Law Commons^™

African Economic Community And The Promotion Of Intra-African Trade, Muna Ndulo

Cornell Law Faculty Publications

No abstract provided.

Tax Expenditure Budgets: A Critical View, Jeffrey S. Lehman, Douglas A. Kahn

Cornell Law Faculty Publications

No abstract provided.

Market Power In Antitrust, George A. Hay

Cornell Law Faculty Publications

The concept of market power is at the core of antitrust. Philosophically, antitrust policy is aimed primarily at preventing firms from achieving, retaining, or abusing market power. Operationally, assessing whether a firm or firms have market power or any reasonable prospect for achieving it is often the first (and sometimes, the only) step in performing an antitrust analysis.

Few would dispute that market power should play a prominent role in antitrust analysis. Nevertheless, important questions remain. Some of these questions quite naturally focus on the precise degree of importance given to market power. Is it an essential ingredient in antitrust …

Predatory Pricing, George A. Hay

Cornell Law Faculty Publications

No abstract provided.

Geographic Market Definition In An International Context, George A. Hay, John C. Hilke, Philip B. Nelson

Cornell Law Faculty Publications

Market definition is generally regarded as a key step in antitrust analysis. Market definition has two components. Product market definition seeks to include all products that are meaningful substitutes. Geographic market definition seeks to incorporate all relevant sources of the product in question. This paper is concerned with geographic market definition and, in particular, how geographic markets are defined in situations where competition may, at least to some extent, transcend national boundaries.

The subject of the paper may be of some current interest for two reasons. First, the perception is widespread that, over the past twenty or so years, competition …

The Free Rider Rationale And Vertical Restraints Analysis Reconsidered, George A. Hay

Cornell Law Faculty Publications

No abstract provided.

Collective Bargaining And The Coase Theorem, Stewart J. Schwab

Cornell Law Faculty Publications

Is Statistical Discrimination Efficient?, Stewart J. Schwab

Cornell Law Faculty Publications

No abstract provided.

Vertical Restraints, George A. Hay

Cornell Law Faculty Publications

No abstract provided.

Some Considerations Which May Lead Lawmakers To Modify A Policy When Adopting It As Law, Robert S. Summers

Cornell Law Faculty Publications

No abstract provided.

Vertical Restraints After Monsanto, George A. Hay

Cornell Law Faculty Publications

The decision in Monsanto Co. v. Spray-Rite Service Corp. represents the Supreme Court's latest effort to articulate the standards governing vertical restraints of trade under the United States anti-trust law. It is unlikely that this will be the last time the Court addresses this topic. Notwithstanding the many Supreme Court decisions in this area, several issues remain unresolved. Indeed, Monsanto may have created (or resurrected) as many new questions as it answered, a phenomenon characteristic of most prior opinions in this area.

At least part of the reason for this unsettled state is that, from the outset, the Supreme Court …

Anti-Trust And Economic Theory: Some Observations From The Us Experience, George A. Hay

Cornell Law Faculty Publications

Recent developments in US anti-trust can be characterised as reflecting the uneasy interaction of two quite separate phenomena: first, the increased emphasis on economic analysis as the overriding organising principle of anti-trust policy and on economic efficiency as the primary (perhaps only) relevant goal for anti-trust; second, the long-standing reluctance of the federal judiciary to involve itself in any substantive economic analysis, and the preference, instead, for simple rules of thumb or ‘pigeon holes’ to sort out lawful from unlawful conduct. The result has been that while economics has played a major role, it has not influenced American anti-trust as …

Pigeonholes In Antitrust, George A. Hay

Cornell Law Faculty Publications

The First Amendment And Economic Regulation: Away From A General Theory Of The First Amendment, Steven H. Shiffrin

Cornell Law Faculty Publications

The Future Of Economics In Legal Education: Limits And Constraints, Robert S. Summers

Cornell Law Faculty Publications

No abstract provided.

