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Economic Policy and Market Regulation Part 4 Dr. Stefan Kooths BiTS Berlin (winter term 2013/2014) www.kooths.de/bits-ep KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 1 Outline 1. Introduction and Overview 2. Market Mechanisms and Government Interventions 3. Externalities and Public Goods 4. Competition Policy and Regulation Competitive markets vs. market power Anti-competitive behavior and anti-trust policies Natural monopolies 5. Ordoliberalism and the Social Market Economy 6. Summary: The Key Lessons Learnt KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 2 Monopoly: Price, quantity, and welfare effects KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 3 Price discrimination KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 4 Temporary monopolies (pioneer profits), dynamic efficiency, and contestable markets KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 5 Cartels: Potential profits and fragility KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 6 Outline 1. Introduction and Overview 2. Market Mechanisms and Government Interventions 3. Externalities and Public Goods 4. Competition Policy and Regulation Competitive markets vs. market power Anti-competitive behavior and anti-trust policies Natural monopolies 5. Ordoliberalism and the Social Market Economy 6. Summary: The Key Lessons Learnt KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 7 Anti-competitive strategies (overview) Cartels and collusion Abuse of dominant market position Mergers and acquisitions KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 8 Anti-trust policy concepts (overview) Laissez-faire approach Structure approach Regulation approach Ownership approach KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 9 Per se-rule vs. rule of reason KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 10 Ex ante vs. ex post approach KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 11 Problem of the relevant market KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 12 Outline 1. Introduction and Overview 2. Market Mechanisms and Government Interventions 3. Externalities and Public Goods 4. Competition Policy and Regulation Competitive markets vs. market power Anti-competitive behavior and anti-trust policies Natural monopolies 5. Ordoliberalism and the Social Market Economy 6. Summary: The Key Lessons Learnt KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 13 Economies of scale KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 14 Subadditivity of cost functions KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 15 Role of potential competition (contestable markets) KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 16 Regulation: Price-cap vs. rate-of-return KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 17 Auctioning KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 18 Ordoliberalism and the Social Market Economy Constitution Demokratischer Staat Regulation Protection Competition Social economy KOOTHS | BiTS: Economic Policy and Market Regulation (winter term 2013/2014), Part 4 19