Monopsony in Law and Economics

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Cambridge University Press, Sep 6, 2010 - Business & Economics - 264 pages
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Most readers are familiar with the concept of a monopoly. A monopolist is the only seller of a good or service for which there are not good substitutes. Economists and policy makers are concerned about monopolies because they lead to higher prices and lower output. The topic of this book is monopsony, the economic condition in which there is one buyer of a good or service. It is a common misunderstanding that if monopolists raise prices, then monopsonists must lower them. It is true that a monopsonist may force sellers to sell to them at lower prices, but this does not mean consumers are better off as a result. This book explains why monopsonists can be harmful and the way law has developed to respond to these harms.

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About the author (2010)

Roger D. Blair is Walter J. Matherly Professor of Economics at the University of Florida, where he has taught since 1970. He received his Ph.D. from Michigan State University. Professor Blair is the author or coauthor of numerous books, including Antitrust Economics (with David Kaserman), Law and Economics of Vertical Integration and Control (with David Kaserman), Monopsony: Antitrust Law and Economics (with Jeffrey Harrison), Intellectual Property: Economic and Legal Dimensions of Rights and Remedies (Cambridge University Press, with Thomas Cotter), The Economics of Franchising (Cambridge University Press, with Francine Lafontaine), and Volume II of Antitrust Law (with Herbert Hovenkamp, Christine Durrance, and the late Philip Areeda). He is also the editor or coeditor of many volumes, including Proving Antitrust Damages. Professor Blair has written more than 170 articles or chapters in professional economics journals, law reviews, and books.

Jeffrey L. Harrison is the Stephen C. O'Connell Chair and Professor of Law at the University of Florida College of Law. He received his MBA and Ph.D. from the University of Florida and his JD from the University of North Carolina. He has held teaching positions at the University of North Carolina, Greensboro, the University of North Carolina, Chapel Hill, the University of Texas, the University of Houston, and the Sorbonne, Paris. Among the books he has published are Understanding Antitrust and Its Economic Implications (with E. T. Sullivan), Law and Economics in a Nutshell, Law and Economics: Positive, Normative, and Behavioral Perspectives, Law and Economics (with Jules Theeuwes), and Regulation and Deregulation (with Thomas Morgan and Paul Verkuil).

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