Monopsony in Law and Economics

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, Roger D.
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.

'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 'Blair and Harrison have written an exhaustive, and probably the definitive, treatment of the law and economics of monopsony. This book explores the issue in depth and also discusses many examples that put the topic easily within the grasp of readers who do not have a background in either law or economics. It is unquestionably the best single source for research on this topic.' Keith N. Hylton, Boston University 'By putting together in a single location and further organizing and developing what we know about monopsony, Blair and Harrison have not only produced a very interesting book, but also done a great service to the profession. This unique monograph includes a detailed treatment of relevant antitrust rules and case law, a thorough but very accessible treatment of relevant economic theory, as well as numerous examples and details of specific industries in which monopsony issues arise in practice. I am sure it will become the standard reference on monopsony, and that I will refer students of economics and antitrust to it for years to come.' Francine LaFontaine, University of Michigan 'This work sets out the fundamental economics of monopsony in a way that will satisfy economists yet is accessible to lawyers. It canvasses the current law on monopsony, taking account of the Supreme Court's provocative case on predatory buying and other recent developments.