Old lady charm: a comment
I start from Nicola Giocoli’s acute rational reconstruction of current US antitrust debate which shows that there really is no shortage of plausible explanations to the Chicago persistent appeal puzzle. Each explanation, taken in isolation, is, at best, only partial. In my view, the persistent appeal of Chicago antitrust owes much to the enduring grip of the equilibrium end-state notion of competition within top US Economics Departments and to the (alleged) resilience of market competition, absent entry/exit barriers, in the face of Type II Errors committed by antitrust Agencies.
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- Nicola Giocoli, 2014.
"Games judges don't play: predatory pricing and strategic reasoning in US antitrust,"
Supreme Court Economic Review,
University of Chicago Press, vol. 21(1), pages 271 - 330.
- Giocoli, Nicola, 2010. "Games judges don't play: predatory pricing and strategic reasoning in US antitrust," MPRA Paper 33810, University Library of Munich, Germany.
- Nicola Giocoli, 2015.
"Old lady charm: explaining the persistent appeal of Chicago antitrust,"
Journal of Economic Methodology,
Taylor & Francis Journals, vol. 22(1), pages 96-122, March.
- Giocoli, Nicola, 2012. "Old lady charm: explaining the persistent appeal of Chicago antitrust," MPRA Paper 39244, University Library of Munich, Germany.
- Baumol, William J, 1982. "Contestable Markets: An Uprising in the Theory of Industry Structure," American Economic Review, American Economic Association, vol. 72(1), pages 1-15, March.
- George J. Stigler, 1957. "Perfect Competition, Historically Contemplated," Journal of Political Economy, University of Chicago Press, vol. 65, pages 1.
- Gilbert, Richard J., 1988.
"The Role of Potential Competition in Industrial Organization,"
Department of Economics, Working Paper Series
qt01s8v4v3, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Gilbert, Richard J, 1989. "The Role of Potential Competition in Industrial Organization," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 107-27, Summer.
- Richard J. Gilbert., 1988. "The Role of Potential Competition in Industrial Organization," Economics Working Papers 8889, University of California at Berkeley.
- Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-55, December.
- Salvadori, Neri & Signorino, Rodolfo, 2011. "Competition," MPRA Paper 38387, University Library of Munich, Germany.
- Samuelson, Paul A, 1978. "The Canonical Classical Model of Political Economy," Journal of Economic Literature, American Economic Association, vol. 16(4), pages 1415-34, December.
- Bailey, Elizabeth E, 1981. "Contestability and the Design of Regulatory and Antitrust Policy," American Economic Review, American Economic Association, vol. 71(2), pages 178-83, May.
- Reder, Melvin W, 1982. "Chicago Economics: Permanence and Change," Journal of Economic Literature, American Economic Association, vol. 20(1), pages 1-38, March.
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