Breaking up a monopoly may have stimulated innovation in oil refining over decades. In the shorter run, the immediate demand for oil may have spurred more innovation.

Antimonopoly laws must contain effective provisions for the attack of exclusionary behavior by firms with market power while at the same time not attacking procompetitive behavior by entrants or incumbents. This paper suggests seven textual criteria by which a new law may be evaluated in its...

Human brain has invented the Computer&upgraded it to a level of Combrains. With Artificial Chemical Memory, these may grow to function as independent Iintellects, Master/Sponsor representatives and self- decision workers with autonomy&supreme capability. Like any human society learn and function...

The role of intellectual property (IP) as an important value determinant is widely recognized. This article tries to quantify the role of IP in companies valuation by comparing a sample of biotechnology companies (46 companies included in the Genetic Engineering News Index:GEN-Dex) to the...

Our one-page reply to Whinston and Siegal's forthcoming AER article correcting and elaborating our 1991 AER article.

From the antitrust case law that governs restrictions on patent licenses, we derive three unifying principles: just reward, profit neutrality and minimalism. The just-reward principle holds that the patentholder's profits should be earned, if at all, from the social value created by his...

This paper presents a model of private bilateral and multilateral peering arrangements between Internet backbone providers when the network is congested. We study how different forms of interconnection and the competitive conditions of the market affect backbones' investments in network and...

The Microsoft antitrust case focused public attention on the role of antitrust enforcement in preserving the forces of innovation in high-technology markets. Traditionally, regulators focused on whether companies artificially hiked prices or reduced output. Now, they're increasingly likely to...

We analyze the central economic issues raised by U.S. v Microsoft. Network effects and economies of scale in applications programs created a barrier to entry for new operating system competitors, which the combination of Netscape Navigator and the Java programming language potentially could have...

This article studies how equity ownership and corporate control were separated in the United States. Initially, railroads and industrial firms were tightly controlled by a few shareholders; this situation was altered in the 1890s by massive mergers and reorganizations, which allowed private...