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The antitrust litigation process is, to a large and perhaps
surprising degree, driven by the underlying economic literature.
The articles in this volume have been chosen to provide a sense of
both the history and the current state of thinking about antitrust.
The opening section considers the flaws in the 1960s view on
monopoly. Part II then examines economic thinking with respect to
mergers. The next three sections contain selections on three
specific sets of practices that have been frequent targets of
antitrust scrutiny. Part VI examines perspectives on exclusionary
behavior. Part VII studies the literature on network externalities.
The final part explores works in the area of bureaucracy and
politics. This insightful volume will be a valuable source of
reference for both economists and lawyers concerned with antitrust
and competition issues. 29 articles, dating from 1958 to 2001
As long as commodity and securities markets have been in operation,
market manipulation has been a serious concern. Now that many
electricity and natural gas markets have been opened to
competition, manipulation threatens to destroy the value of these
markets as well. Yet market manipulation itself remains
ill-defined, with uncertain legal and economic principles operating
on both sides of regulatory proceedings. Andrew N. Kleit's Modern
Energy Market Manipulation offers an in-depth exploration of this
crucial gray area. It presents a coherent definition of market
manipulation, and drawing upon the substantial available legal
evidence, it examines two categories of manipulation cases: those
in which the allegations clearly fit the definition of manipulation
but in which the facts of the case are unclear, and conversely,
those in which the facts of the case are clear but in which it is
uncertain whether they actually constitute manipulation. Throughout
his discussions, Professor Kleit casts a critical eye not only on
energy companies but also on the legal decisions and processes at
the Federal Energy Regulatory Commission, which acts as both
prosecutor and judge in manipulation matters, and which has
consistently sided with its own staff and against defendants. As
this book deftly shows, both defendants and prosecutors alike have
benefitted from the ambiguities at the heart of existing
definitions of market manipulation. Modern Energy Market
Manipulation is essential reading for regulators, jurists,
litigants, and business managers, and it is of interest to anyone
who wants to learn about the enforcement mechanisms of federal
regulators.
Initially created as afterthoughts to competitive electricity
markets, capacity markets were intended to enhance system
reliability. They have evolved into massive, highly controversial,
and poorly understood billion-dollar institutions. Electricity
Capacity Markets examines the rationales for creating capacity
markets, how capacity markets work, and how well these markets are
meeting their objectives. This book will appeal to energy experts
and non-experts alike, across a range of disciplines, including
economics, business, engineering, public policy, and law. Capacity
markets are an important and provocative topic on their own, but
they also offer an interesting case study of how well our energy
systems are meeting the needs of our increasingly complex society.
The challenges facing capacity markets - harnessing market forces
for social good, creating networks that manage complexity, and
achieving sustainability - are very much core challenges for our
twenty-first century advanced industrial society.
Initially created as afterthoughts to competitive electricity
markets, capacity markets were intended to enhance system
reliability. They have evolved into massive, highly controversial,
and poorly understood billion-dollar institutions. Electricity
Capacity Markets examines the rationales for creating capacity
markets, how capacity markets work, and how well these markets are
meeting their objectives. This book will appeal to energy experts
and non-experts alike, across a range of disciplines, including
economics, business, engineering, public policy, and law. Capacity
markets are an important and provocative topic on their own, but
they also offer an interesting case study of how well our energy
systems are meeting the needs of our increasingly complex society.
The challenges facing capacity markets - harnessing market forces
for social good, creating networks that manage complexity, and
achieving sustainability - are very much core challenges for our
twenty-first century advanced industrial society.
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