This paper explores cooperation incentives in the absence of public reputation information, using an infinite-horizon Prisoners' Dilemma model of sequential relationships. We examine a strategy which we call Quit-for-Tat (QFT). In this model, individuals initially are paired randomly. In the...

FTC Commissioners Joshua Wright and Maureen Ohlhausen have proposed that the Commission adopt Guidelines for the application of Section 5 to Unfair Methods of Competition. This short note comments on the role of Section 5 distinct from the Sherman Act. It suggests that Section 5 be used to...

The 2010 Merger Guidelines give greater prominence to the concept of parallel accommodating conduct. Parallel accommodating conduct (PAC) has a long history in oligopoly theory, dating back more than seventy years. It is a type of coordinated conduct that does not require an agreement. Instead,...

This short paper prepared for the Antitrust Law Journal's Symposium on Antitrust at the Millennium examines the contribution to antitrust reasoning and law of the Supreme Court's Kodak opinion. The main focus of the article involves the first principles approach to antitrust analysis. In this...

Among the proposed remedies in the Microsoft case are structural remedies that would create competition in operating systems for personal computers. One criticism that has been raised against such remedies is that they would lead to "fragmentation" of the Windows standard. According to this...

This article, which was prepared for an ABA Antitrust Section Panel, discusses the role of ideology and politics in antitrust enforcement and the impact of elections in the last twenty year on enforcement and policy at the federal antitrust agencies. The article explains the differences in...

Economic inequality recently has entered the political discourse in a highly visible way. This political impact is not a surprise. As the U.S. economy has begun to recover from the Great Recession since mid-2009, economic growth has effectively been appropriated by those already well off,...

The standard Ricardian model of competition has a fixed number of firms, each with limited capacity and differential exogenous costs or qualities. In this paper, we introduce a real entry process by formulating a multistage Ricardian equilibrium model with free entry and stochastic product...

This Appendix supplements the technical analysis in the Moresi and Salop Vertical GUPPI article published in the Antitrust Law Journal. The paper "vGUPPI: Scoring Unilateral Pricing Incentives in Vertical Mergers" to which these Appendices apply is available at the following URL:...

The conservative critique of antitrust law has been highly influential and has facilitated a transformation of antitrust standards of conduct since the 1970s and led to increasingly more permissive standards of conduct. While these changes have taken many forms, all were influenced by the view...