Monopsony in Law and Economics

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).

• 1. Introduction; 2. The antitrust laws and monopsonistic forms of conduct; 3. Economic theory of monopsony; 4. The antitrust response to monopsony and collusive monopsony; 5. Cooperative buying efforts; 6. Bilateral monopoly; 7. Monopsony and antitrust enforcement; 8. Monopsony in action: agricultural markets; 9. Monopsony in action: the NCAA; 10. Monopsony in action: physician collective bargaining: monopoly or bilateral monopoly; 11. Final comments.

'Blair and Harrison provide a clear, approachable, and useful analysis of the economics of monopoly on the buying side of markets, a subject that is much too frequently both overlooked and misunderstood. The authors also include a comprehensive, policy-driven analysis of bilateral monopoly and show how monopsony power is exercised in a number of markets, including agriculture, sports leagues, and medical services. This excellent, well-written, and timely book should be on the shelf of every industrial organization economist as well as every competition or antitrust lawyer.' Herbert Hovenkamp, University of Iowa