Over the past several decades, there has emerged a rough consensus among professional antitrust practitioners, and within the law and economics community generally, that the "competition" referred to in our antitrust statutes is not to be interpreted simply as pre-merger rivalry among entities....

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...

This paper considers the effects of joint negotiation when suppliers and intermediaries engage in bilateral negotiation over inclusion of a supplier’s product in an intermediary’s network. I identify conditions under which joint negotiation by two suppliers increases the suppliers’...

Cassady (1967) describes an auction in which the auctioneer “fishes” for an opening bid, calling out lower and lower amounts until an opening bid is eventually placed. Once a bid is placed, it is not uncommon for the bidding to escalate above the initial starting price. The current study...

It is well known that random parameters specifications can generate upward sloping demands for a subset of products in the data. Nevo (2001), for example, found 0.7 percent of demands to be upward sloping. Possibly less well known is that demand system estimates can imply margins outside of the...

U.S. antidumping duties are subject to administrative review—in which posted duties may be revised and final duties are determined. Reviews may occur annually for the life of the antidumping order. The level of antidumping duties is important not only as an index of the level of U.S. import...

The importance of institutions for economic growth has gathered considerable interest. For example, weak institutions can prevent firms from communicating their quality, which can lead to lower welfare. We explore how and whether exporting to markets with strong institutions may alleviate this...

From the beginning, the debate on the likely results of the proposed acquisition of T-Mobile USA by AT&T focused more on the claims of the parties that “immense” merger efficiencies would overwhelm any apparent losses of competition than on the presence or absence of those losses, and the...