How do vertical mergers impact consumers? Though often presumed to eliminate double marginalization and generate efficiencies, theory predicts that vertical integration in multiproduct industries may cause price changes that hurt consumers even in the absence of market foreclosure. We measure...

Oligopoly models of price competition predict that strategic firms exercise market power and generate inefficiencies. However, heterogeneity in firms' strategic ability also generates inefficiencies. We study the Texas electricity market where firms exhibit significant heterogeneity in how they...

Oligopoly models of price competition predict that strategic firms exercise market power and generate inefficiencies. However, heterogeneity in firms' strategic ability also generates inefficiencies. We study the Texas electricity market where firms exhibit significant heterogeneity in how...