When firms' shrouding of charges, as in Gabaix and Laibson (2006), meets with consumers' salient thinking, as in Bordalo et al. (2013), this can have severe welfare implications. The ensuing excessive competition for headline prices tends to inefficiently bias consumers' choice towards...

Following the CJEU's decisions in Pierre Fabre and Coty, a considerable amount of scholarship on the design of competitive markets has been concerned with one particular issue: should product manufacturers be allowed to impose firmer restrictions on distribution with the aim of upholding...

Revisions incorporated into the Horizontal Merger Guidelines in 2010 claim that the Department of Justice and the Federal Trade Commission consider anticompetitive effects to product “variety” when evaluating mergers. The Guidelines do not, however, explain the methodology or tools that can...

In recent months, the legal status of fantasy sports has undergone intense scrutiny, with the attorneys general of many states contending that certain formats of “daily fantasy sports” violate state gambling laws. In an effort to save the burgeoning “daily fantasy sports” industry,...

This speech discusses how the absurdity came to pass where college football has become a multibillion dollar business, yet a majority of college football players live below the poverty line. This speech also discusses how antitrust litigation against the National Collegiate Athletic Association...

“Free” products have exploded in popularity along with widespread Internet adoption—but many of them are not truly free. Customers often trade their attention or personal information to access zero-price products. This exchange dynamic brings zero-price markets within the scope of...

The accepted theory of the firm abounds with fallacies, starting with one that has been known to be false since 1957 - the horizontal demand curve for the individual competitive firm. When these fallacies are corrected, nothing of substance remains. Equating marginal revenue & marginal cost does...

The power of today’s tech giants has prompted calls for changes in antitrust law and policy which, for decades, has been exceedingly permissive in merger enforcement and in constraining dominant firm conduct. Economically, the fear is that the largest digital platforms are so dominant and its...

My research so far, which reveals fundamental mistakes of the conventional (neoclassical) economic theory, is based mainly on the (wrong) perception of this theory for the price taking and the horizontal demand curve for the firm, using instead the correct individual demand curve for the firm,...