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Are Predatory Commitments Credible?

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  • Lott, Jr. John R.

Abstract

Predatory pricing has long been a contentious issue among lawmakers and economists. Legal actions are continually brought against companies. But the question remains: how likely are firms to cut prices in order to drive rivals out of business? Predatory firms risk having to keep prices below cost for such an extended period that it would become cost-prohibitive. Recently, economists have turned to game theory to examine circumstances under which predatory tactics could be profitable. John R. Lott, Jr. provides long-awaited empirical analysis in this book. By examining firms accused of or convicted of predation over a thirty-year period of time, he shows that these firms are not organized as the game-theoretic or other models of predation would predict. In contrast, what evidence exists for predation suggests that government enterprises are more of a threat. Lott presents crucial new data and analysis, attacking an issue of major legal and economic importance. This impressive work will be of great interest to economists, legal scholars, and antitrust policy makers.

Suggested Citation

  • Lott, Jr. John R., 1999. "Are Predatory Commitments Credible?," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226493558, December.
    • Handle: RePEc:ucp:bkecon:9780226493558
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    Cited by:

    1. William Comanor & H. Frech, 2015. "Economic Rationality and the Areeda–Turner Rule," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 46(3), pages 253-268, May.
    2. Gunnar Alexandersson & Staffan Hultén, 2006. "Predatory bidding in competitive tenders: A Swedish case study," European Journal of Law and Economics, Springer, vol. 22(1), pages 73-94, July.
    3. Lott, John R, Jr, 1999. "Public and Private Penalties: Introduction," Journal of Law and Economics, University of Chicago Press, vol. 42(1), pages 239-243, April.
    4. Justus Haucap & Jörn Kruse, 2004. "Verdrängungspreise auf Telekommunikationsmärkten?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 5(3), pages 337-361, August.
    5. R. Richard Geddes, 2008. "Pricing by state-owned enterprises: the case of postal services," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 29(7), pages 575-591.
    6. Valentiny, Pál, 2004. "Árprés és felfaló árazás. Közgazdasági elmélet, bírói, szabályozói gyakorlat [Price squeezing and predatory pricing. Economic theory and judicial and regulatory practice]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 24-45.
    7. Dalida Kadyrzhanova, 2005. "Predatory Governance," Computing in Economics and Finance 2005 421, Society for Computational Economics.

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