There is broad concern that merger policy toward Big Tech has been too lenient. Big Tech typically operates in markets characterized by innovation-driven “competition for the market.” I show that this fact provides a rationale for heightened scrutiny of incumbents' acquisitions of emerging...

An unusual feature of two-sided markets is that there is no consensus regarding what they are. Our approach to deriving a definition is to identify examples that have been found to represent an interesting phenomenon in common and then reverse engineer the outcomes to determine the drivers of...

This is a response to a request for comments issued by the Department of Justice and Federal Trade Commission to revise their Horizontal Merger Guidelines. Our comments highlight three areas for which new guidance or clarification of existing guidance is appropriate: market definition,...

The distinction between complements, substitutes, and independent goods is important in many contexts. It is well known that when consumers' conditional indirect utilities for two goods are superadditive, the goods are gross complements. Generalizing insights in Gans and King (2006) and Gentzkow...

In this paper, we discuss an important movement in contemporary antitrust thinking, the Schumpeterian School. The School's fundamental argument is that antitrust enforcers can better preserve and promote the technological innovation that drives the modern economy by reducing their reliance on...

We explore the logic of predation and rules designed to prevent it in markets subject to network effects. Although, as many have informally argued, predatory behavior is plausibly more likely to succeed in such markets, we find that it is particularly hard to intervene in network markets in ways...

We consider innovation incentives in markets where final goods comprise two strictly complementary components, one of which is monopolized. We focus on the case in which the complementary component is competitively supplied, and in which innovation is important. We explore ways in which the...