There is vigorous debate over the ability of the current antitrust enforcement regime in the United States to protect against potential reductions in competition caused by large technology companies. Some commentators have argued that current antitrust rules and processes cannot address...

We develop a methodology that quantifies from data on itinerary demand consumers' valuations of the characteristics of airline networks, and show that airline network effects are highly valued. We show that these effects are crucial for determining consumer impacts of public policies that affect...

In a review of “Economics at the FTC,” Farrell et al. (2011) discuss empirical methods FTC economists use to assess the potential price effects of prospective hospital mergers. The primary method is a framework based on proxies for the bargaining power of hospitals that are calculated from...

This paper examines what industrial organization economists know and don't know about how markets clear. It reviews the empirical evidence which shows that, at least for some industries, price behavior is peculiar with prices failing to adjust over long periods of time. The paper discusses...

This paper presents evidence on the amount of price rigidity that exists in individual transaction prices. Using the Stigler-Kindahi data, I examine the behavior of individual buyers' prices for certain products used in manufacturing. My most important findings are: 1.The degree of price...

To say that the price of some good is inflexible over time has little meaning if the "good" is changing over time. In this paper we concentrate on delivery lags as being the only dimension other than price that varies. We show how one can predict the relative importance of price and delivery lag...

This paper examines a model in which demand is uncertain and production must occur before demand is known for sure. By investing resources in information gathering activity, demand can be forecast. The paper investigates the relationship between the incentive to plan and market structure and...