Suchergebnisse

There have been allegations that the dominant meatpackers have conspired to raise beef prices in violation of §1 of the Sherman Act. In this article, I examine the market structure and find it to be conducive to collusion, which may be tacit or overt. The article analyzes the allegations of collusion in a partial conspiracy model. The empirical evidence appears to be consistent with the implications of the theory. The article also considers evidentiary problems for the plaintiffs as well as the pursuit of private damages and public sanctions.

In a classic article, Oliver Williamson introduced the efficiency defense to antitrust merger analysis. In this article, I extend his analysis to mergers among buyers that may create monopsony power. When such mergers are accompanied by merger-specific efficiencies, there is necessarily a welfare tradeoff. Evaluating the impact of the merger on social welfare requires a comparison of the cost savings that can be realized only without the merger and the allocative inefficiency due to the exercise of monopsony power.

In a classic article, Oliver Williamson introduced the efficiency defense to antitrust merger analysis. In this article, I extend his analysis to mergers among buyers that may create monopsony power. When such mergers are accompanied by merger-specific efficiencies, there is necessarily a welfare tradeoff. Evaluating the impact of the merger on social welfare requires a comparison of the cost savings that can be realized only without the merger and the allocative inefficiency due to the exercise of monopsony power.