READING LISTS

Late last year, the Department of Justice and the Federal Trade Commission (along with dozens of states attorneys general) filed landmark antitrust cases against Google and Facebook for anticompetitive tactics. Will these lawsuits succeed? What are the potential consequences? Catch up on ProMarket's coverage of the ongoing antirust cases against Big Tech.

How Thousands of Tech and Pharma Mergers Escape Antitrust Scrutiny

New research from Christopher Stewart, John Kepler, and Charles McClure shows that thousands of large mergers and acquisitions bypass antitrust review because current regulatory thresholds ignore intangible assets like intellectual property and customer data. These unreported deals, particularly in tech and pharma sectors, show signs of being more anticompetitive - with higher premiums paid, increased market power for acquirers, and evidence of "killer acquisitions" in pharmaceuticals.

Trump 2.0 Will Challenge the European “Competition Safe Spaces”

Despite fundamental changes in the real economy, and strides in the regulation of privacy, data, and digital markets, antitrust practice and discourse in Europe are still conducted in “safe spaces” where the antitrust community resists change and remains attached to neoliberal approaches and efficiency goals. But the Trump Administration will not just signify a wholesale return to pre-NeoBrandeisian times (as many in Europe hope): indeed Europeans hiding in their “safe spaces” may well be surprised, writes Cristina Caffarra.

Tracking SEC Movements Sheds Light on Investigatory Process and Its Impact on Firms

In new research, William Christopher Gerken, Steven Irlbeck, Marcus Painter and Guangli Zhang track the movements of Securities and Exchange Commission-associated smartphone devices to shed light on the SEC’s investigatory process and understand how office visits from its staff alter firm behavior and outcomes.

A New Approach to Measuring the Burden of Regulation

This research note employs the quantitative approach developed by Francesco Trebbi, Miao Ben Zhang, and Michael Simkovic (2023) to provide a descriptive overview of the main differences in costs of regulatory compliance across U.S. states for the year 2014 and over the period 2002-2014. These descriptive stylized facts can be useful in grounding extant discussion on regulatory compliance burden across different U.S. regions and over time and presents both unconditional results and results controlling for state industry composition.

Americans spend significantly more on health care than any other country. Why? Answers to this question range from hospital monopolies to perverse incentives to opaque pricing to medical licensing to pharmaceutical firms abusing IP practices to “creeping consolidation.” Why is the US health care system so broken? And what can antirust do about it? Catch-up on our coverage of antitrust and the US health care system.

Can the FTC’s PBM Complaint Create a Competitive Pharmaceutical Marketplace?

Fiona Scott Morton reviews the merits of the Federal Trade Commission’s complaint against the three largest pharmacy benefit managers (PBMs) for suppressing competition in pharmaceutical markets. Although the complaint’s alleged harms are narrow, it is a welcome start that promises to shed light on the PBM’s expansive anticompetitive practices and ultimately lower drug prices for Americans.

How Has the Affordable Care Act Fared After Ten Years?

David Ennis evaluates how well the Affordable Care Act has met its expectations and where it has fallen short ten years after its implementation.

Food for Thought

An excerpt from the second edition of Marion Nestle's book, Food Politics: How the Food Industry Influences Nutrition and Health, out now.

We Need Better Research on the Relationship Between Market Power and Productivity in the Hospital Industry

Antitrust debates have largely ignored questions about the relationship between market power and productivity, and scholars have provided little guidance on the issue due to data limitations. However, data is plentiful on the hospital industry for both market power and operating costs and productivity, and researchers need to take advantage, writes David Ennis.

George J. Stigler, one of the most influential economists of the 20th century, won the Nobel Prize in Economic Sciences in 1982 “for his seminal studies of industrial structures, functioning of markets, and causes and effects of public regulation.” His research upended the idea that government regulation was effective at correcting private-market failures. Stigler introduced the idea of regulatory capture, in which regulators could be dominated by special interests. These regulators would work for the benefit of large, monied organizations rather than the public good. Catch up on ProMarket's coverage of his legacy.

How Thousands of Tech and Pharma Mergers Escape Antitrust Scrutiny

New research from Christopher Stewart, John Kepler, and Charles McClure shows that thousands of large mergers and acquisitions bypass antitrust review because current regulatory thresholds ignore intangible assets like intellectual property and customer data. These unreported deals, particularly in tech and pharma sectors, show signs of being more anticompetitive - with higher premiums paid, increased market power for acquirers, and evidence of "killer acquisitions" in pharmaceuticals.

