Antitrust, Industrial Organization, and Competition Policy

PDF

Professors Update 2014, Antitrust Analysis, 7th ed. (with Scott Hemphill and Louis Kaplow) (2014)

Professors Update for Antitrust Analysis, 7th edition

 

PDF

Cartels by Another Name: Should Licensed Occupations Face Antitrust Scrutiny? (with Rebecca Haw), University of Pennsylvania Law Review (2014)

It has been over a hundred years since George Bernard Shaw wrote that “[a]ll professions...

 

PDF

Actavis and Error Costs (with Scott Hemphill, Herbert Hovenkamp, and Carl Shapiro) (2014)

The Supreme Court’s opinion in Federal Trade Commission v. Actavis, Inc. provided fundamental guidance about...

 

PDF

The Role of Switching Costs in Antitrust Analysis: A Comparison of Microsoft and Google (with Robert Harris), Yale Journal of Law and Technology (2013)
 

PDF

Activating Actavis (with Scott Hemphill, Herbert Hovenkamp, and Carl Shapiro), Antitrust (2013)

This article is an effort to help courts and counsel fill in the gaps in...

 

PDF

Freedom to Trade and the Competitive Process (with Joseph Farrell), Oxford Handbook of International Antitrust Economics (2013)

Although antitrust courts sometimes stress the competitive process, they have not deeply explored what that...

 

PDF

Predatory Pricing, Research Handbook on Economics of Antitrust (2012)

Judge Breyer famously worried that aggressive prohibitions of predatory pricing throw away a bird in...

 

PDF

Proposed Horizontal Merger Guidelines: Economists’ Comment (with Michael R. Baye, Richard J. Gilbert, Jerry A. Hausman, Daniel L. Rubinfeld, Steven C. Salop, Richard L. Schmalensee, and Joshua D. Wright) (2010)
 

PDF

Professor's Update to Antitrust Analysis: Problems, Text and Cases (with Phillip Areeda and Louis Kaplow) (2009)
 

PDF

Academic Testimony on Unilateral Conduct before the U.S. Dept. of Justice & Federal Trade Commission Hearings, U.S. DOJ, Antitrust Division, FTC, Academic Hearings Transcripts (2007)
 

PDF

Professor's Update to Antitrust Analysis: Problems, Text and Cases (2007)

The Supreme Court has been active in antitrust in recent years.

 

PDF

The Bundling of Academic Journals (with Daniel L. Rubinfeld), American Economic Review (2005)
 

PDF

Exclusion or Efficient Pricing: The "Big Deal" Bundling of Academic Journals (with Daniel L. Rubinfeld), Antitrust Law Journal (2004)

Prices of academic journals have climbed enormously in the past two decades. This article explains...

 

Link

Antitrust Analysis: Problems, Text, and Cases, Sixth Edition (with Philip Areeda and Louis Kaplow) (2004)

Antitrust Analysis can be ordered at http://www.amazon.com/Antitrust-Analysis-Problems-Text-Cases/dp/0735527954

 

PDF

The American Airlines Case: A Chance to Clarify Predation Policy (with Joseph Farrell), The Antitrust Revolution: Economics, Competition, and Policy (2004)
 

PDF

Roundtable: Recent Developments in Section 2, Antitrust Magazine (2003)
 

PDF

Stopping Above-Cost Predatory Pricing, Yale Law Journal (2002)

Since 1993 when the Supreme Court decided Brooke Group, no predatory pricing plaintiff has prevailed...

 

PDF

The Welfare Losses from Price-Matching Policies (with Eric Emch), Journal of Industrial Economics (1999)

Several recent papers argue that price-matching policies raise equilibrium prices. We add to this literature...

 

PDF

Recent Initiatives in Antitrust Enforcement, Economic Report of the President, 1998 (1998)
 

PDF

Do Guaranteed-Low-Price Policies Guarantee High Prices, and Can Antitrust Rise to the Challenge?, Harvard Law Review (1997)

Price-matching policies can be highly anticompetitive. They allow firms to raise their prices above competition...

 

Contract Law and Contract Theory

PDF

Optimal Penalties in Contracts (with Alan Schwartz), Chicago-Kent Law Review (2003)

Reviews the literature on breach of contract and contract penalties and presents in a coherent...

 

PDF

Implementing the First Best in an Agency Relationship with Renegotiation: A Corrigendum (with Benjamin Hermalin), Econometrica (2001)

The proof in Proposition 4 in Hermalin and Katz (1991) is incorrect because it fails...

