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Antitrust Policy: A Century of Economic and Legal Thinking

Author

Listed:
  • William E. Kovacic
  • Carl Shapiro

Abstract

This article follows the evolution of thinking about competition since the passage of the Sherman Act in 1890 as reflected by major antitrust decisions and research in industrial organization. We divide the U.S. antitrust experience into five periods and discuss each period's legal trends and economic thinking in three core areas of antitrust: cartels, cooperation, or other interactions among independent firms; abusive conduct by dominant firms; and mergers.

Suggested Citation

  • William E. Kovacic & Carl Shapiro, 2000. "Antitrust Policy: A Century of Economic and Legal Thinking," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 43-60, Winter.
  • Handle: RePEc:aea:jecper:v:14:y:2000:i:1:p:43-60
    Note: DOI: 10.1257/jep.14.1.43
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.14.1.43
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    References listed on IDEAS

    as
    1. George J. Stigler, 1980. "The Economist as Preacher," University of Chicago - George G. Stigler Center for Study of Economy and State 11, Chicago - Center for Study of Economy and State.
    2. Shapiro, Carl, 1989. "Theories of oligopoly behavior," Handbook of Industrial Organization,in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 1, chapter 6, pages 329-414 Elsevier.
    3. Carl Shapiro, 1989. "The Theory of Business Strategy," RAND Journal of Economics, The RAND Corporation, vol. 20(1), pages 125-137, Spring.
    4. Gaskins, Darius Jr., 1971. "Dynamic limit pricing: Optimal pricing under threat of entry," Journal of Economic Theory, Elsevier, vol. 3(3), pages 306-322, September.
    5. George J. Stigler, 1947. "The Kinky Oligopoly Demand Curve and Rigid Prices," Journal of Political Economy, University of Chicago Press, vol. 55, pages 432-432.
    6. Kovacic, William E, 1992. "The Influence of Economics on Antitrust Law," Economic Inquiry, Western Economic Association International, vol. 30(2), pages 294-306, April.
    7. repec:bin:bpeajo:v:21:y:1990:i:1990-3:p:287-335 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • L40 - Industrial Organization - - Antitrust Issues and Policies - - - General
    • K21 - Law and Economics - - Regulation and Business Law - - - Antitrust Law

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