Trump 2.0 Will Challenge the European “Competition Safe Spaces”

Despite fundamental changes in the real economy, and strides in the regulation of privacy, data, and digital markets, antitrust practice and discourse in Europe are still conducted in “safe spaces” where the antitrust community resists change and remains attached to neoliberal approaches and efficiency goals. But the Trump Administration will not just signify a wholesale return to pre-NeoBrandeisian times (as many in Europe hope): indeed Europeans hiding in their “safe spaces” may well be surprised, writes Cristina Caffarra.

Tracking SEC Movements Sheds Light on Investigatory Process and Its Impact on Firms

In new research, William Christopher Gerken, Steven Irlbeck, Marcus Painter and Guangli Zhang track the movements of Securities and Exchange Commission-associated smartphone devices to shed light on the SEC’s investigatory process and understand how office visits from its staff alter firm behavior and outcomes.

A New Approach to Measuring the Burden of Regulation

This research note employs the quantitative approach developed by Francesco Trebbi, Miao Ben Zhang, and Michael Simkovic (2023) to provide a descriptive overview of the main differences in costs of regulatory compliance across U.S. states for the year 2014 and over the period 2002-2014. These descriptive stylized facts can be useful in grounding extant discussion on regulatory compliance burden across different U.S. regions and over time and presents both unconditional results and results controlling for state industry composition.

As tech companies such as Facebook, Amazon, Google, Apple, and Twitter grew so did their influence over the US economy and politics. Are these companies too large to regulate? Should we break them up? Where do we go from here? Catch up on ProMarket‘s coverage on the political power of Big Tech.

How Thousands of Tech and Pharma Mergers Escape Antitrust Scrutiny

New research from Christopher Stewart, John Kepler, and Charles McClure shows that thousands of large mergers and acquisitions bypass antitrust review because current regulatory thresholds ignore intangible assets like intellectual property and customer data. These unreported deals, particularly in tech and pharma sectors, show signs of being more anticompetitive - with higher premiums paid, increased market power for acquirers, and evidence of "killer acquisitions" in pharmaceuticals.

Trump 2.0 Will Challenge the European “Competition Safe Spaces”

Despite fundamental changes in the real economy, and strides in the regulation of privacy, data, and digital markets, antitrust practice and discourse in Europe are still conducted in “safe spaces” where the antitrust community resists change and remains attached to neoliberal approaches and efficiency goals. But the Trump Administration will not just signify a wholesale return to pre-NeoBrandeisian times (as many in Europe hope): indeed Europeans hiding in their “safe spaces” may well be surprised, writes Cristina Caffarra.

Tracking SEC Movements Sheds Light on Investigatory Process and Its Impact on Firms

In new research, William Christopher Gerken, Steven Irlbeck, Marcus Painter and Guangli Zhang track the movements of Securities and Exchange Commission-associated smartphone devices to shed light on the SEC’s investigatory process and understand how office visits from its staff alter firm behavior and outcomes.

A New Approach to Measuring the Burden of Regulation

This research note employs the quantitative approach developed by Francesco Trebbi, Miao Ben Zhang, and Michael Simkovic (2023) to provide a descriptive overview of the main differences in costs of regulatory compliance across U.S. states for the year 2014 and over the period 2002-2014. These descriptive stylized facts can be useful in grounding extant discussion on regulatory compliance burden across different U.S. regions and over time and presents both unconditional results and results controlling for state industry composition.

In November 2020, Joe Biden was elected to be the 46th President of the United States. What will his presidency look like? What issues will his administration tackle? Catch up on ProMarket's coverage of the Biden presidency.

How Thousands of Tech and Pharma Mergers Escape Antitrust Scrutiny

New research from Christopher Stewart, John Kepler, and Charles McClure shows that thousands of large mergers and acquisitions bypass antitrust review because current regulatory thresholds ignore intangible assets like intellectual property and customer data. These unreported deals, particularly in tech and pharma sectors, show signs of being more anticompetitive - with higher premiums paid, increased market power for acquirers, and evidence of "killer acquisitions" in pharmaceuticals.

Trump 2.0 Will Challenge the European “Competition Safe Spaces”

Despite fundamental changes in the real economy, and strides in the regulation of privacy, data, and digital markets, antitrust practice and discourse in Europe are still conducted in “safe spaces” where the antitrust community resists change and remains attached to neoliberal approaches and efficiency goals. But the Trump Administration will not just signify a wholesale return to pre-NeoBrandeisian times (as many in Europe hope): indeed Europeans hiding in their “safe spaces” may well be surprised, writes Cristina Caffarra.