 

PDF

Contract Renegotiation and Options in Agency Problems (with Benjamin E. Hermalin), Journal of Law, Economics and Organization (2000)

This article discusses the ability of an agent and a principal to achieve the first-best...

 

PDF

Market-based Transfer Prices and Intracompany Discounts (with Tim Baldenius and Stefan Reichelstein) (1999)
 

PDF

Holdups, Standard Breach Remedies, and Optimal Investment (with Stefan J. Reichelstein), American Economic Review (1996)

In bilateral trading problems, the parties may be hesitant to make relationship-specific investments without adequate...

 

PDF

Cadillac Contracts and Up-Front Payments: Efficient Investment Under Expectation Damages, Journal of Law, Economics, and Organization (1996)

This article shows that up-front payments can eliminate the overinvestment effect identified by Shavell (1980),...

 

PDF

Discouraging Rivals: Managerial Rent-Seeking and Economic Inefficiencies (with Joseph E. Stiglitz), American Economic Review (1995)

Managerial theories of the firm have a long and controversial history, beginning perhaps with Adolf...

 

Economic Theory

PDF

Voting as a Rational Choice: Why and How People Vote to Improve the Well-Being of Others (with Andrew Gelman and Noah Kaplan), Rationality and Society (2007)

For voters with "social" preferences, the expected utility of voting is approximately independent of the...

 

PDF

Mixed Equilibria are Unstable in Games of Strategic Complements (with Federico Echenique), Journal of Economic Theory (2004)

In games with strict strategic complementaries, properly mixed Nash equilibria - equilibria that are not...

 

PDF

Forward Discount Bias, Nalebuff's Envelope Puzzle, and the Siegel Paradox in Foreign Exchange, Topics in Theoretical Economics (2002)

The bias of forward exchange rates as a predictor of future spot rates is typically...

 

PDF

Implementing the First Best in an Agency Relationship with Renegotiation: A Corrigendum (with Benjamin Hermalin), Econometrica (2001)

The proof in Proposition 4 in Hermalin and Katz (1991) is incorrect because it fails...

 

PDF

Contract Renegotiation and Options in Agency Problems (with Benjamin E. Hermalin), Journal of Law, Economics and Organization (2000)

This article discusses the ability of an agent and a principal to achieve the first-best...

 

PDF

Is Perfect Price Discrimination Really Efficient? Welfare and Existence in General Equilibrium (with Mario Epelbaum and Walter P. Heller), Econometrica (1998)

We examine the welfare properties of surplus maximization by embedding a perfectly discriminating monopoly in...

 

PDF

Strict Single Crossing and the Spence-Mirrlees Condition: A Comment on Monotone Comparative Statics (with Chris Shannon), Econometrica (1998)

Milgrom and Shannon [1994] assert that under appropriate conditions the Spence-Mirrlees condition is equivalent to...

 

OpenURL

Strict Monotonicity in Comparative Statics (with Chris Shannon), Journal of Economic Theory (1998)

Economists commonly seek to show that one variable increases in response to changes in another...

 

OpenURL

Rivalrous Benefit Taxation: The Independent Viability of Separate Agencies or Firms (with Mario Epelbaum), Journal of Economic Theory (1995)

We ask when firms with increasing returns can cover their costs independently by charging two-part...

 

PDF

Specific Investment Under Negotiated Transfer Pricing: An Efficiency Result (with Stefan J. Reichelstein), The Accounting Review (1995)

In our model of negotiated transfer pricing, divisional managers can make specific investments that enhance...

 

PDF

Two-Part Marginal Cost Pricing Equilibria With n Firms: Sufficient Conditions for Existence and Optimality (with Mario Epelbaum), International Economic Review (1993)

We explore the interactions among firms with increasing returns regulated to break even by pricing...

 

Auto Insurance and Auto Accidents

PDF

Externalities and Pay as You Drive Auto Insurance, California Department of Insurance Workshop on Pay-As-You-Drive Auto Insurance (2008)

Externalities from Auto Accidents and Auto Driving justify mandates of Pay-As-You-Drive Auto Insurance.

 

PDF

The Accident Externality from Driving (with Pinar Karaca Mandic), Journal of Political Economy (2006)

We estimate auto accident externalities (more specifically insurance externalities) using panel data on state-average insurance...

 

PDF

Per-Mile Premiums for Auto Insurance, Economics for an Imperfect World: Essays In Honor of Joseph Stiglitz (2003)
 

Law and Economics

PDF

Freedom to Trade and the Competitive Process (with Joseph Farrell), Oxford Handbook of International Antitrust Economics (2013)

Although antitrust courts sometimes stress the competitive process, they have not deeply explored what that...

