European enforcers have brought high-profile antitrust cases against the tech giants, and both activists and members of Congress are calling for action in the United States. This short note identifies ten hard-wired differences between the European and American enforcement regimes that make very...

This paper explains how basic microeconomics can be used to assess lost profits from patent infringement. The main suggested analysis is an adaptation of merger simulation. Observed prices and quantities are combined with estimated demand parameters to calibrate a model of the industry with...

The advantage of the adversarial regime of judicial decision-making is the superior information of the parties while the advantage of an idealized inquisitorial regime is its neutrality. We model the tradeoff by characterizing the properties of costly estimators used by each regime. The...

When the winner of one auction gains a cost advantage in the next, bids reflect not only the value of winning the auction, but also the value of gaining an incumbent advantage in future auctions. If a larger firm's advantage derives from a cost or product advantage, it has a greater chance of...

The organizational form of a competition agency affects its decision making. Functional organizations produce higher quality analysis but integrating the analysis into the decision-making process is more difficult than with a divisional form, organized around a specific sector or industry. This...

The "parallel behavior is enough" standard cannot assist the courts in distinguishing horizontal agreements to restrain trade from normal competition. It would very likely impose significant costs on the economy by distorting competitive incentives and encouraging meritless litigation designed...

The U.S. Department of Justice (“DOJ”) report, Competition and Monopoly: Single-Firm Conduct Under Section 2 of the Sherman Act (“DOJ Report”) is either (1) an extraordinarily useful and well written summary of the legal and economic analyses in the most difficult and contentious area of...