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In applying economic theory to evaluate antitrust laws, Judge Robert Bork explicitly favors a partial equilibrium over a general equilibrium approach. He believes the general model assumes away too many real‐world aspects to be usefully employed as a criterion by which to judge real‐world laws.However, Bork's partial equilibrium replacement, the Oliver Williamson trade‐off model, implicitly contains many of the same assumptions as general equilibrium theory. Equilibrium prices in all industries, an absence of external effects, and well‐defined demand curves are assumptions of both general equilibrium theory and the Williamson trade‐off model. If one theory is judged inadequate because of these assumptions, so should the other.Bork's analysis is more consistent with market process theory than with his own partial equilibrium approach. Market process theory assumes neither the absence of externalities, nor the presence of well‐defined demand and equilibrium prices in all industries.

Abstract. During the rainy season in 2007, reports about exceptional rains and floodings in the Sahel were published in the media, especially in August and September. Institutions and organizations like the World Food Programme (WFP) and FEWS NET put the events on the agenda and released alerts and requested help. The partly controversial picture was that most of the Sahel faced a crisis caused by widespread floodings. Our study shows that the rainy season in 2007 was exceptional with regard to rainfall amount and return periods. In many areas the event had a return period between 1 and 50 yr with high spatial heterogeneity, with the exception of the Upper Volta basin, which yielded return periods of up to 1200 yr. Despite the strong rainfall, the interpretation of satellite images show that the floods were mainly confined to lakes and river beds. However, the study also proves the difficulties in assessing the meteorological processes and the demarcation of flooded areas in satellite images without ground truthing. These facts and the somewhat vague and controversial reports in the media and FEWS NET demonstrate that it is crucial to thoroughly analyze such events at a regional and local scale involving the local population.