 

PDF

Predatory Pricing, Research Handbook on Economics of Antitrust (2012)

Judge Breyer famously worried that aggressive prohibitions of predatory pricing throw away a bird in...

 

PDF

Proposed Horizontal Merger Guidelines: Economists’ Comment (with Michael R. Baye, Richard J. Gilbert, Jerry A. Hausman, Daniel L. Rubinfeld, Steven C. Salop, Richard L. Schmalensee, and Joshua D. Wright) (2010)
 

PDF

What is The Probability Your Vote will Make a Difference? (with Andrew Gelman and Nate Silver), Economic Inquiry (2009)

One of the reasonable motivations for voting is that one vote can make a difference,...

 

PDF

Vote for Charity's Sake (with Andrew Gelman and Noah Kaplan), The Economists' Voice (2008)

In a battleground state like Colorado or New Mexico, voting in the presidential election may...

 

PDF

Externalities and Pay as You Drive Auto Insurance, California Department of Insurance Workshop on Pay-As-You-Drive Auto Insurance (2008)

Externalities from Auto Accidents and Auto Driving justify mandates of Pay-As-You-Drive Auto Insurance.

 

PDF

Voting as a Rational Choice: Why and How People Vote to Improve the Well-Being of Others (with Andrew Gelman and Noah Kaplan), Rationality and Society (2007)

For voters with "social" preferences, the expected utility of voting is approximately independent of the...

 

PDF

The Accident Externality from Driving (with Pinar Karaca Mandic), Journal of Political Economy (2006)

We estimate auto accident externalities (more specifically insurance externalities) using panel data on state-average insurance...

 

PDF

The Bundling of Academic Journals (with Daniel L. Rubinfeld), American Economic Review (2005)
 

PDF

The American Airlines Case: A Chance to Clarify Predation Policy (with Joseph Farrell), The Antitrust Revolution: Economics, Competition, and Policy (2004)
 

PDF

Per-Mile Premiums for Auto Insurance, Economics for an Imperfect World: Essays In Honor of Joseph Stiglitz (2003)
 

PDF

Roundtable: Recent Developments in Section 2, Antitrust Magazine (2003)
 

PDF

Optimal Penalties in Contracts (with Alan Schwartz), Chicago-Kent Law Review (2003)

Reviews the literature on breach of contract and contract penalties and presents in a coherent...

 

PDF

Stopping Above-Cost Predatory Pricing, Yale Law Journal (2002)

Since 1993 when the Supreme Court decided Brooke Group, no predatory pricing plaintiff has prevailed...

 

PDF

Contract Renegotiation and Options in Agency Problems (with Benjamin E. Hermalin), Journal of Law, Economics and Organization (2000)

This article discusses the ability of an agent and a principal to achieve the first-best...

 

OpenURL

The New Palgrave: Surveying Two Waves of Economic Analysis of Law, American Law and Economics Review (2000)
 

PDF

Breach Remedies, The New Palgrave Dictionary of Economics and the Law (1998)
 

Due Care, The New Palgrave Dictionary of Economics and the Law (1998)
 

PDF

Holdups, Standard Breach Remedies, and Optimal Investment (with Stefan J. Reichelstein), American Economic Review (1996)

In bilateral trading problems, the parties may be hesitant to make relationship-specific investments without adequate...

 

PDF

Cadillac Contracts and Up-Front Payments: Efficient Investment Under Expectation Damages, Journal of Law, Economics, and Organization (1996)

This article shows that up-front payments can eliminate the overinvestment effect identified by Shavell (1980),...

 

International Economics

PDF

Forward Discount Bias, Nalebuff's Envelope Puzzle, and the Siegel Paradox in Foreign Exchange, Topics in Theoretical Economics (2002)

The bias of forward exchange rates as a predictor of future spot rates is typically...

 

Public Finance/Public Economies

PDF

What is The Probability Your Vote will Make a Difference? (with Andrew Gelman and Nate Silver), Economic Inquiry (2009)

One of the reasonable motivations for voting is that one vote can make a difference,...

 

PDF

Vote for Charity's Sake (with Andrew Gelman and Noah Kaplan), The Economists' Voice (2008)

In a battleground state like Colorado or New Mexico, voting in the presidential election may...

 

PDF

Voting as a Rational Choice: Why and How People Vote to Improve the Well-Being of Others (with Andrew Gelman and Noah Kaplan), Rationality and Society (2007)

For voters with "social" preferences, the expected utility of voting is approximately independent of the...

 

PDF

The Accident Externality from Driving (with Pinar Karaca Mandic), Journal of Political Economy (2006)

We estimate auto accident externalities (more specifically insurance externalities) using panel data on state-average insurance...

