The CFTC adopted new market manipulation rules on July 7, 2011. In addition to retaining the Commission's existing anti-manipulation authority under the CEA's "artificial price" standard, these rules give the Commission the ability to bring enforcement actions under a "fraud-based" standard...

The two central pricing rules contained in most antirust laws are prohibitions of below-cost pricing and prohibitions of discriminatory pricing. This article shows that the rule against discriminatory pricing may actually induce firms to charge exclusionary below-cost prices, even in the...

In this paper, we present a straightforward economic model that explains the incentives to manipulate nodal energy prices in a “Day 2” RTO market. The model distinguishes between legitimate market participation that increases overall market efficiency and manipulative behavior that distorts...

The following is a compilation of short book reviews I have prepared over the past two years for the World Competition Law & Economics Review or the Institute for Consumer Antitrust Studies, Loyola University Chicago School of Law website. In one case, the book discussed was published in 2010,...

In this paper, we describe the development and current status of anti-manipulation rules as they apply to wholesale electricity and natural gas markets in the United States and the European Union, including the institutions that are responsible for overseeing these rules. We then compare and...

There is not one, perfect model for institutional regulatory cooperation, nor is there a single model for eliminating technical barriers to trade or discriminatory sanitary and phytosanitary measures in a preferential trade agreement (PTA). However, recent experience with PTAs has shown that it...

Market manipulation is a poorly understood phenomenon, due in part to legal standards that categorize manipulative behavior as either an act of outright fraud or as the nebulous use of market power to produce an artificial price. In this paper, we consider a third type of behavior that can...

On November 30, 2010, the European Commission announced that Google is under formal antitrust investigation with regard to an alleged abuse of dominance in the online search market. The main concern of the Commission is whether Google has manipulated its unpaid or “algorithmic” search...

In this paper we especially focus on the issue of incentives to invest in relation to forced sharing of essential facilities and infrastructure in developing markets, where innovation plays a key role. We evaluate the economic consequences of third party access to the obliged to grant access...