Intervention&tab;000 Integration to Increase Monopoly Profits&tab;000 Integration to Eliminate Market Power&tab;000 The Life Cycle of a Firm&tab;000 Vertical Restrictions&tab;000 Vertical Restrictions Used to Solve Problems in Distribution&tab;000 The Effects of Vertical Restrictions&tab;000 Banning Vertical Restrictions&tab;000 Franchising&tab;000 Empirical Evidence&tab;000 Evidence on Vertical Integration&tab;000 Evidence on Vertical Restrictions&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Example 12.1 Outsourcing&tab;000 Example 12.2 Preventing Holdups&tab;000 Example 12.3 Own Your Own Steel Mill&tab;000 Example 12.4 Double Mark up&tab;000 Example 12.5 Blockbuster's Solution to the Double Manginalization Problem&tab;000 Example 12.6 Free Riding on the Web&tab;000 Example 12.7 Brewing Trouble; Restructing Vertical Integration in Alcoholic Beverage Industries&tab;000 Part 4 Information Advertising, and Disclosure&tab;000 Chapter 13 Information&tab;000 Why Information is Limited&tab;000 Limited Information About Quality&tab;000 The Market for "Lemons"&tab;000 Solving the Problem: Equal Information&tab;000 Evidence on Lemons Markets&tab;000 Limited Information About Price&tab;000 The Tourist-Trap Model&tab;000 *The Tourists-and-Natives Model&tab;000 Providing Consumer Information Lowers Price&tab;000 How Information Lowers Prices&tab;000 An Example: Grocery Store Information Programs&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Appendix 13A Market Shares in the Tourists-and-Natives Model&tab;000 Example 13.1 Genetically Modified Organisons: Do Consumers NOT care or Not Read?&tab;000 Example 13.2 Understanding Consumer Information&tab;000 Example 13.3 Counteriest Halal Heat&tab;000 Example 13.4 Certifying Thoaugh Breads&tab;000 Example 13.5 Price Dispersion and Search Costs in the Talmud&tab;000 Example 13.6 Price Dispersion&tab;000 Example 13.7 Tourist Cemeras&tab;000 Chapter 14 Advertising and Disclosure&tab;000 Information and Advertising&tab;000 Promotions&tab;000 "Search" Versus "Experience" Goods&tab;000 Informational Versus Persuasive Advertising&tab;000 Profit-Maximizing Advertising&tab;000 Effects of Advertising on Welfare&tab;000 Price Advertising Increases Welfare&tab;000 Advertising to Solve the Lemons Problem&tab;000 When Advertising Is Excessive&tab;000 False Advertising&tab;000 Limits to Lying&tab;000 Antifraud Laws&tab;000 Disclosure Laws&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Appendix 14A Profit-Maximizing Advertising&tab;000 Example 14.1 Branding and Labeling&tab;000 Example 14.2 Celebrity Endorsements&tab;000 Example 14.3 Milk Advertising&tab;000 Example 14.4 Social Gain from Price Advertising:&tab;000 Example 14.5 Welfare Effects of Restricting Alcohol Ads&tab;000 Example 14.6 Let All Who Are Hungry Come and Eat&tab;000 Part 5 Dynamic Models and Market Clearing&tab;000 Chapter 15 Decision Making Over Time: Durability&tab;000 How Long Should a Durable Good Last?&tab;000 Competitive Firm's Choice of Durability&tab;000 The Monopoly's Choice of Durability&tab;000 Costly Installation and Maintenance&tab;000 Renting Versus Selling by a Monopoly&tab;000 Resale Market&tab;000 *Consumers' Expectations Constrain the Monopoly&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Appendix 15A Multiperiod Durable Goods Monopoly&tab;000 Example 15.1 United Shoe&tab;000 Example 15.2 The Importance of Used Goods&tab;000 Example 15.3 The Alcoa Case: Secondhand Economics&tab;000 Example 15.4 Leasing Under Adverse Selection Example 15.5 Sales versus Rentals&tab;000 Example 15.6 Lowering the Resale Price of Used Textbooks&tab;000 Chapter 16 Patents and Technological Change&tab;000 Patents, Copyrights, and Trademarks&tab;000 Patents&tab;000 Copyrights&tab;000 Trademarks&tab;000 Distinctions Between Patents, Copyrights, and Trademarks&tab;000 Incentives for Inventions are Needed&tab;000 Imitation Discourages Research&tab;000 Patents Encourage Research&tab;000 Patents Encourage Disclosure&tab;000 *Patents, Prizes, Research Contracts, and Joint Ventures&tab;000 Determining the Optimal Number of Firms&tab;000 No Government Incentives&tab;000 Government-Financed Research&tab;000 Prizes&tab;000 Relaxing Antitrust Laws: Joint Ventures&tab;000 Patents&tab;000 Government Uncertainty&tab;000 Patent Holders May Manufacture or License&tab;000 Eliminating Patents&tab;000 Market Structure&tab;000 Market Structure Without a Patent Race&tab;000 Optimal Timing of Innovations&tab;000 Monopolies in Patent Races&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Example 16.1 Piracy&tab;000 Example 16.2 Patents Versus Secrets&tab;000 Example 16.3 Monkey see, Monkey Do&tab;000 Example 16.4 Joint Public-Private R&D&tab;000 Example 16.5 Prizes&tab;000 Example 16.6 Mickey Mouse Legislative&tab;000 Example 16.7 