By integrating a communications system with the existing power grid, smart grids provide end-to-end connectivity. This enables all entities and components integrated in the electricity supply system to exchange information without knowing the network's structure. New services and applications...

This paper provides the first quantitative economic models of pharmacy benefit management regulation. The price-theoretic models allow for various market frictions and imperfections including market power, coordination costs, tax distortions, and incomplete innovation incentives. A rigorous...

This paper focuses on one of the most important digital platform sectors—E-commerce—addressing the antitrust enforcement, comparing it with new regulatory approaches, learning from experiences in the US, EU, China, and Japan. E-commerce is shown to have distinct characteristics, as compared...

This paper provides the first quantitative economic models of pharmacy benefit management regulation. The price-theoretic models allow for various market frictions and imperfections including market power, coordination costs, tax distortions, and incomplete innovation incentives. A rigorous...

Modern day antitrust policy is grounded firmly in neoclassical economics. It is important, however, to test whether the modelling assumptions accord with the facts. It is also important to assess whether behavior that deviates from the conventional assumptions is systematic and persistent. If...

This paper evaluates the recent literature claiming that the US economy has generally become less competitive causing the US economy to perform poorly and that lax antitrust policy is one important reason for the decline in economic performance. Although there certainly are empirical facts...

This paper evaluates the effectiveness of the efforts of the Antitrust Division of the U.S. Department of Justice to detect, indict, and deter horizontal collusion during 1990-2007 and offers policy suggestions likely to improve that enforcement. Division leaders emphasize that collusion is the...

This paper models a key outcome of secret negotiations: partial-leniency fine discounts from plea bargaining in criminal price-fixing cases. Models tested explain up to 52% of variation in percentage discounts. A minor portion is explained by such defendants characteristics as the defendant s...