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ANTITRUST ECONOMICS AT A TIME OF UPHEAVAL: Recent Competition Policy Cases on Two Continents

Recent Competition Policy Cases on Two Continents


John Kwoka, Jr.

Tommaso M. Valletti

Lawrence J. White, eds


The past decade has been a time of great upheaval for transatlantic competition policy. This is evident in the United States (at the federal and state levels), the European Union, and the United Kingdom. With the reinvigoration of antitrust policy has come a reinvigoration of antitrust economics, which has been increasingly prominent in the reasoning of regulators and courts. This volume chronicles key flashpoints in this process, from an economics point of view. It provides 18 contributions from leading antitrust economists involved in recent groundbreaking merger, monopolization and anticompetitive-agreement cases on both sides of the Atlantic.

Table of Contents

Editors' Bios

Authors' Bios



1. Vertical, Horizontal, and Potential Competition: The Proposed Acquisition of Farelogix by Sabre
By Chris Doyle, Kostis Hatzitaskos, Kate Maxwell Koegel & Aviv Nevo

2. Innovation Concerns in European Merger Control: Dow/DuPont and Bayer/Monsanto
By Daniel Coublucq, David Kovo & Tommaso Valletti

3. Efficiencies, Remedies, and Competition: The Sprint/T-Mobile Merger
By John Asker & Michael L. Katz

4. Upward Pricing Pressure in Supermarket Mergers: The UK’s Asda/Sainsbury Case
By Howard Smith

5. Evaluating a Theory of Harm in a Vertical Merger: AT&T/Time Warner
By Dennis W. Carlton, Georgi V. Giozov, Mark A. Israel & Allan L. Shampine 

6. Bidding Analysis and Innovation Concerns in Merger Control: General Electric/Alstom
By Daniel Coublucq & Giulio Federico

7. Mergers and Monopsony: The Anthem-Cigna Merger
By David Dranove, Dov Rothman & Samuel Weglein

8. Cross-Market Hospital Mergers: The Cedars-Sinai/Huntington Memorial Litigation
By Gregory S. Vistnes


9. A Landmark Antitrust Case in Digital Markets: Google Search (Shopping)
By Andrea Amelio

10. Market Definition for Two-Sided Markets: Ohio v. American Express
By Michael L. Katz

11. Excessive Pricing as an Antitrust Harm: Three UK Cases in Generic Pharmaceuticals
By Julie Bon & Mike Walker

12. Extension of Its Search Monopoly: The EC Case against Google Android
By Cristina Caffarra & Federico Etro

13. Targeted Below-Cost Pricing in the Semiconductor Industry: The Qualcomm Predation Case
By Liliane Giardino-Karlinger

14. Advertising, Customer Data, and Competition: The German Facebook Case
By Rupprecht Podszun

15. Using and Misusing Microeconomics: Federal Trade Commission v. Qualcomm
By Carl Shapiro & Keith Waehrer

16. Platform Price Parity Clauses: The Hotel Booking Industry
By Thibaud Vergé


17. No-Poaching Agreements as Antitrust Violations: Animation Workers Antitrust Litigation
By Orley Ashenfelter & Ruth Gilgenbach

18. Can Four Traders Fix the Price of Money? The Euro-US Dollar Antitrust Litigation
By Edward A. Snyder

In all instances the basic economic features of these important cases should be accessible to all readers who have an interest in antitrust.

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The next best thing to being in the courtroom is to read the accounts of these antitrust cases in the Kwoka, Valletti, White book.  Doing so drives home the continuing globalization of antitrust.

Kenneth G. Elzinga

Robert C. Taylor Professor of Economics, University of Virginia

This book is a compendium of essays on U.S. and European antitrust cases by a stellar cast of competition scholars. The focus is on the important economic issues raised by recent enforcement actions. The essays cover a wide range of frontier topics in antitrust, including vertical mergers, acquisitions that eliminate potential competitors, harm to innovation, monopsony, no-poaching agreements, and competition policy for two-sided platforms. The essays are balanced and insightful. Taken together they are essential reading for anyone interested in the current state of international antitrust enforcement.

Richard Gilbert

Distinguished Professor Emeritus, Department of Economics, University of California, Berkeley

Antitrust Economics at a Time of Upheaval is a refreshing comparative perspective on the role of economics in ways that are largely proenforcement and that consider the impact of new technologies. It is an excellent presentation of the view that antitrust need not abandon economics in order to fight anticompetitive practices effectively; to the contrary, economics provides the basic tools for supporting that fi ght. For example, effi ciencies must be proven, but they should be taken seriously. The same is true of predatory pricing. As the editors observe, new theories that either cabin or reject older Chicago-driven doctrine can be both economically rational and empirically robust.

Herbert Hovenkamp

James G. Dinan University Professor, University of Pennsylvania Carey Law School

The Kwoka & White Antitrust Revolution anthology series has been a classic, with Expert Economist analyses of important antitrust cases. This new Antitrust Economics at a Time of Upheaval is even better. It adds a new editorial partner, Tommaso Valletti -- and cases from additional jurisdictions. It will continue to be an essential contribution to every modern industrial organization and antitrust course.

Steven C. Salop

Professor (Emeritus) of Economics & Law, Georgetown University Law Center

Antitrust Economics at a Time of Upheaval is must reading for all economists (and economically literate lawyers) who care about competition policy. It consists of well-written essays on economic issues in important cases by economists who were intimately involved in those cases – generally on the winning side.

Richard Schmalensee

Howard W. Johnson Professor of Management, Emeritus, MIT Sloan School of Management

This detailed analysis of some of the most interesting cases in recent years across jurisdictions is a must read for practitioners and academics to understand antitrust issues today.

D. Daniel Sokol

Carolyn Craig Franklin Chair in Law, and Professor of Law and Business, USC Gould School of Law

This important book provides an economic analysis of eighteen major recent antitrust cases. The cases cover a wide variety of practices (mergers, various forms of monopolistic conduct and price fixing) and a broad range of industries (such as pharmaceuticals, hospitals, financial markets, telecom, semiconductors and various digital markets). The chapters offer a unique perspective because they are written by leading competition economists who were actively involved in the case, either advising the agency or one of the concerned companies. Each chapter is well structured, generally starting with a clear summary of the market and the case, discussing the economic arguments of the antitrust agency and the involved parties, discussing the outcome, and concluding with personal reflections. The discussion typically covers the relevant economic theories, empirical evidence, and a rich discussion on the institutional context and debate. Because of this great mix, the book would serve well as a textbook for undergraduate courses in competition policy. It will also be very valuable for practitioners and inspiring to academic researchers.

Frank Verboven

Professor of Economics, KU Leuven

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