This paper studies how current competition policy should be altered in order to take into account our understanding of how transaction costs influence the ability of firms and consumers to deal with market power. Ever since Coase (1937) first established the importance of transaction costs to...

In this essay we evaluate the impact of the revolution that has occurred in antitrust and in particular the growing role played by economic analysis. Section II describes exactly what we think that revolution was. There were actually two revolutions. The first was the use by economists and other...

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...

The United States stood virtually alone when it enacted its first antitrust statute in 1890. Today, almost all nations have adopted competition laws (the term used in most other nations), and US antitrust agencies interact with foreign enforc-ers on a daily basis. This globalization of antitrust...

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...

The U.S. Department of Justice has prosecuted over 1,600 criminal antitrust (price-fixing and related) cases since 1970. Yet, we know precious little about the true genesis of these investigations. This paper uses the Vector-Autoregression methodology to examine the dynamic interrelationships...