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Competition Policy: Some Neglected Issues in the Hilmer Report

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  • John Freebairn

Abstract

The Hilmer Report focuses primarily on the very important issues of legislative and regulatory measures to directly reduce monopolistic structures and conduct. This article argues that competition policy also should embrace measures to reduce transaction costs. Lower transaction costs increase the substitutability of different options and help to extend the competitive market, and particularly to reduce entry barriers for new entrants and for innovations. Contrary to Hilmer, the article argues that economic theory, and particularly the marginal cost concept, can and should have a central role in the assessment of monopolistic behaviour and in the determination of access prices to 'essential services' provided by natural monopolies. Copyright 1995 The University of Melbourne, Melbourne Institute of Applied Economic and Social Research.

Suggested Citation

  • John Freebairn, 1995. "Competition Policy: Some Neglected Issues in the Hilmer Report," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 28(3), pages 27-42.
  • Handle: RePEc:bla:ausecr:v:28:y:1995:i:3:p:27-42
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-8462.1995.tb00991.x
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    References listed on IDEAS

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    1. Brown,Stephen J. & Sibley,David Sumner, 1986. "The Theory of Public Utility Pricing," Cambridge Books, Cambridge University Press, number 9780521314008, May.
    2. Alfred E. Kahn, 1988. "The Economics of Regulation: Principles and Institutions," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262610523, January.
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    Cited by:

    1. Busse, Matthias, 2002. "Competition intensity, potential competition and transaction cost economics," HWWA Discussion Papers 183, Hamburg Institute of International Economics (HWWA).

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