We evaluate the competitive and governance effects of quot;duality.quot; Duality refers to the joint membership (e.g., by banks) in competing associations or joint ventures (e.g., Visa and MasterCard). We first show that the not-for-profit nature of the associations along with the usage-based...

The 1992 Horizontal Merger Guidelines, issued by the U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC), suggest that relevant markets for merger analysis may be defined for classes of customers on whom a hypothetical monopolist of the merging firms' products would likely...

In this paper, we discuss the econometric models put forward by both sides in the FTC v. Staples case and explore why those models canceled each other out, leaving the documents to play a central role in the court's decision