The Rule of Reason

This guide examines the basic analytical approaches used to evaluate potential anti-competitive conduct and the debate over their effectiveness and efficiency. It discusses the emergence of the per se standard and concludes with an extended discussion of the key ingredients of the rule of reason.

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Eight decades after The Chicago Board of Trade v. U.S. decision, the reasonableness standard remains the core principle of antitrust analysis. While proposals to streamline the rule of reason analysis abound, the most compelling question is whether any of these proposals will gain widespread acceptance. This new guide examines the basic analytical approaches used to evaluate potential anti-competitive conduct and the ongoing debate over their effectiveness and efficiency. Tracing the development of rule of reason analysis from early decisions through present day cases, the book discusses the emergence of the per se standard. The guide concludes with an extended discussion of the key ingredients of the rule of reason mix: anti-competitive effects and market power, efficiency justifications, and the wide variety of methods proposed to try and balance them.