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The Economics of Collusion: Cartels and Bidding Rings Hardcover – April 27, 2012

3 customer reviews
ISBN-13: 978-0262017329 ISBN-10: 0262017326

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Editorial Reviews

Review

"Robert Marshall and Leslie Marx bring to this book a deep understanding of the scholarly body of research and an intimate and broad knowledge of actual cartels and collusive practices. While there are many scholars who possess the former, and many practitioners who possess the latter, it is a rare few who are in possession of both sources of insight. The Economics of Collusion delivers one of the most comprehensive and instructive studies of cartels ever written."--Joseph Harrington, Johns Hopkins University



"Professors Robert Marshall and Leslie Marx have produced a real gem. Their new book not only explains the challenges that face potential colluders, but the private and social costs of their actions. This is a must read… economic theory, empirics, and storytelling at its very best." --Michael R. Baye, Kelley School of Business; Former Director of the Bureau of Economics Federal Trade Commission



"This book provides a very accessible introduction to the economics of collusion. A unique feature is its use of narrative description to demonstrate the inner workings of cartels. The narratives are based on actual cases, which makes the book highly engaging and entertaining. This is a valuable resource for anyone who is interested in the topic."--Jay Pil Choi, Department of Economics, Michigan State University



"Using an approach that is both intuitive and meticulous, Robert Marshall and Leslie Marx do a wonderful job explaining how cartels and bidding rings function. Students and practitioners will enjoy reading this informative, innovative, and well-written book."--Paolo Buccirossi, Director and Founder of Lear, Rome

About the Author

Robert C. Marshall is Liberal Arts Research Professor of Economics at the Pennsylvania State University.

Leslie M. Marx, a former Chief Economist at the U.S. Federal Communication Commission, is Robert A. Bandeen Professor of Economics at the Fuqua School of Business at Duke University.
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Product Details

  • Hardcover: 320 pages
  • Publisher: The MIT Press (April 27, 2012)
  • Language: English
  • ISBN-10: 0262017326
  • ISBN-13: 978-0262017329
  • Product Dimensions: 6 x 0.5 x 9 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Best Sellers Rank: #1,352,371 in Books (See Top 100 in Books)

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Format: Paperback
The authors describe the nature of collusion, where a number of individuals or corporations seek to increase profits by agreeing to cooperate rather than compete. Much of this story is told as a series of vignettes, following the activities of the colluding entities as they secretly work together towards their common goal.

One particularly easy to visualize example constructed by the authors is that of a bidding ring consisting of antique dealers who bid on high-end furniture, such as original Chippendale pieces, at estate sales and auctions. One particularly interesting practice of this bidding ring is that in which only one dealer belonging to the ring places a serious bid at any given time. That is, the members of the ring never bid against one another--which would drive up the price of the item. For show, however, the members do bid against one another at early stages of the bidding, but only when the price under consideration is at a ridiculously low level! Another reason that the members of the ring do not bid against one another is that a series of high ascending bids notifies less well informed auction attendees that the piece under bid is of great value, which provides free information to members outside of the bidding ring--resulting in others bidding higher and driving up the price! As the dream of the members of the ring is to buy valuable pieces at prices characteristic of neighborhood garage sales, constraining the bidding process is necessary in order to insure large profits.
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2 of 2 people found the following review helpful By Jack Rivkin on March 20, 2013
Format: Kindle Edition Verified Purchase
Have not seen anything as thorough on the topic of monopolies and lesser collusions. Worth reading for the lay person and all involved in the topic including company CEOs. Marshall and Marx have done a real service. It is a technical book but includes much that the lay person can understand. Unfortunately, you can't wait for the movie!
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0 of 1 people found the following review helpful By Komson Chanprapan on December 4, 2013
Format: Hardcover Verified Purchase
Good book. I like the way the authors present the idea. Many case studies provided in the book are interesting.
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