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John Clifford PANZAR

economist

John Clifford PANZAR, economist in the field of Industrial Organisation and Public Policy; Microeconomic Theory.

Background

PANZAR, John Clifford was born in 1947 in Chicago Heights, Illinois, United States of America.

Education

Editorial Board, Journal of Economic Literature, since 1983., Information Economics and Policy, since 1982.

Career

Technical Staff, Head, Economics Analysis Research Department, Bell Lab,

New Jersey, United States of America, 1974-1983, 1980-1983. Visiting Adjunct Association Professor, University California Berkeley, 1977. Visiting Professor of Economics, University Pennsylvania, 1983.

Professor of Economics, Northwestern University, Evanston, Illinois, United States of America,

. British Academy Carleton College, 1969. Massachusetts, Doctor of Philosophy Stanford University, 1973,

1975

Degrees Editorial Board, Journal of Economic Literature, since 1983., Information Economics and Policy, since 1982.

Works

Views

My work has focussed primarily on the theory of economic regulation. Beginning with my thesis, I have had a continuing interest in the United States airline industry. Initially, this research analysed the effects of Civil Aeronautics Board regulation, but more recently it has been an attempt to understand the more complex workings of unregulated airline markets.

The other major thrust of my research has been in the theory of the multiproduct firm, particularly the multiproduct natural monopoly. This was a

natural by-product of the years I spent as a research economist at Bell Laboratories. In the course of exploring the proper theoretical framework for the analysis of policy issues involved in the regulation of multiproduct natural monopolies, my colleagues and I identified and analysed multiproduct cost concepts such as economies of scope and product-specific economies of scale.

These proved to be important concepts in the analysis of monopoly sustainability: i.e., the conditions under which a regulator could fix the prices of a natural monopolist and allow free entry into the industry without running the risk of inefficient entry by non-innovative firms. (Thus sustainability requires, inter alia, that there be no cross-subsidy among the products of the monopolist.) While the sustainability concept was developed for the case of regulated firms, it occurred to W.J. Baumol, R.D. Willig and myself that it was also an appropriate equilibrium concept for markets in which entry and exit are very easy. (Unregulated airline markets perhaps provide the best real world approximation.) Such contestable markets became the focus of our recent book.

Connections

father:
Roland Panzar

mother:
Gwendolyn Venita (Bishir) Panzar

spouse:
Anne Davis Laws

children:
John Roland Panzar

Luke William Panzar