With the adoption of the 2020 Vertical Merger Guidelines, the U.S. antitrust agencies have updated their guidance on vertical mergers for the Twenty-First Century. Although economists have long recognized the procompetitive benefits most vertical mergers generate, the law has not always followed...

This paper uses a sample of 30 year old male immigrants from the 1990 Census PUMS data to explore the effects that age of arrival and ethnic capital have on the standard of living of immigrants. It finds that both time of arrival and ethnic capital affect immigrants’ standard of living through...

In markets for credence goods, such as doctor visits, customers sample a firm for a few periods, before deciding whether to retain or fire that firm. In our model, customers have endogenously determined patience in tolerating bad outcomes from credence-good providers. The more competitive the...