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The Learning Curve, Predation, Antitrust, and Welfare

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Author Info
Cabral, Luis M B
Riordan, Michael H

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Abstract

An economic definition of predation is applied to a dynamic model of duopoly competition with learning curves. It is shown that rational predation occurs in equilibrium, although below-cost pricing is neither a necessary nor a sufficient indicator of predation. A conceptual framework for antitrust analysis of predation shows that a prohibition of predation might help or harm consumer welfare depending on details of market structure, although the informational requirements of fashioning an effective legal rule against harmful predation are formidable. Copyright 1997 by Blackwell Publishing Ltd

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Article provided by Blackwell Publishing in its journal Journal of Industrial Economics.

Volume (Year): 45 (1997)
Issue (Month): 2 (June)
Pages: 155-69
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Handle: RePEc:bla:jindec:v:45:y:1997:i:2:p:155-69

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  1. Dalida Kadyrzhanova, 2005. "Predatory Governance," Computing in Economics and Finance 2005 421, Society for Computational Economics. [Downloadable!]
  2. Besanko, David & Doraszelski, Ulrich & Kryukov, Yaroslav & Satterthwaite, Mark, 2007. "Learning-by-Doing, Organizational Forgetting and Industry Dynamics," CEPR Discussion Papers 6160, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  3. David Besanko & Ulrich Doraszelski & Yaroslav Kryukov & Mark Satterthwaite, 2007. "Learning-by-Doing, Organizational Forgetting, and Industry Dynamics," Levine's Bibliography 321307000000000903, UCLA Department of Economics. [Downloadable!]
  4. Christian Bayer, 2004. "The Other Side of Limited Liability: Predatory Behavior and Investment Timing," Industrial Organization 0407001, EconWPA. [Downloadable!]
  5. Peter Thompson, 2008. "Learning by Doing," Working Papers 0806, Florida International University, Department of Economics. [Downloadable!]
  6. Luís Cabral & Thomas Ross, 2007. "Are Sunk Costs a Barrier to Entry?," Working Papers 19, Portuguese Competition Authority. [Downloadable!]
    Other versions:
  7. Dermot Nolan, 1998. "Predatory Pricing in an Oligopolistic Framework," Royal Holloway, University of London: Discussion Papers in Economics 98/4, Department of Economics, Royal Holloway University of London, revised Feb 1998. [Downloadable!]
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