Tracking SEC Movements Sheds Light on Investigatory Process and Its Impact on Firms

In new research, William Christopher Gerken, Steven Irlbeck, Marcus Painter and Guangli Zhang track the movements of Securities and Exchange Commission-associated smartphone devices to shed light on the SEC’s investigatory process and understand how office visits from its staff alter firm behavior and outcomes.

A New Approach to Measuring the Burden of Regulation

This research note employs the quantitative approach developed by Francesco Trebbi, Miao Ben Zhang, and Michael Simkovic (2023) to provide a descriptive overview of the main differences in costs of regulatory compliance across U.S. states for the year 2014 and over the period 2002-2014. These descriptive stylized facts can be useful in grounding extant discussion on regulatory compliance burden across different U.S. regions and over time and presents both unconditional results and results controlling for state industry composition.

Section 230 of the Communication Decency Act, which was enacted in 1996 before Google, Facebook and Twitter were founded, is often referred to as the 26-words that created the internet. It reads: “No provider or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider.” Recently, it has come under scrutiny from President Donald Trump, the FCC, the US Congress, and even President-elect Joe Biden, who previously said it should be revoked “immediately”. Catch up on ProMarket’s coverage of what’s next for Section 230.

How Thousands of Tech and Pharma Mergers Escape Antitrust Scrutiny

New research from Christopher Stewart, John Kepler, and Charles McClure shows that thousands of large mergers and acquisitions bypass antitrust review because current regulatory thresholds ignore intangible assets like intellectual property and customer data. These unreported deals, particularly in tech and pharma sectors, show signs of being more anticompetitive - with higher premiums paid, increased market power for acquirers, and evidence of "killer acquisitions" in pharmaceuticals.

Trump 2.0 Will Challenge the European “Competition Safe Spaces”

Despite fundamental changes in the real economy, and strides in the regulation of privacy, data, and digital markets, antitrust practice and discourse in Europe are still conducted in “safe spaces” where the antitrust community resists change and remains attached to neoliberal approaches and efficiency goals. But the Trump Administration will not just signify a wholesale return to pre-NeoBrandeisian times (as many in Europe hope): indeed Europeans hiding in their “safe spaces” may well be surprised, writes Cristina Caffarra.

Tracking SEC Movements Sheds Light on Investigatory Process and Its Impact on Firms

In new research, William Christopher Gerken, Steven Irlbeck, Marcus Painter and Guangli Zhang track the movements of Securities and Exchange Commission-associated smartphone devices to shed light on the SEC’s investigatory process and understand how office visits from its staff alter firm behavior and outcomes.

A New Approach to Measuring the Burden of Regulation

This research note employs the quantitative approach developed by Francesco Trebbi, Miao Ben Zhang, and Michael Simkovic (2023) to provide a descriptive overview of the main differences in costs of regulatory compliance across U.S. states for the year 2014 and over the period 2002-2014. These descriptive stylized facts can be useful in grounding extant discussion on regulatory compliance burden across different U.S. regions and over time and presents both unconditional results and results controlling for state industry composition.

In the aftermath of the brutal murder of George Floyd at the hands of white police officers in Minneapolis and the ensuing global outrage, an unprecedented focus on the causes of police violence and misconduct has emerged. Should the police be “defunded,” as many protesters demand, or should US law enforcement reformed in other ways? ProMarket investigates.

How Financial Contracting Could Help the Police Force Manage Its Aims More Effectively

Hamid Mehran proposes funded deferred pay, an incentive structure to mitigate the risk and costs of police misconduct. To be sure, police are doing a...

“Drive and Wave”: In Response to 1998 Police Reform, LAPD Officers Disengaged from Policing

A new paper documents how LAPD officers responded to two police reforms—one in 1998 and one in late 2002. It finds that when public...

Police Stops of Black Drivers Increase Following Trump Rallies, New Study Suggests 

A new study looks into how Trump's 2016 presidential campaign affected police behavior toward Black Americans and finds that the probability that a Black...

Prison Labor Can Create Perverse Incentives for Incarceration and Reduce Trust in Legal Institutions

Government proponents of prison labor should be mindful of the potential for negative effects, including increased incarceration rates and citizens’ deteriorating views on state...

