Antitrust doctrine is under heavy fire in the academic literature. Modern criticism of antitrust doctrine attacks three ‘limits’ that would excessively constrain enforcement of the law: (i) the consumer welfare standard, (ii) the rule of reason, and (iii) a self-imposed neglect of labor...

This is a survey of the economic principles that underlie antitrust law and how those principles relate to competition policy. We address four core subject areas: market power, collusion, mergers between competitors, and monopolization. In each area, we select the most relevant portions of...

During antitrust's "inhospitality era," courts and expert agencies condemned any number of non-standard agreements as "unlawful per se" or nearly so. More recently, courts and agencies have repudiated or softened many such per se rules. In so doing courts and agencies have invoked the lessons of...

Issues of productive capacity can play a role in nearly every aspect of competition analysis. This paper provides an overview of the economic literature on capacity and the role that capacity has played in actual antitrust and competition law enforcement. The goal is to aid practitioners in...

Recent adoption of competition laws across the globe has highlighted the importance of institutional considerations for antitrust effectiveness and the need for comparative institutional analyses of antitrust that extend beyond matters of substantive law. Contributing to the resulting nascent...

This Essay provides an overview of U.S. antitrust merger practice in addressing efficiencies both in terms of actual practice before the agencies and in scholarly work as a response to Jamie Henikoff Moffitt's Vanderbilt Law Review article Merging in the Shadow of the Law: The Case for...

The present paper analyzes the interaction between the economic review of the probition of abuses of a dominant position (Article 82 EC) on the one hand and the efforts to enhance private enforcement of competition law through private damage claims on the other hand. The paper argues that...

This paper considers the effect of taxes on the definition of relevant markets in antitrust analysis by examining various measures used within the hypothetical monopoly test. We show that the use of net margins (between producer prices and marginal cost) is a proper correction, but that it is...

Behavioral economics is now mainstream. It is also timely. The financial crisis raised important issues of market failure, weak regulation, moral hazard, and our lack of understanding about how many markets actually operate.As behavioral economics (with its more realistic assumptions of human...