{"product_id":"consumer-surplus-as-the-appropriate-standard-for-antitrust-enforcement-9781289008505","title":"Consumer Surplus as the Appropriate Standard for Antitrust Enforcement","description":"\u003cp\u003e • Author(s): U. S. Department of Justice Antitrust Di | Russell Pittman\u003cbr\u003e • Publisher: Bibliogov\u003cbr\u003e • Publisher Imprint: Bibliogov\u003cbr\u003e • BISAC: General\u003c\/p\u003e\u003cp\u003eIn antitrust enforcement as in cost-benefit analysis, neoclassical economics may be interpreted as arguing for the use of a \"total welfare\" standard whose implementation treats transfers as welfare-neutral. Several recent papers call for antitrust agencies to move in the direction of this version of a total welfare standard for enforcement. However, as Williamson (1968) noted, horizontal mergers typically result in transfers that may greatly exceed in magnitude any deadweight loss or efficiency gain, so that a decision to ignore transfers may be quite important. I argue that such transfers are likely overall to be quite regressive, and thus that a consumer surplus standard rather than a total welfare standard may be appropriate for antitrust. Two common arguments against this standard â \" that most mergers are in markets for intermediate goods, and that a consumer welfare standard implies a tolerance for monopsony â \" are examined and found wanting. I argue in addition that, even if a total welfare standard is used, both the finance literature on merger outcomes and the structure of the U.S. enforcement agencies suggest that the use of a consumer surplus standard by the agencies is more likely to achieve that goal.\u003c\/p\u003e","brand":"Atlantic Books","offers":[{"title":"Paperback","offer_id":46492713353367,"sku":"9781289008505","price":1336.0,"currency_code":"INR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0666\/3471\/1191\/files\/9781289008505.jpg?v=1766353940","url":"https:\/\/atlanticbooks.com\/products\/consumer-surplus-as-the-appropriate-standard-for-antitrust-enforcement-9781289008505","provider":"Atlantic Books","version":"1.0","type":"link"}