What will be the impact of Covid-19 on the US and global economies? While it’s too early to make reliable predictions, it is clear that the crisis, which caused the bigger global recession on record and placed more than one-third of the world’s population on lockdown, will reshape every aspect of society. Catch up on ProMarket’s coverage of the coronavirus and its impact on politics and the world's economies.

How Thousands of Tech and Pharma Mergers Escape Antitrust Scrutiny

New research from Christopher Stewart, John Kepler, and Charles McClure shows that thousands of large mergers and acquisitions bypass antitrust review because current regulatory thresholds ignore intangible assets like intellectual property and customer data. These unreported deals, particularly in tech and pharma sectors, show signs of being more anticompetitive - with higher premiums paid, increased market power for acquirers, and evidence of "killer acquisitions" in pharmaceuticals.

Trump 2.0 Will Challenge the European “Competition Safe Spaces”

Despite fundamental changes in the real economy, and strides in the regulation of privacy, data, and digital markets, antitrust practice and discourse in Europe are still conducted in “safe spaces” where the antitrust community resists change and remains attached to neoliberal approaches and efficiency goals. But the Trump Administration will not just signify a wholesale return to pre-NeoBrandeisian times (as many in Europe hope): indeed Europeans hiding in their “safe spaces” may well be surprised, writes Cristina Caffarra.

Tracking SEC Movements Sheds Light on Investigatory Process and Its Impact on Firms

In new research, William Christopher Gerken, Steven Irlbeck, Marcus Painter and Guangli Zhang track the movements of Securities and Exchange Commission-associated smartphone devices to shed light on the SEC’s investigatory process and understand how office visits from its staff alter firm behavior and outcomes.

A New Approach to Measuring the Burden of Regulation

This research note employs the quantitative approach developed by Francesco Trebbi, Miao Ben Zhang, and Michael Simkovic (2023) to provide a descriptive overview of the main differences in costs of regulatory compliance across U.S. states for the year 2014 and over the period 2002-2014. These descriptive stylized facts can be useful in grounding extant discussion on regulatory compliance burden across different U.S. regions and over time and presents both unconditional results and results controlling for state industry composition.

Alesina was born in Broni, Pavia, Italy. Alesina obtained his undergraduate degree in economics from Bocconi University. From 2003–2006, Alesina served as Chairman of the Department of Economics at Harvard. He was the Nathaniel Ropes Professor of Political Economy at Harvard. He visited several institutions including Massachusetts Institute of Technology (MIT), Tel Aviv University, University of Stockholm, The World Bank, and the International Monetary Fund (IMF). In 2006, Alesina participated in the Stock Exchange of Visions project.

How Thousands of Tech and Pharma Mergers Escape Antitrust Scrutiny

New research from Christopher Stewart, John Kepler, and Charles McClure shows that thousands of large mergers and acquisitions bypass antitrust review because current regulatory thresholds ignore intangible assets like intellectual property and customer data. These unreported deals, particularly in tech and pharma sectors, show signs of being more anticompetitive - with higher premiums paid, increased market power for acquirers, and evidence of "killer acquisitions" in pharmaceuticals.

Trump 2.0 Will Challenge the European “Competition Safe Spaces”

Despite fundamental changes in the real economy, and strides in the regulation of privacy, data, and digital markets, antitrust practice and discourse in Europe are still conducted in “safe spaces” where the antitrust community resists change and remains attached to neoliberal approaches and efficiency goals. But the Trump Administration will not just signify a wholesale return to pre-NeoBrandeisian times (as many in Europe hope): indeed Europeans hiding in their “safe spaces” may well be surprised, writes Cristina Caffarra.

Tracking SEC Movements Sheds Light on Investigatory Process and Its Impact on Firms

In new research, William Christopher Gerken, Steven Irlbeck, Marcus Painter and Guangli Zhang track the movements of Securities and Exchange Commission-associated smartphone devices to shed light on the SEC’s investigatory process and understand how office visits from its staff alter firm behavior and outcomes.

A New Approach to Measuring the Burden of Regulation

This research note employs the quantitative approach developed by Francesco Trebbi, Miao Ben Zhang, and Michael Simkovic (2023) to provide a descriptive overview of the main differences in costs of regulatory compliance across U.S. states for the year 2014 and over the period 2002-2014. These descriptive stylized facts can be useful in grounding extant discussion on regulatory compliance burden across different U.S. regions and over time and presents both unconditional results and results controlling for state industry composition.

