Introduction to Harberger’s Monopoly and Resource Allocation–The Pioneering Article on Deadweight Loss and Empirical Measurement of the Social Costs of Monopoly

Hill Wellford, Nov 01, 2009 Arnold Harberger´s 1954 article, Monopoly and Resource Allocation,brought empirical analysis of the social costs of monopoly into the mainstream of antitrust work. In the mid-twentieth century, the dominant mode of monopoly analysis in the United States (and therefore worldwide) was structural rather than empirical, and that structural approach supported a […]

Platform Competition in Two-Sided Markets

Jean-Charles Rochet, Jean Tirole, Jan 30, 2015 Many if not most markets with network externalities are two-sided. To succeed, platforms in industries such as software, portals and media, payment systems and the Internet, must “get both sides of the market on board.” Accordingly, platforms devote much attention to their business model, that is, to how […]

The Design of Competition Policy Institutions for the 21st Century—The Experience of the European Commission and DG Competition

Philip Lowe, Sep 11, 2014 All competition policy and enforcement systems consist of essentially two components: the legal instruments (‘rules’) governing both substance, competences and procedure, and the administrative structures and processes through which the legal instruments are implemented. Each of these is necessary for the success of the system as a whole. Good rules […]

Appropriating the Returns from Industrial Research and Development (1950)(reprint)

Dec 20, 2013 To have the incentive to undertake research and development, a firm must be able to appropriate returns sufficient to make the investment worthwhile. The benefits consumers derive from an innovation, however, are increased if competitors can imitate and improve on the innovation to ensure its availability on favorable terms. Patent law seeks […]

An Introduction to Whinston’s Tying, Foreclosure, and Exclusion by M.D. Whinston

Eliana Garces, Dec 20, 2012 After its publication in 1990, Michael Whinston’s article on Tying, Foreclosure, and Exclusion, quickly achieved fame for being the first formal mathematical demonstration that the practice of tying two separate products in a sale had the potential to foreclose competition and could therefore be used for such a purpose. The […]

Tying, Foreclosure, and Exclusion (1990)(reprint)

Dec 20, 2012 In recent years, the “leverage theory” of tied good sales has faced heavy and influential criticism. In an important sense, though, the models used by its critics are actually incapable of addressing the leverage theory’s central concerns. Here I reconsider the leverage hypothesis and argue that tying can indeed serve as a […]

Law and the Future: Trade Regulation (1956) (reprint)

Jun 19, 2012 Originally published in the Northwestern University Law Review, Vol. 51, No. 281, 1956. Reprinted with special permission of Northwestern University School of Law, Northwestern University Law Review. In this note we do not attempt to predict the future of the anti-trust laws. Rather we wish to direct attention to certain problem areas […]

A Note on Director & Levi (1956) (reprint)

Jun 19, 2012 In their uninformatively titled article, “Law and the Future: Trade Regulation,” Director and Levi set out a research agenda as well as some of the major propositions of what later came to be known as the Chicago School of antitrust. A better sense of its eventual importance to the antitrust literature would […]

A Tribute, of Sorts, to William F. Baxter’s Bank Interchange of Transactional Paper

Thomas Brown, Dec 22, 2011 In 1983, the Assistant Attorney General of the Antitrust Division in the United States Department of Justice, Bill Baxter, did something that would be unfathomable today. He published an academic paper in a scholarly journal that related directly to a piece of antitrust litigation then pending in federal court in […]

Monopoly in Chains: Antitrust and the Great A&P

Marc Levinson, Dec 13, 2011 Accompanying Interview: Besides the article summarized below, we’re pleased to present an interview with Marc Levinson, author of the new book, The Great A&P and the Struggle for Small Business in America. Among the interesting topics he discusses are the similarities between the Occupy Wall Street movement and the anti-chain […]