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Antitrust and Regulation

In: Economic Regulation and Its Reform: What Have We Learned?

  • Dennis W. Carlton
  • Randal C. Picker

Since the passage of the Interstate Commerce Act (1897) and the Sherman Act (1890), regulation and antitrust have operated as competing mechanisms to control competition. Regulation produced cross-subsidies and favors to special interests, but specified prices and rules of mandatory dealing. Antitrust promoted competition without favoring special interests, but couldn't formulate rules for particular industries. The deregulation movement reflected the relative competencies of antitrust and regulation. Antitrust and regulation can also be viewed as complements in which regulation and antitrust assign control of competition to courts and regulatory agencies based on their relative strengths. Antitrust also can act as a constraint on what regulators can do. This paper uses the game-theoretic framework of political bargaining and the historical record of antitrust and regulation to establish and illustrate these points.

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This chapter was published in:
  • Nancy L. Rose, 2014. "Economic Regulation and Its Reform: What Have We Learned?," NBER Books, National Bureau of Economic Research, Inc, number rose05-1, June.
  • This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 12565.
    Handle: RePEc:nbr:nberch:12565
    Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
    Phone: 617-868-3900
    Web page: http://www.nber.org
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