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COMPETITION, CONTESTABILITY AND PREDATION: THE ECONOMICS OF COMPETITION IN DEREGULATED BUS MARKETS

John S. Dodgson, Yannis Katsoulacos

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Abstract

In this paper, the application of economic models to analyse the consequences of bus deregulation are reviewed. The relevance of the theory of contestable markets, which has been applied to the bus industry is examined. The implications of theoretical work on the rationality of predatory behaviour such as price cutting, and empirical evidence on entry and post entry behaviour are looked at. The main conclusion of the work is that the local bus market is not perfectly contestable as implied in the original government's proposals for bus deregulation (see IRRD no 276779).

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What this paper is about

In this paper, the application of economic models to analyse the consequences of bus deregulation are reviewed. The relevance of the theory of contestable markets, which has been applied to the bus industry is examined. The implications of theoretical work on the rationality of predatory behaviour such as price cutting, and empirical evidence on entry and post entry behaviour are looked at. The main conclusion of the work is that the local bus market is not perfectly contestable as implied in the original government's proposals for bus deregulation (see IRRD no 276779).

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Available abstract

In this paper, the application of economic models to analyse the consequences of bus deregulation are reviewed. The relevance of the theory of contestable markets, which has been applied to the bus industry is examined. The implications of theoretical work on the rationality of predatory behaviour such as price cutting, and empirical evidence on entry and post entry behaviour are looked at. The main conclusion of the work is that the local bus market is not perfectly contestable as implied in the original government's proposals for bus deregulation (see IRRD no 276779).

Key concepts: Deregulation, Competition (biology), Work (physics), Predatory pricing, Economics, Industrial organization, Rationality, Government (linguistics)

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COMPETITION, CONTESTABILITY AND PREDATION: THE ECONOMICS OF COMPETITION IN DEREGULATED BUS MARKETS — Research Paper | ScholarLens