Aaron Director, one of the founders of the so-called Chicago School of Law and Economics, died on September 11, 2004. To mark the 15th anniversary of his death, ProMarket is published a series of articles on his work and intellectual legacy.

How Thousands of Tech and Pharma Mergers Escape Antitrust Scrutiny

New research from Christopher Stewart, John Kepler, and Charles McClure shows that thousands of large mergers and acquisitions bypass antitrust review because current regulatory thresholds ignore intangible assets like intellectual property and customer data. These unreported deals, particularly in tech and pharma sectors, show signs of being more anticompetitive - with higher premiums paid, increased market power for acquirers, and evidence of "killer acquisitions" in pharmaceuticals.

Trump 2.0 Will Challenge the European “Competition Safe Spaces”

Despite fundamental changes in the real economy, and strides in the regulation of privacy, data, and digital markets, antitrust practice and discourse in Europe are still conducted in “safe spaces” where the antitrust community resists change and remains attached to neoliberal approaches and efficiency goals. But the Trump Administration will not just signify a wholesale return to pre-NeoBrandeisian times (as many in Europe hope): indeed Europeans hiding in their “safe spaces” may well be surprised, writes Cristina Caffarra.

Tracking SEC Movements Sheds Light on Investigatory Process and Its Impact on Firms

In new research, William Christopher Gerken, Steven Irlbeck, Marcus Painter and Guangli Zhang track the movements of Securities and Exchange Commission-associated smartphone devices to shed light on the SEC’s investigatory process and understand how office visits from its staff alter firm behavior and outcomes.

A New Approach to Measuring the Burden of Regulation

This research note employs the quantitative approach developed by Francesco Trebbi, Miao Ben Zhang, and Michael Simkovic (2023) to provide a descriptive overview of the main differences in costs of regulatory compliance across U.S. states for the year 2014 and over the period 2002-2014. These descriptive stylized facts can be useful in grounding extant discussion on regulatory compliance burden across different U.S. regions and over time and presents both unconditional results and results controlling for state industry composition.

Starting in 2004, a small number of intercontinental carriers recaptured control of industry oversight in Washington and Brussels, reversed thirty years of successful pro-consumer and pro-competitive aviation policies, and converted the world’s most important markets from robust competition to a permanent oligopoly/cartel of Too Big To Fail airlines. That consolidation movement undermined many of the mechanisms that had allowed the industry to restructure after past crises, and it is difficult to see how those mechanisms could rapidly be restored in order to help cope with today’s Coronavirus much larger crisis.

How Thousands of Tech and Pharma Mergers Escape Antitrust Scrutiny

New research from Christopher Stewart, John Kepler, and Charles McClure shows that thousands of large mergers and acquisitions bypass antitrust review because current regulatory thresholds ignore intangible assets like intellectual property and customer data. These unreported deals, particularly in tech and pharma sectors, show signs of being more anticompetitive - with higher premiums paid, increased market power for acquirers, and evidence of "killer acquisitions" in pharmaceuticals.

Trump 2.0 Will Challenge the European “Competition Safe Spaces”

Despite fundamental changes in the real economy, and strides in the regulation of privacy, data, and digital markets, antitrust practice and discourse in Europe are still conducted in “safe spaces” where the antitrust community resists change and remains attached to neoliberal approaches and efficiency goals. But the Trump Administration will not just signify a wholesale return to pre-NeoBrandeisian times (as many in Europe hope): indeed Europeans hiding in their “safe spaces” may well be surprised, writes Cristina Caffarra.

Tracking SEC Movements Sheds Light on Investigatory Process and Its Impact on Firms

In new research, William Christopher Gerken, Steven Irlbeck, Marcus Painter and Guangli Zhang track the movements of Securities and Exchange Commission-associated smartphone devices to shed light on the SEC’s investigatory process and understand how office visits from its staff alter firm behavior and outcomes.

A New Approach to Measuring the Burden of Regulation

This research note employs the quantitative approach developed by Francesco Trebbi, Miao Ben Zhang, and Michael Simkovic (2023) to provide a descriptive overview of the main differences in costs of regulatory compliance across U.S. states for the year 2014 and over the period 2002-2014. These descriptive stylized facts can be useful in grounding extant discussion on regulatory compliance burden across different U.S. regions and over time and presents both unconditional results and results controlling for state industry composition.