By Charles K. Rowley
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Extra resources for Antitrust and Economic Efficiency
K. S. economies. Nevertheless, such evidence as exists is suggestive that X-inefficiency may indeed assume significant dimensions. For the most part, the available evidence must be derived as a by-product from studies conducted with different objectives than that of measuring X-inefficiency - productivity studies, efficiency audits, regulatory investigations, planning surveys and the like - and Leibenstein provided by far the most 53 comprehensive survey of such accumulated information in his 1966 article.
Some form of sensitivity analysis might arguably be incorporated into the trade-off analysis to assess the public policy significance of alternative views on the role of advertising. ALTERNATIVE COMPANY OBJECTIVES The trade-off approach to the antitrust debate conventionally assumes that all firms are motivated by the profit maximisation objective. No concessions are made to the possibility that company objectives themselves may not be entirely independent of market structure. Yet, recent developments in the theory of the firm suggest that objectives other than profit maximisation are increasingly important in markets sheltered from competitive pressures.
The view that there are significant scale economies in the inventive process has been thoroughly debated in recent years. It is essentially an empirical matter which will be re-examined in a subsequent section of this survey. The view that monopolists are better at appropriation than competitive firms is correct within the framework of laissez-faire, but does not hold up once patent legislation is envisaged. The issues raised by risk and uncertainty require further treatment, since One of the essential properties of the inventive process is that the outcome is so uncertain, and in an economy characterised by risk-aversion, unless facilities exist for the shifting of risk to those who are less risk-averse, or for risk reduction, private markets will discriminate against risky enterprises and, inevitably, will provide for a suboptimal allocation of resources to invention.
Antitrust and Economic Efficiency by Charles K. Rowley