{"id":75,"date":"2016-08-17T15:42:34","date_gmt":"2016-08-17T19:42:34","guid":{"rendered":"http:\/\/blogs.nd.edu\/the-science-of-being-rationally-irrational\/?p=75"},"modified":"2016-08-17T15:43:47","modified_gmt":"2016-08-17T19:43:47","slug":"another-case-of-a-pharma-monopoly","status":"publish","type":"post","link":"https:\/\/sites.nd.edu\/the-science-of-being-rationally-irrational\/2016\/08\/17\/another-case-of-a-pharma-monopoly\/","title":{"rendered":"Another Case of a Pharma Monopoly"},"content":{"rendered":"<p>In the past, we&#8217;ve seen cases where pharmaceutical companies have virtual monopolies on drugs and courses of treatment e.g. Duripram. \u00a0<a href=\"http:\/\/www.wkyt.com\/content\/news\/Cost-of-EpiPen-continues-to-rise--390412751.html\" target=\"_blank\">Here is another case<\/a>, where this time its is the maker of Epi-Pen which has a monopoly on a highly inelastic good.<\/p>\n<p>The question has come up time and again, is it ethical to take advantage of the market in way which maximizes profits? \u00a0From our coursework, we would expect this firm to raise prices along with total revenue, since the good is almost perfectly inelastic. \u00a0Where do you stand on this?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the past, we&#8217;ve seen cases where pharmaceutical companies have virtual monopolies on drugs and courses of treatment e.g. Duripram. \u00a0Here is another case, where this time its is the maker of Epi-Pen which has a monopoly on a highly &hellip; <a href=\"https:\/\/sites.nd.edu\/the-science-of-being-rationally-irrational\/2016\/08\/17\/another-case-of-a-pharma-monopoly\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2026,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33442],"tags":[86111,63684],"class_list":["post-75","post","type-post","status-publish","format-standard","hentry","category-competition","tag-monopoly","tag-pharma"],"_links":{"self":[{"href":"https:\/\/sites.nd.edu\/the-science-of-being-rationally-irrational\/wp-json\/wp\/v2\/posts\/75","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sites.nd.edu\/the-science-of-being-rationally-irrational\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sites.nd.edu\/the-science-of-being-rationally-irrational\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sites.nd.edu\/the-science-of-being-rationally-irrational\/wp-json\/wp\/v2\/users\/2026"}],"replies":[{"embeddable":true,"href":"https:\/\/sites.nd.edu\/the-science-of-being-rationally-irrational\/wp-json\/wp\/v2\/comments?post=75"}],"version-history":[{"count":2,"href":"https:\/\/sites.nd.edu\/the-science-of-being-rationally-irrational\/wp-json\/wp\/v2\/posts\/75\/revisions"}],"predecessor-version":[{"id":77,"href":"https:\/\/sites.nd.edu\/the-science-of-being-rationally-irrational\/wp-json\/wp\/v2\/posts\/75\/revisions\/77"}],"wp:attachment":[{"href":"https:\/\/sites.nd.edu\/the-science-of-being-rationally-irrational\/wp-json\/wp\/v2\/media?parent=75"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sites.nd.edu\/the-science-of-being-rationally-irrational\/wp-json\/wp\/v2\/categories?post=75"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sites.nd.edu\/the-science-of-being-rationally-irrational\/wp-json\/wp\/v2\/tags?post=75"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}