 

PDF

The Choose-your-Charity Tax: A Way to Incentivize Greater Giving, Tax Notes (2006)

Why don’t people give more to charity? One reason is that the problems will be...

 

PDF

Per-Mile Premiums for Auto Insurance, Economics for an Imperfect World: Essays In Honor of Joseph Stiglitz (2003)
 

PDF

Optimal Penalties in Contracts (with Alan Schwartz), Chicago-Kent Law Review (2003)

Reviews the literature on breach of contract and contract penalties and presents in a coherent...

 

PDF

Rational Voting and Voter Turnout (with Andrew Gelman and Noah Kaplan) (2003)
 

PDF

The Savings Impact of the Implicit Taxes from College Financial Aid (with Andrew W. Dick and Eric R. Emch), Contributions to Economic Analysis and Policy (2003)
 

PDF

The Implicit Taxes from College Financial Aid (with Andrew W. Dick), Journal of Public Economics (1997)

Families who earn more or who heed the "experts'" advice and save for college typically...

 

OpenURL

Rivalrous Benefit Taxation: The Independent Viability of Separate Agencies or Firms (with Mario Epelbaum), Journal of Economic Theory (1995)

We ask when firms with increasing returns can cover their costs independently by charging two-part...

 

PDF

Two-Part Marginal Cost Pricing Equilibria With n Firms: Sufficient Conditions for Existence and Optimality (with Mario Epelbaum), International Economic Review (1993)

We explore the interactions among firms with increasing returns regulated to break even by pricing...

 

PDF

Is College Financial Aid Equitable and Efficient?, The Journal of Economic Perspectives (1993)
 

Op-Eds

PDF

Don't Tax the Rich, Tax Inequality, New York Times (2011)

A Brandeis tax can stop inequality in its tracks.

 

PDF

It Works for Mergers, Why not Finance (with Richard J. Gilbert), The Economist's Voice (2010)
 

Link

Can Immigrants Solve Our Health Care Problems? (with Dana Goldman), New York Times (2010)

If 30 million more people get health insurance, who will take care of them? Unless...

 

Link

UC System: Layoffs, not Pay Cuts, Los Angeles Times (2009)

Should a firm that hits tough times cut salaries or jobs?

 

Dr. StrangeLoan: or How I Learned to Stop Worrying and Love the Financial Collapse, The Economists' Voice (2009)

Last week, on Wednesday September 17, 2008, the Bush Administration almost stumbled upon a way...

 

PDF

Show Me The Money (with Dwight Jaffee), Economists' Voice (2009)

Where did TARP go?

 

OpenURL

Getting Serious about Job Creation: Part I (with Edmund Phelps), The Economists' Voice (2009)

The ideal economic stimulus would be something that should be done in any event ---...

 

PDF

Quashing the Financial Firestorm, The Economists' Voice (2008)

Start the financial rescue with containment, establish unlimited deposit insurance and continuous access to funds,...

 

PDF

Vote for Charity's Sake (with Andrew Gelman and Noah Kaplan), The Economists' Voice (2008)

In a battleground state like Colorado or New Mexico, voting in the presidential election may...

 

Link

Questioning the Treasury's $700 Billion Blank Check: An Open Letter to Secretary Paulson, Economists' Voice (2008)

The Treasury wants a blank check for $700 billion, at taxpayer expense; instead a businessman...

 

Link

The Economists’ Voice: Top Economists Take on Today’s Issues (with J. Bradford Delong and Joseph Stiglitz) (2008)
 

PDF

A Christmas Warning, Economists' Voice (2007)

Microsoft continues to profit at its users expense by creating incompatibilities. Think twice before asking...

 

Link

Housing Collapse: Bring it On!, Economists' Voice (2006)
 

OpenURL

If Voters Won't Go for Taxing Oil to Conserve Energy, How Do We Do It?, The Economists' Voice (2006)

Proposition 87 reemphasized that Americans don't want the cost of driving to increase: Aaron Edlin...

 

PDF

The Choose-your-Charity Tax: A Way to Incentivize Greater Giving, Tax Notes (2006)

Why don’t people give more to charity? One reason is that the problems will be...

 

Torts

PDF

Per-Mile Premiums for Auto Insurance, Economics for an Imperfect World: Essays In Honor of Joseph Stiglitz (2003)
 

OpenURL

The New Palgrave: Surveying Two Waves of Economic Analysis of Law, American Law and Economics Review (2000)
 

Due Care, The New Palgrave Dictionary of Economics and the Law (1998)
 

No subject area