The purpose of this paper is to determine if there have been systematic changes in the characteristics of Douglas-fir stumpage sold on National Forests in the Pacific Northwest that would significantly bias the price of stumpage. Four hedonic methods were used to develop indices of pure price...

A raft of articles offered contrasting views on analytic tools for assessing unilateral effects from differentiated products mergers. We revisit this debate to clarify the issues and place them in context. We consider the choice among analytic tools at three stages of a merger assessment -...

Scholarship on competition policy has begun to explore the implications of learning from behavioral research and to challenge the assumption of profit maximization at the heart of neoclassical economic theory of the firm. This scholarship is briefly reviewed, focusing on merger control....

We propose a simple method for predicting price effects from mergers between branded retail chains competing in many local markets. When past mergers created markets with the same number of brands but different numbers of brand owners, price data at a single point in time exhibit between-market...

Licensing technology essential to a standard can present a hold-up problem. After designing new products incorporating a standard, a manufacturer could be confronted by an innovator asserting patent rights to essential technology. A damages remedy provided by antitrust or some other body of law...

We examine the role of competition and mergers in bargaining by embedding a performance game, in which retail prices are determined by competition, into an axiomatic bilateral bargaining model, in which suppliers and retailers negotiate wholesale terms. We prove existence and uniqueness of what...

Following merger, an optimal mechanism discriminates against merging bidders with higher reserve prices and by allocating more often towards non-merging bidders. In this setting, we show that mergers always harm the auctioneer, benefit non-merging bidders, can increase total surplus, and have...

In this paper, we characterize adversarial decision-making as a choice between competing interpretations of evidence ("models") constructed by interested parties. We show that if a court cannot perfectly determine which party's model is more likely to have generated the evidence, then...

The Obama Administration's Council of Economic Advisers expressed concern that competition was threatened by increasing industry concentration. Academics, commentators, and journalists have joined the chorus. But none demonstrated increasing concentration of meaningful markets, as are used in...