Scholars and enforcement officials debate the merits and implications of “behavioral antitrust” — the application of empirical evidence showing how human behavior departs systematically and predictably from strict rationality (“bounded rationality”) to antitrust law. Notwithstanding...

Lacking predictability of competition-law enforcement has its costs. This paper shows that academic analyses of what competition laws should look like do not always treat this factor adequately, paying instead excessive attention to the problem of error. Namely, some analyses completely ignore...