Anti-Trust and Economic Theory: Some Observations from the US Experience

Recent developments in US anti-trust can be characterised as reflecting the uneasy interaction of two quite separate phenomena: first, the increased emphasis on economic analysis as the overriding organising principle of anti-trust policy and on economic efficiency as the primary (perhaps only) relevant goal for anti-trust; second, the long-standing reluctance of the federal judiciary to involve itself in any substantive economic analysis, and the preference, instead, for simple rules of thumb or ‘pigeon holes’ to sort out lawful from unlawful conduct. The result has been that while economics has played a major role, it has not influenced American anti-trust as thoroughly or as uniformly as might have been imagined; rather the extent and the nature of its influence have depended on the degree to which the relevant economics could be reduced to the kind of simple rules or pigeon holes that the judiciary favours. The present paper will illustrate that theme, first by reporting on the two developments separately and then by illustrating their joint influence with reference to two important areas of American anti-trust: predatory conduct and so-called vertical restraints. Finally, a contrast will be made between judicial development in those two areas and recent American merger policy which, it is argued, is carried out largely independently of the judiciary, and hence the opportunities for economics to influence the process are less inhibited by the judicial reluctance to undertake extensive economic analysis

The relationships between internal and external threat and right-wing attitudes: A three-wave longitudinal study

The interplay between threat and right-wing attitudes has received much research attention, but its longitudinal relationship has hardly been investigated. In this study, we investigated the longitudinal relationships between internal and external threat and right-wing attitudes using a cross-lagged design at three different time points in a large nationally representative sample (N = 800). We found evidence for bidirectional relationships. Higher levels of external threat were related to higher levels of Right-Wing Authoritarianism and to both the egalitarianism and dominance dimensions of Social Dominance Orientation at a later point in time. Conversely, higher levels of RWA were also related to increased perception of external threat later in time. Internal threat did not yield significant direct or indirect longitudinal relationships with right-wing attitudes. Theoretical and practical implications of these longitudinal effects are discussed

Accounting for unequal access to higher education: the role of social identity factors

Western societies stress the potential for anyone, irrespective of social background, to improve their position within society. However, disadvantaged students face barriers in gaining a good education. Two studies in secondary schools show how perceptions of identity compatibility and anticipated fit influence students’ university choices. It was found that relatively disadvantaged students scored lower on identity compatibility, and that low scores on identity compatibility were associated with lower anticipated fit at a local selective (Study 1) or highly selective (Study 2) university. Anticipated fit, in turn, predicted the type of university to which participants wanted to apply; those who anticipated fitting in more at selective universities were more likely to apply to higher status universities. These relations were significant while controlling for academic achievement. Together, these studies suggest that social identity factors play a relevant role in explaining higher education choices among low-status group members

Believing is achieving: a longitudinal study of self-efficacy and positive affect in resettled refugees

Research has shown that self-efficacy can play an important role in recovery from trauma (Benight and Bandura 2004). We hypothesised that for refugees, whose (often traumatic) experiences pre- and post-resettlement have been linked to a decrease in their wellbeing (e.g., Aspinall and Watters 2010), self-efficacy would play a key role in improving wellbeing. This paper investigates the link between self-efficacy and positive affect among resettled refugees (N = 180). Research used mixed methods. The longitudinal survey with three time points confirmed that higher levels of general self-efficacy were consistently associated with better positive affect at later time points. The reverse effects, from positive affect to later self-efficacy, were not significant. In addition, qualitative interviews with a subsample provide suggestions as to how self-efficacy of refugees might be improved: that is, by improving access to employment and language classes, by clarifying how British social and cultural systems work, including the practical information necessary to navigate daily life, and by providing more opportunities to increase social networks, all suggesting the necessity of a proactive role of the receiving society

Negative emotional stimuli reduce contextual cueing but not response times in inefficient search

