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Herbert Hovenkamp

Herbert Hovenkamp is the James G. Dinan University Professor, Penn Law and the Wharton School, University of Pennsylvania. He is a Fellow of the American Academy of Arts and Sciences, and in 2008 won the Justice Department’s John Sherman Award for lifetime contributions to antitrust law. His legal history writing includes The Opening of American Law: Neoclassical Legal Thought, 1870-1970 (Oxford, 2015); Enterprise and American Law, 1836-1937 (Harvard, 1991). His principal antitrust scholarship includes Antitrust Law (with the late Phillip E. Areeda and the late Donald F. Turner, 1978-2020).
Antitrust and Competition

Did the Supreme Court Fix “Brown Shoe”?

Herbert Hovenkamp
The Supreme Court’s 1962 Brown Shoe decision, which found a merger to be anticompetitive even though it would have reduced prices for consumers, remains...
Antitrust and Competition

The Life of Antitrust’s Consumer Welfare Model

Herbert Hovenkamp
“Consumer welfare” as an objective of antitrust law and regulation has its origins in several vague and even conflicting ideas of how to evaluate...
Antitrust and Competition

Reclaiming The Antitrust Law Of Potential Competition Mergers

Herbert Hovenkamp
In order to discuss the Meta/Within merger decision, it is important to understand the legal underpinnings and history of competition merger cases. Most mergers that...
Antitrust and Competition

Can The Robinson-Patman Act Be Salvaged?

Herbert Hovenkamp
Adding to ProMarket’s discussion of the Robinson-Patman Act, Herbert Hovenkamp argues that – among other issues– the law was captured by special interests when...
Antitrust and Competition

When Rhetoric Confronts Economic Reality: Unsupported Efficiency Claims and Unenforceable Promises Cannot Save the Book Publishers Deal

Bill Baer
In trying to get their merger approved, Penguin and Simon & Schuster claimed massive, but unverified cost savings. They also have promised that their...
Antitrust and Competition

The Corruption of Consumer Welfare

Herbert Hovenkamp
The consumer welfare standard is used in modern antitrust enforcement to evaluate a merger between two firms. However, its original definition was corrupted in...
Antitrust and Competition

Are Monopolists or Cartels the True Source of Anticompetitive US Political Power?

Herbert Hovenkamp
Trade associations are often the biggest obstacles to competitive markets, especially when those organizations use their influence to change public policy in their favor. Dana...
Antitrust and Competition

A Posner-Stigler Smoking Gun?

Herbert Hovenkamp
A memo from George Stigler and Richard Posner to the Reagan administration was recently unearthed. To understand the meaning behind the memo, as well...
Antitrust and Competition

The Sherman Act and Abuse of Dominance in the Age of Networks

Herbert Hovenkamp
In order to be more effective in networked markets, the US should adopt a version of the EU’s “abuse of dominance” standard that could...
Antitrust and Competition

Antitrust and the FTC: Franchise Restraints on Worker Mobility

Herbert Hovenkamp
As currently formulated, antitrust’s rule of reason approach is not the best tool to deal with vertical noncompete agreements that limit worker mobility and...
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The publication of the Stigler Center at The University of Chicago Booth School of Business

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.