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Commentary

An outlet for insiders to speak freely (as they remain anonymous to the reader) on what they perceive as problematic practices in their own industry – with an emphasis on how the industry tweaks the rules of the game and captures regulation.
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice.” Adam Smith – An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

Antitrust and Competition

Carl Shapiro: Why Dropping Market Power from the Merger Guidelines Matters

Carl Shapiro
Carl Shapiro provides his round-one comments on the draft Merger Guidelines.
Antitrust and Competition

Dennis Carlton: Have the Draft Guidelines Demoted Economics?

Dennis Carlton
Dennis Carlton provides his round-one comments on the draft Merger Guidelines.
Antitrust and Competition

European Digital Platform Regulation Risks Undermining Itself with Over-Centralization

Jörg Hoffmann
Recent European digital regulation surrenders traditional key guideposts of European competition law and policy. The over-centralization of European Union antitrust authority and EU legislation risks undermining member state laws and competences. This may privilege platforms and eventually harm competition and consumers, writes Jörg Hoffmann.
Antitrust and Competition

Brazil’s CADE Demonstrates How Antitrust Authorities Can Pursue Sustainability Goals

Victor Oliveira Fernandes
Antitrust scholars and authorities are debating how antitrust can and should align with green sustainability initiatives. A recent ruling from Brazil’s antitrust authority, the Administrative Council for Economic Defense, in approving the launch of a commercial platform for agricultural commodity traders to track global supply chain sustainability metrics, presents one case study on how to advance sustainability goals without compromising competition.
Antitrust and Competition

Randy Picker: Understanding Firm Entry and the Internal Growth Presumption in the Draft Merger Guidelines

Randy Picker
Randy Picker provides his round-one comments on the draft Merger Guidelines.
Antitrust and Competition

Steven Salop and Jennifer Sturiale: Vertical Merger Enforcement in the Draft Merger Guidelines

Steven Salop
Steven Salop and Jennifer Sturiale provide their round-one comments on the draft Merger Guidelines.
Antitrust and Competition

Herbert Hovenkamp: Competitive Harm and the 2023 Draft Merger Guidelines

Herbert Hovenkamp
Herbert Hovenkamp provides his round-one comments on the draft Merger Guidelines.
Antitrust and Competition

The Revised US Merger Guidelines Adopt the Future Markets Model

Lawrence B. Landman
Since 1993 the American enforcers have claimed that they can directly protect firms’ competition to innovate. And the European Commission, which at first acknowledged that it protected competition in Future Markets, markets for products which do not exist yet, later claimed that it too can directly protect firms’ competition to innovate. In their new Revised Merger Guidelines the American enforcers now not only acknowledge that they protect competition in Future Markets, but say that they will do so aggressively. And since the Americans acknowledge that they protect competition in Future Markets the Europeans should do so as well—again.
Antitrust and Competition

Trinko Creep

Andrew I. Gavil
Verizon Communications Inc. v. Trinko departed from the legal principles regulating refusals to deal under Section 2 of the Sherman Act. The 2004 Supreme Court opinion also embedded an ideological preference for non-intervention that has spread to other areas of antitrust law, eroding its ability to deter anticompetitive conduct. On its own terms, however, there are opportunities to distinguish and constrain Trinko, writes Andrew I. Gavil.
Antitrust and Competition

Eric Posner: The Revised Merger Guidelines Will Restore Principle of Competition to Merger Review

Eric A. Posner
Eric Posner provides his thoughts on the draft Merger Guidelines.
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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.