The model of perfect competition is one of the most famous, most important, and most misunderstood concepts in economics. Rather than aiming to be a full-blown model of real-world competitive markets, the perfect competition model isolates the decentralized coordination mechanism inherent in all...

Entry analysis and potential competition doctrine have much in common. Both draw from predictions about future entry. Both require difficult assessments of entry barriers and incentives. Both are currently a doctrinal mess. This Article offers a clarifying perspective. Instead of separating...

We provide a new model that generates persistent performance differences amongst seemingly similar enterprises. Our model provides a mechanism whereby efficient incumbent rivals can give permission for an inefficient firm to exist in the presence of efficient entrants. We demonstrate that, in a...