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Welcome to the Truth on the Market Merger Guidelines Symposium

With the recent DOJ and FTC announcement that they will solicit public comment and hold joint workshops to explore the possibility of “updating” the Horizontal Merger Guidelines (“HMG”) in December 2009 and January 2010, the attention of the antitrust community has turned away from the heated Section 2 debates (the subject of our last symposium) ... Welcome to the Truth on the Market Merger Guidelines Symposium

Learning to Love Insider Trading

Today’s Wall Street Journal includes a terrific article explaining why insider trading should be deregulated. Following up on last week’s high-profile insider trading charges, George Mason economist Don Boudreaux, whose Cafe Hayek posts are essential reading, succinctly sets forth the deregulatory position (which was first and most famously articulated by Geoff’s dad, Henry Manne). Boudreaux ... Learning to Love Insider Trading

American Booksellers Association Advances Bad Antitrust Argument, But Who Can Blame Them?

The WSJ Reports that the American Booksellers Association has knocked on Christine Varney’s door at the Antitrust Division to complain about the new low prices resulting from the price war between Amazon, Target and Wal-Mart.  The complaint? In a letter dated Oct. 22, the ABA said it believes that the discount pricing—which has led to ... American Booksellers Association Advances Bad Antitrust Argument, But Who Can Blame Them?

Kenneth Feinberg Must Be Super Smart!

Back during the days when socialism was all the rage among the intelligentsia, F.A. Hayek predicted that Soviet-style central planning was destined to fail because the central planners lacked access to, and couldn’t process, all the information needed to allocate productive resources efficiently. Optimal resource allocation can occur, Hayek contended, only if resources are allocated ... Kenneth Feinberg Must Be Super Smart!

Intellectual Property, Standard Setting, and the Limits of Antitrust

[Cross-posted at TalkStandards.com, a blog devoted on standards and related issues] One of the most significant challenges facing competition policy today is defining the appropriate role of antitrust law within the context of intellectual property right licensing by standard-setting organizations (“SSOs”).  Many commentators believe it is necessary to apply the full force of the antitrust ... Intellectual Property, Standard Setting, and the Limits of Antitrust

Forget California. Command and control in spades at the Treasury

Well, he warned us.  But now that it’s here it sounds so incredible. Under the plan, which will be announced in the next few days by the Treasury Department, the seven companies that received the most assistance [from the various US government bailouts] will have to cut the cash payouts to their 25 best-paid executives ... Forget California. Command and control in spades at the Treasury

Command and control in California. Shocking.

In a move stupider even than Chicago’s foie gras and trans fat bans (on which see Thom here), California appears to be set to ban . . . wait for it . . . big TVs.  Environmentalists, those growing enemies of freedom and common sense everywhere, are pushing the ban because large-screen TVs use a ... Command and control in California. Shocking.

Babies-R-Us and the Case Against a Presumption of Illegality for Retailer-Initiated RPM

According to the Wall Street Journal, the FTC is investigating whether retailer Toys-R-Us has violated the antitrust laws by inducing certain manufacturers to set minimum resale prices for their products (i.e., to engage in resale price maintenance, or “RPM”). The Journal first reports that the Commission “is investigating whether [Toys-R-Us] may have violated an 11-year-old ... Babies-R-Us and the Case Against a Presumption of Illegality for Retailer-Initiated RPM

The Limits of Antitrust in the New Economy

Josh and I have just posted a draft of our new article, The Limits of Antitrust in the New Economy. We’ll be presenting it at the Searle Center Research Roundtable on the 25th Anniversary of Frank Easterbrook’s essential article, The Limits of Antitrust, next week. Here’s the abstract: This paper offers an opportunity to reflect ... The Limits of Antitrust in the New Economy

Response to Steve Salop on credit card antitrust

Steve’s post responding to me and Josh on antitrust exemptions and buyer cartels raised a number of interesting issues.   A few points in response: 1.  Constantine’s book is quite a measured look at the case (not).  I love how he risked everything — everything! — for the case.  He and the country’s other contingency fee ... Response to Steve Salop on credit card antitrust

Mark Your Calendars: TOTM Merger Guidelines Symposium

Due to a reader interest and a larger than expected number of expected submissions, the Truth on the Market Merger Guidelines Symposium is now a two day event: Monday October 26th and Tuesday October 27th. Participants: Because we are are now spread out over a few more days, feel free to aim for the 300-500 ... Mark Your Calendars: TOTM Merger Guidelines Symposium

Response to Comments on Antitrust Exemptions and Joint Monopsony Conduct to Countervail Monopoly Power

In response to my first post on joint monopsony conduct to countervail monopoly power, Mike Ward raises the issue of justifying a merger among sellers on the basis that it will countervail alleged monopsony power.  Labor unions have an antitrust exemption for just that purpose.   In terms of merger policy, Tom Campbell has written an ... Response to Comments on Antitrust Exemptions and Joint Monopsony Conduct to Countervail Monopoly Power