Economic efficiency,antitrust and rate-of-return |
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| Authors: | John P. Formby W. James Smith Paul D. Thistle |
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| Affiliation: | 1. University of Alabama, USA
2. University of Colorado at Denver, USA
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| Abstract: | This paper examines the economic consequences of using excessive rates-of-return to detect and prosecute cartels. We find that this policy leads to inefficient factor utilization, but always increases output and welfare. The rate-of-return policy may yield greater social gains than a welfare-based antitrust policy. |
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