Antitrust, Industrial Organization, and Competition Policy

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Predatory Pricing, Research Handbook on Economics of Antitrust (2010)
Judge Breyer famously worried that aggressive prohibitions of predatory pricing throw away a bird in...
 

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

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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)
 

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A Christmas Warning, Economists' Voice (2007)
Microsoft continues to profit at its users expense by creating incompatibilities. Think twice before asking...
 

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Professor's Update to Antitrust Analysis: Problems, Text and Cases (2007)
The Supreme Court has been active in antitrust in recent years.
 

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

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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...
 

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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

 

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

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

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Microsoft's Billion-Dollar California Consumer Settlement: Coupons for Plaintiff's, Cash for Lawyers, A Cheap Solution for Microsoft, Find Law (2003)
 

Link

A Viable Alternative to Breaking up Microsoft: Compulsory Licensing that Would Make Microsoft Compete with its Past Self, FindLaw (2002)
 

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

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

 

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The American Airlines Case: Why Airplane Ticket Prices May Soar Unless Courts Step In, FindLaw (2001)
 

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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...

 

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

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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...

 

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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...

 

Auto Insurance and Auto Accidents

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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.
 

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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...
 

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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...

 

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

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How a New Auto Insurance Law Could Ease Our Dependence on Oil, by Giving Drivers a Choice, FindLaw (2002)
 

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Per-Mile Premiums For Auto Insurance: NBER version, NBER working paper (1998)
 

Contract Law and Contract Theory

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

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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...

 

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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...

 

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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...

 

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

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

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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...

 

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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),...

 

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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...

 

Aspects of the Efficient Recovery of Fixed Costs: A Collection of Essays (1993)
 

Economic Theory

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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)
 

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

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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...
 

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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...

 

Link

How a New Auto Insurance Law Could Ease Our Dependence on Oil, by Giving Drivers a Choice, FindLaw (2002)
 

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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...

 

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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...

 

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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...

 

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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...

 

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

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...

 

Aspects of the Efficient Recovery of Fixed Costs: A Collection of Essays (1993)
 

International Economics

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

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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...

 

Law and Economics

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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...
 

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Predatory Pricing, Research Handbook on Economics of Antitrust (2010)
Judge Breyer famously worried that aggressive prohibitions of predatory pricing throw away a bird in...
 

OpenURL

Journals at bepress: new twists on an old model, Learned Publishing (2008)
 

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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...
 

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A Christmas Warning, Economists' Voice (2007)
Microsoft continues to profit at its users expense by creating incompatibilities. Think twice before asking...
 

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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...
 

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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...

 

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The Choose-your-Charity Tax: A Way to Incentivize Greater Giving, The Economists' Voice (2005)
Why don’t people give more to charity? One reason is that the problems will be...
 

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

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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...
 

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

Link

Why Legislating Low Tuitions for State Colleges Is a Mistake: They Just Subsidize the Rich, FindLaw (2003)
 

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

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

Link

Microsoft's Billion-Dollar California Consumer Settlement: Coupons for Plaintiff's, Cash for Lawyers, A Cheap Solution for Microsoft, Find Law (2003)
 

Link

A Viable Alternative to Breaking up Microsoft: Compulsory Licensing that Would Make Microsoft Compete with its Past Self, FindLaw (2002)
 

Link

How a New Auto Insurance Law Could Ease Our Dependence on Oil, by Giving Drivers a Choice, FindLaw (2002)
 

Link

The American Airlines Case: Why Airplane Ticket Prices May Soar Unless Courts Step In, FindLaw (2001)
 

OpenURL

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

PDF

Per-Mile Premiums For Auto Insurance: NBER version, NBER working paper (1998)
 

PDF

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

 

OpenURL

Efficient Standards of Due Care: Should Courts Find More Parties Negligent Under Comparative Negligence? , International Review of Law and Economics (1994)
 

Public Finance/Public Economies

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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...
 

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UC System: Layoffs, not Pay Cuts, Los Angeles Times (2009)
Should a firm that hits tough times cut salaries or jobs?
 

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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...
 

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Show Me The Money (with Dwight Jaffee), Economists' Voice (2009)
Where did TARP go?
 

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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 ---...
 

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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,...
 

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Quashing the Financial Firestorm, The Economists' Voice (2008)
Start the financial rescue with containment, establish unlimited deposit insurance and continuous access to funds,...
 

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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...
 

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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...
 

Link

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

PDF

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 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, The Economists' Voice (2005)
Why don’t people give more to charity? One reason is that the problems will be...
 

Link

Why Legislating Low Tuitions for State Colleges Is a Mistake: They Just Subsidize the Rich, FindLaw (2003)
 

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...

 

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

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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)
 

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Per-Mile Premiums For Auto Insurance: NBER version, NBER working paper (1998)
 

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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...

 

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Two-Part Marginal Cost Pricing Equilibria Within 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...

 

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

Aspects of the Efficient Recovery of Fixed Costs: A Collection of Essays (1993)
 

Torts

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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 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)
 

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)
 

OpenURL

Efficient Standards of Due Care: Should Courts Find More Parties Negligent Under Comparative Negligence? , International Review of Law and Economics (1994)
 

No subject area

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Sample Monopolization Questions (2008)