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The Equitable Economy

Antitrust and Competition

The Classic Theory of Albert O. Hirschman Argues Against the US Chamber’s Case for Non-Competes

Brian Callaci
Drawing on the theory of Albert O. Hirschman’s  Exit, Voice, and Loyalty, Brian Callaci argues non-compete clauses stifle the important channels of communication between employees and businesses necessary for improving firm competitiveness. The evidence also shows that, despite claims from businesses, non-competes harm rather than reward employees for their loyalty. 
Academic Capture

Discrimination in the Formation of Academic Networks at #EconTwitter

Nicolás Ajzenman
In a field experiment conducted with economists on Twitter, the authors find that users who are identifiable as white, women, and PhD students affiliated with “top-ten” universities are more likely to receive follow-backs.
ESG, Corporate Governance & Future of the Firm

Bonds Improve Institutional Investors’ Equity Monitoring

Manish Jha
Todd Gormley and Manish Jha find that institutional investors holding bonds may experience greater investor attention and more active shareholding voting on their equity positions.
ESG, Corporate Governance & Future of the Firm

How Much Do Investors Care About Social Responsibility?

Scott Hirst
Study participants are less likely to accept lower returns in support of social goals when acting as investors versus consumers or donors with a third accepting no reduction in returns. Additionally, those with higher income, women and Democrats were willing to accept lower return in support of social goals than those with lower income, men, Republicans and Independents.
Book Excerpts

Lowering the Barriers to Entry for Economics Research in Healthcare

Filippo Lancieri
A new collection of scholarly work on the economics of the US healthcare sector is released today. The following is an adaptation of the...
Income Inequality

Children of Workers Impacted by Automation Are More Likely To Experience Lower Income Mobility

Fredrik Heyman
A new empirical study examines whether advancements in automation and robotics have affected intergenerational income mobility. The authors find that parents’ exposure to new...
Commentary

How the ‘Market Share Opportunism’ of Investment Advisers is Harming Investors and Public Companies

Bernard Sharfman
Investment advisors on both sides of the aisle have coopted ESG for their own exploitative marketing tactics to increase their own assets under management...
Antitrust and Competition

Race and the Consumer Welfare Standard

Bennett Capers
The consumer welfare standard employs a collective consumer in its model when evaluating possibly anticompetitive behavior. This aggregated approach fails to recognize that such...
Commentary

Corporate Political Responsibility in a Captured Economy

Claudine Schneider
Most attention on corporate governance has focused on businesses’ social responsibility. Claudine Schneider and Ed Dolan write that businesses need to take into account...
Health Care

Rethinking How To Achieve Universal Health Care Coverage in the US

Katherine Baicker
Solutions to expanding heath care coverage in the U.S. are often incremental and focus on mitigating market failures. In new research, Katherine Baicker, Amitabh...
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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.