workable competition

Workable competitionclick for a larger image
Fig. 199 Workable competition. The standards of structure, conduct and performance.

workable competition

the specification of standards of MARKET STRUCTURE and MARKET CONDUCT that are likely to result in an acceptable MARKET PERFORMANCE. Fig. 199 lists one such classification.

Definitions of workable competition represent an effort to provide more useful guidelines in applying COMPETITION POLICY to real world markets than can be drawn from the theoretical ‘ideal’ state of PERFECT COMPETITION. There are, however, important operational difficulties involved in stipulating acceptable norms: for example: what is meant by an ‘appreciable’ number of firms? what levels of profits are ‘fair’? See also MARKET-STRUCTURE-CONDUCT-PERFORMANCE SCHEMA, CONTESTABLE MARKET, PUBLIC INTEREST, THEORY OF MARKETS, MONOPOLY.

References in periodicals archive ?
Separate contract for one 3000-ton and three 500-ton patrol ships valued at 180 billion won fell through after it failed to receive enough bids to meet workable competition provision for public procurements.
This Article locates the origin of these doctrines and the market power model in price theory's workable competition model, often associated with the "Harvard School" of Antitrust.
This account, it is shown, rests on neoclassical price theory's workable competition model.
Most real world firms possess some market power, no matter how slight, and members of the workable competition school naturally concluded that firms used that power to coerce acceptance of such agreements.
After identifying different approaches to antitrust legal theory--the common law school, the rule of reason school, the monopolistic competition (New Deal) school, the workable competition school, the liberal (Harvard) school, and the law and economics (Chicago) school--he surveys Supreme Court cases that represent these various schools of thought together with related extra-judicial influences.
Free competition or workable competition characteristics identify with the free market economy demands.
To determine the characteristics of workable competition on the Romanian market, and thus the level of competitiveness of companies on the Romanian market, we considered necessary to conduct a quantitative survey amongst the companies, a survey that might allow obtaining comprehensive valid and valuable information, to reach relevant conclusions regarding the perception of companies relative to this issue.
The workable competition should be carefully identified according to the stage of market evolution, specific circumstances of the country and according to the market participants' ranking and perceptions.
He concludes that given the ambiguous implications for economic efficiency and workable competition that result from the exercise of buyer power, the amelioration of any problems that may result is best addressed through market facilitating regulation rather than after-the-fact antitrust interventions.
The messy regulated exchange systems currently in place in the Western nations provide an acceptable workable competition.
Here, he applies this "x-law environment" type of analysis to a number of issues connected to the theme of observational learning about the law, including ownership and property rights, honesty and the reign of law, liability and law's indeterminacy, efficient entry and workable competition, non-negativity and obligation, competitive harm and public policy, non-market economics, the reach of the law, and frozen markets and intellectual property rights.
First published in 1936, this volume collects 13 essays by American institutionalist economist John Maurice Clark (1884-1963), one of the founders of the theory of workable competition.