Property, E. F. Roberts

Cornell Law Faculty Publications

No abstract provided.

The Economics Of Predatory Pricing, George A. Hay

Cornell Law Faculty Publications

The revival of interest among economists in predatory pricing, spawned by Areeda and Turner's 1975 article, and the tidal wave of literature which has followed, creates a serious problem for the lawyer interested in keeping up with what economists are saying on the subject. Articles appearing in the standard economics journals are often inaccessible, due to the advanced level of mathematics normally employed, and seem of little apparent relevance, due to the detailed but often artificially sounding assumptions used to generate conclusions. The materials appearing in law reviews, while perhaps less technical, is voluminous and not always original, Worst of …

Predatory Pricing: Competing Economic Theories And The Evolution Of Legal Standards, Joseph F. Brodley, George A. Hay

Cornell Law Faculty Publications

Recent years have witnessed a virtual explosion in the legal and economic literature dealing with predatory pricing. Equally dramatic has been the swift adoption by several courts of policy conclusions derived from this literature—a development that is startling, given the complexity and volume of the literature and the lack of consensus among legal and economic scholars. The result has been to raise an acute problem for lawyers and judges who must assess the validity and applicability of competing economic models, mold stubborn and unruly facts to fit abstract economic theories, translate economic theories into legal doctrines, and resolve puzzling cost …

‘Economists’ Reasons' For Common Law Decisions - A Preliminary Inquiry, Robert S. Summers, Leigh B. Kelley

Cornell Law Faculty Publications

No abstract provided.

Subsidies, Countervailing Duties And Antidumping After The Tokyo Round, John J. Barceló Iii

Cornell Law Faculty Publications

No abstract provided.

Public Assurance Of An Adequate Minimum Income In Old Age: The Erratic Partnership Between Social Insurance And Public Assistance, Peter W. Martin

Cornell Law Faculty Publications

No abstract provided.

The Unemployment Rate: Time To Give It A Rest?, Stewart J. Schwab, John J. Seater

Cornell Law Faculty Publications

The most overworked figure in our society may be the unemployment rate. Newscasters, politicians, and economists use it in discussing everything from the overall health of the economy to the merits of alternative welfare programs. Despite its widespread use, however, the unemployment rate frequently is criticized for not indicating the true state of the economy’s health or of society’s welfare.

If the unemployment rate falls to 4 percent, for example, some economists will argue that it’s too low and that, even though the rate is greater than zero, the economy is overemployed. Others will argue that unemployment has not fallen …

Subsidies And Countervailing Duties--Analysis And A Proposal, John J. Barceló Iii

Cornell Law Faculty Publications

The author recommends a new scheme for regulating the use of government subsidies and countervailing duties in international trade, an area presently regulated by the General Agreement on Tariffs and Trade. He contends that these rules should be based to a large extent on principles of free trade and economic efficiency. In addition to setting out proposed regulations, the author analyzes the strength and weaknesses of free trade theory and of the present GATT rules regarding subsidies and countervailing duties.

The Dynamics Of Firm Behavior Under Alternative Cost Structures, George A. Hay

Cornell Law Faculty Publications

A large and growing number of studies attempt to determine the important factors affecting firms' decisions with respect to price, output, and inventories. A striking feature of this literature is the embarrassingly large number of alternative models—all allegedly consistent with the principles of profit maximization—which are used to justify various reduced form or behavioral equations to be estimated with the appropriate firm or industry data.

It is rare, however, that the equations to be estimated are derived rigorously from the underlying model. Because of this, the restrictions placed on the equations to be estimated are often limited at worst to …

The Effectiveness Of Economic Regulation: A Legal View, Roger C. Cramton

Cornell Law Faculty Publications

No abstract provided.

Diversification Of Ownership In The Regulated Industries – The Folklore Of Regulation, Roger C. Cramton

Cornell Law Faculty Publications

No abstract provided.