In visual search, previous work has shown that negative stimuli narrow the focus of attention and speed reaction times (RTs). This paper investigates these two effects by first asking whether negative emotional stimuli narrow the focus of attention to reduce the learning of a display context in a contextual cueing task and, second, whether exposure to negative stimuli also reduces RTs in inefficient search tasks. In Experiment 1, participants viewed either negative or neutral images (faces or scenes) prior to a contextual cueing task. In a typical contextual cueing experiment, RTs are reduced if displays are repeated across the experiment compared with novel displays that are not repeated. The results showed that a smaller contextual cueing effect was obtained after participants viewed negative stimuli than when they viewed neutral stimuli. However, in contrast to previous work, overall search RTs were not faster after viewing negative stimuli (Experiments 2 to 4). The findings are discussed in terms of the impact of emotional content on visual processing and the ability to use scene context to help facilitate search

Life at both ends of the ladder: education-based identification and its association with well-being and social attitudes

Level of formal education is an important divide in contemporary societies; it is positively related to health, well-being, and social attitudes such as tolerance for minorities and interest in politics. We investigated whether education-based identification is a common underlying factor of these education effects. Indeed, education-based identification was stronger among the higher educated, especially for identification aspects that encompass education-based group esteem (i.e., the belief that one’s educational group is worthy and that others think so, too). Furthermore, while group esteem had beneficial effects across educational levels, aspects of identification that were unrelated to group esteem had positive effects for the higher educated but not for the less educated. Thus, the less educated do not benefit from the psychologically nourishing effect of identification that exists for other groups. The stigma and responsibility related to low education could be a common explanation for a wide range of outcomes

Validity of measures of pain and symptoms in HIV/AIDS infected households in resources poor settings: results from the Dominican Republic and Cambodia

BACKGROUND: HIV/AIDS treatment programs are currently being mounted in many developing nations that include palliative care services. While measures of palliative care have been developed and validated for resource rich settings, very little work exists to support an understanding of measurement for Africa, Latin America or Asia. METHODS: This study investigates the construct validity of measures of reported pain, pain control, symptoms and symptom control in areas with high HIV-infected prevalence in Dominican Republic and Cambodia Measures were adapted from the POS (Palliative Outcome Scale). Households were selected through purposive sampling from networks of people living with HIV/AIDS. Consistencies in patterns in the data were tested used Chi Square and Mantel Haenszel tests. RESULTS: The sample persons who reported chronic illness were much more likely to report pain and symptoms compared to those not chronically ill. When controlling for the degrees of pain, pain control did not differ between the chronically ill and non-chronically ill using a Mantel Haenszel test in both countries. Similar results were found for reported symptoms and symptom control for the Dominican Republic. These findings broadly support the construct validity of an adapted version of the POS in these two less developed countries. CONCLUSION: The results of the study suggest that the selected measures can usefully be incorporated into population-based surveys and evaluation tools needed to monitor palliative care and used in settings with high HIV/AIDS prevalence

Risk-shifting Through Issuer Liability and Corporate Monitoring

This article explores how issuer liability re-allocates fraud risk and how risk allocation may reduce the incidence of fraud. In the US, the apparent absence of individual liability of officeholders and insufficient monitoring by insurers under-mine the potential deterrent effect of securities litigation. The underlying reasons why both mechanisms remain ineffective are collective action problems under the prevailing dispersed ownership structure, which eliminates the incentives to moni-tor set by issuer liability. This article suggests that issuer liability could potentially have a stronger deterrent effect when it shifts risk to individuals or entities holding a larger financial stake. Thus, it would enlist large shareholders in monitoring in much of Europe. The same risk-shifting effect also has implications for the debate about the relationship between securities litigation and creditor interests. Credi-tors’ claims should not be given precedence over claims of defrauded investors (e.g., because of the capital maintenance principle), since bearing some of the fraud risk will more strongly incentivise large creditors, such as banks, to monitor the firm in jurisdictions where corporate debt is relatively concentrated