In new research, Wolfgang Kerber argues that the European Union's decision to require a third option in Meta's "consent or pay" model focuses too heavily on user consent and ignores the broader goal in the Digital Markets Act of reducing gatekeeper advantages and increasing competition.

The Stigler Center is seeking pre-tenure candidates for its Affiliate Fellows program. Applications are due January 22. You can apply here.

In new research, Patrice Bougette, Frédéric Marty, and Simone Vannuccini propose that competition authorities add a conditional fine to antitrust cases that is activated when behavioral remedies are no longer effective.

The following is an excerpt from Seeing Like a Supply Chain by Miriam Posner, now out at Yale University Press.

As banks grow, tiered regulation places them in stricter categories to address their greater risks. In new research, Pedro M. Batista finds that transition periods between tiers might delay when some higher standards become mandatory, potentially leaving growing banks exposed while known risks remain unresolved, as happened with Silicon Valley Bank. Federal Reserve reforms should address this gap between growing risks and delayed safeguards.

Matt Lucky reviews Mariana Mazzucato’s new book The Common Good Economy: A new compass, now out at Basic Venture Group.