Guest Editor's Introduction

• Author: Roger D. Blair
• DOI: 10.1177/0003603X1205700301
• Date: 01 September 2012
• Published date: 01 September 2012
• Subject Matter: Guest Editor's Introduction

Guest editor’s introduction

BYROGER D. BLAIR*

In 2009, Oliver Williamson received the Nobel Prize in Economics.

Without demeaning the generality of his substantial contributions to

the economics literature, Williamson is (arguably) an antitrust econo-

mist. His research has immediate relevance for antitrust policy, and he

has written specifically on antitrust issues: efficiencies in merger

analysis, predatory pricing, vertical integration, and vertical

restraints. Williamson’s research has had a profound impact on Trans-

action Cost Economics thinking and antitrust enforcement.

I. TRANSACTION COST ECONOMICS

The most obvious and most important body of Williamson’s work

deals with the development of transaction cost economics. This research

explores the boundaries of the firm. It explains vertical integration by

ownership and by contractual alternatives. Williamson’s monumental

efforts are the subject of three essays in this Symposium. First, Paul

Joskow reviews a wide array of advances in microeconomic theory that

go well beyond the standard neoclassical model of production and dis-

THE ANTITRUST BULLETIN:Vol. 55, No. 3/Fall 2010 :539

* Walter J. Matherly Professor, Department of Economics, University of

Florida.

AUTHOR’S NOTE: I want to thank Herb Hovenkamp for suggesting that I organize

this symposium to honor Professor Williamson. I also want to thank all of the

contributors for their efforts and for their timely submissions.

© 2010 by Federal Legal Publications, Inc.