reasonable prices, the ICA focused on preventing price discrimination in rail. No posited Sherman Act goal—inequality, consumer … welfare, efficiency—is in the ICA. Priority of discrimination in the ICA, however, is predictable. Shippers would care less …

infrastructure quality. Analyzing a model with reduced-form demand, we first show that deregulating an integrated monopoly cannot … retail price and infrastructure quality relative to the integrated monopoly outcome increases welfare. Third, we argue that …