Monosopy

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Monopsony in Law and EconoMics

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 thisbook 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 waylaw has developed to respond to these harms. 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 DavidKaserman), 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 isalso 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 M.B.A. and Ph.D. from the University of Florida and his J.D.from the University of North Carolina. He has held teaching positions at the University of North Carolina at Greensboro, the University of North Carolina at 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; Lawand 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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Monopsony in Law and Economics
RogeR D. BlaiR and JeffRey l. HaRRison
University of Florida

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CAMBRIDGE UNIVERSITY PRESS

Cambridge, New York, Melbourne,Madrid, Cape Town, Singapore, São Paulo, Delhi, Dubai, Tokyo Cambridge University Press The Edinburgh Building, Cambridge CB2 8RU, UK Published in the United States of America by Cambridge University Press, New York www.cambridge.org Information on this title: www.cambridge.org/9780521762304 © Roger D. Blair and Jeffrey L. Harrison 2010 This publication is in copyright. Subject to statutoryexception and to the provision of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press. First published in print format 2010 ISBN-13 ISBN-13 ISBN-13 978-0-511-90236-9 978-0-521-76230-4 978-0-521-74608-3 eBook (NetLibrary) Hardback Paperback

Cambridge University Press has no responsibility for the persistenceor accuracy of urls for external or third-party internet websites referred to in this publication, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate.

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To the memory of my parents – Duncan and Eleanor – who gave me so much. –Roger D. Blair

For Sarah, McCabe, Casey, and Connor –Jeffrey L. Harrison

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