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Antitrust Law in the New Economy - Google, Yelp, LIBOR, and the Control of Information (Hardcover)
Loot Price: R1,400
Discovery Miles 14 000
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Antitrust Law in the New Economy - Google, Yelp, LIBOR, and the Control of Information (Hardcover)
Expected to ship within 7 - 13 working days
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Markets run on information. Buyers make decisions by relying on
their knowledge of the products available, and sellers decide what
to produce based on their understanding of what buyers want. But
the distribution of market information has changed, as consumers
increasingly turn to sources that act as intermediaries for
information-companies like Yelp and Google. Antitrust Law in the
New Economy considers a wide range of problems that arise around
one aspect of information in the marketplace: its quality. Sellers
now have the ability and motivation to distort the truth about
their products when they make data available to intermediaries. And
intermediaries, in turn, have their own incentives to skew the
facts they provide to buyers, both to benefit advertisers and to
gain advantages over their competition. Consumer protection law is
poorly suited for these problems in the information economy.
Antitrust law, designed to regulate powerful firms and prevent
collusion among producers, is a better choice. But the current
application of antitrust law pays little attention to information
quality. Mark Patterson discusses a range of ways in which data can
be manipulated for competitive advantage and exploitation of
consumers (as happened in the LIBOR scandal), and he considers
novel issues like "confusopoly" and sellers' use of consumers'
personal information in direct selling. Antitrust law can and
should be adapted for the information economy, Patterson argues,
and he shows how courts can apply antitrust to address today's
problems.
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