European Patents&tab;000 Example 16.8 Patent, Thicket&tab;000 Chapter 17 How Markets Clear: Theory and Facts&tab;000 How Markets Clear: Three Simple Theories&tab;000 Competition&tab;000 Oligopoly Models&tab;000 Monopoly&tab;000 Empirical Evidence on the Role of Price in Allocating Goods&tab;000 The Rigidity of Prices&tab;000 Movements in Prices and Price-Cost Margins over the Business Cycle&tab;000 Explaining the Evidence&tab;000 Extensions to the Simple Theory: The Introduction of Time&tab;000 Fixed Costs of Changing Price&tab;000 Implications of an Unchanging Price for Inventories&tab;000 Asymmetric Information and Moral Hazard&tab;000 Toward a General Theory of Allocation&tab;000 Market Structure is More Than Concentration&tab;000 Produce-to-Order Versus Produce-to-Stock&tab;000 Transmission of Shocks in Industries with Fixed Prices&tab;000 Summary&tab;000 Problems&tab;000 Example 17.1 Price Rigidity: It's the Real Thing&tab;000 Example 17.2 How Much Is That Turkey in the Window?&tab;000 Example 17.3 The Cost of Changing Prices&tab;000 Example 17.4 Creating Futures Markets&tab;000 Part 6 Government Policies and Their Effects&tab;000 Chapter 18 International Trade&tab;000 Reasons for Trade Between Countries&tab;000 Comparative Advantage&tab;000 Intra-Industry Trade in Differentiated Products&tab;000 Free Riding, International Price Differences, and Gray Markets&tab;000 Dumping&tab;000 Tariffs, Subsidies, and Quotas&tab;000 Competition&tab;000 Creating and Battling Monopolies&tab;000 Strategic Trade Policy&tab;000 Industries with Positive Externalities&tab;000 Empirical Evidence on Intervention in International Trade&tab;000 Summary&tab;000 Problems&tab;000 Appendix 18A Derivation of the Optimal Subsidy&tab;000 Example 18.1 Gray Markets&tab;000 Example 18.2 Timber Wars and Retaliation&tab;000 Example 18.3 Foreign Doctors&tab;000 Example 18.4 Being Taken for a Ride: Japanese Cars&tab;000 Example 18.5 Wide-Body Aircraft&tab;000 Example 18.6 Steeling from U.S. Customers&tab;000 Chapter 19 Antitrust Laws and Policy&tab;000 The Antitrust Laws and Their Purposes&tab;000 Antitrust Statutes&tab;000 Enforcement&tab;000 Goals of the Antitrust Laws&tab;000 Who May Sue?&tab;000 Economic Theory of Damages&tab;000 The Use of U.S. Antitrust Laws&tab;000 Private Litigation&tab;000 Market Power and the Definition of Markets&tab;000 Market Power&tab;000 Market Definition&tab;000 Cooperation Among Competitors&tab;000 Price-Fixing and Output Agreements&tab;000 Not All Agreements Among Competitors Are Illegal&tab;000 Information Exchanges Among Competitors&tab;000 Oligopoly Behavior&tab;000 Mergers&tab;000 Exclusionary Actions and Other Strategic Behavior&tab;000 Competition Between Rivals&tab;000 Competitive Behavior Deemed Undesirable by the Court&tab;000 Vertical Arrangements Between Firms&tab;000 Price Discrimination&tab;000 Price Discrimination Under Robinson-Patman&tab;000 Tie-in Sales&tab;000 Effects of Antitrust Laws on the Organization of Firms&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Example 19.1 Using the Government to Create Market Power: Misuse of the Orange Book&tab;000 Example 19.2 Conflict Between European an U.S. Antitrust Authorities: GE-Hneywell&tab;000 Example 19.3 The Merger Guidelines&tab;000 Example 19.4 Antitrust Laws in Other Countries&tab;000 Example 19.5 Colleges and Antitrust: Does Your School Belong to a Cartel?&tab;000 Example 19.6 The FTC Plays with Toys 'Я' Us&tab;000 Chapter 20 Regulation and Deregulation&tab;000 The Objectives of Regulators&tab;000 Market Inefficiencies&tab;000 Correcting Market Inefficiencies&tab;000 Capture Theory and Interest-Group Theory&tab;000 Making Monopolies More Competitive&tab;000 Government Ownership&tab;000 Privatizing&tab;000 Franchise Bidding&tab;000 Price Controls&tab;000 *Rate-of-Return Regulation&tab;000 Quality Effects&tab;000 Making Competitive Industries More Monopolistic&tab;000 Limiting Entry&tab;000 Agricultural Regulations: Price Supports and Quantity Controls&tab;000 Deregulation&tab;000 Airlines&tab;000 Ground Transportation&tab;000 Summary&tab;000 Problems&tab;000 Suggested Readings&tab;000 Example 20.1 Pizza Protection&tab;000 Example 20.2 Cross-Subsidization&tab;000 Example 20.3 Legal Monopolies&tab;000 Example 20.4 Public, Monopolistic, and Competitive Refuse Collection&tab;000 Example 20.5 Rent Control&tab;000 Example 20.6 Brewing Trouble&tab;000 Example 20.7 Deregulating Electricity: California in Shock&tab;000 Example 20.8 International and U.S. Deregulation in Telecommunications&tab;000 Example 20.9 European Deregulation of Airlines&tab;000 Bibliography&tab;000 Glossary&tab;000 Answers to Odd-Numbered Problems&tab;000 Legal Case Index&tab;000 Author Index&tab;000 Subject Index&tab;000
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