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Armen Alchian, Harold Demsetz and Ben Klein Should Win the 2009 Nobel Prize in Economics
With the start of the school year comes another fall tradition here at TOTM: Nobel speculation. More specifically, every fall I yell from the rooftops that some combination of Armen Alchian, Harold Demsetz and Ben Klein should win the award. In 2006, I argued that the UCLA trio outperformed the more conventionally wise trio of ... Armen Alchian, Harold Demsetz and Ben Klein Should Win the 2009 Nobel Prize in Economics
Another Way DOJ Might Pursue "Vigorous Antitrust Enforcement in This Challenging Era"
DOJ’s top antitrust enforcer Christine Varney had hardly gotten settled in her office before she repudiated the existing DOJ guidelines on policing single-firm conduct. In the spirit of Rahm Emanuel’s famous “never let a serious crisis go to waste” directive, Ms. Varney invoked the current economic crisis as grounds for her decision to throw out ... Another Way DOJ Might Pursue "Vigorous Antitrust Enforcement in This Challenging Era"
An Addendum on Jones v. Harris in Response to Professor Birdthistle: Ex Ante Competition, Cognitive Biases and Behavioral Economics
Professor Birdthistle has a very thoughtful reply to my earlier post over at the Conglomerate on Jones v. Harris and behavioral economics. I thank Professor Birdthistle for his reply. I’ve learned a great deal about Jones v. Harris from reading his posts at the Conglomerate and have no doubt that I’ll learn more from this ... An Addendum on Jones v. Harris in Response to Professor Birdthistle: Ex Ante Competition, Cognitive Biases and Behavioral Economics
Jones v. Harris and Some Ramblings on Burdens of Proof, Empirical Evidence, and Behavioral Law and Economics
Much has been made about the importance of Jones v. Harris as a battle in the ongoing war between behavioral economics and rational choice/neoclassical framework (see, e.g. the NYT). If the case if to be about the appropriate economic methodology or model for assessing legal questions, it is definitely an interesting turn to have Judge ... Jones v. Harris and Some Ramblings on Burdens of Proof, Empirical Evidence, and Behavioral Law and Economics
The optimal level of risk is not zero
I have said it before and I’ll say it again: All of this hand wringing over executive compensation seems to exist in a parallel world where corporate executives have no risk aversion, where there is no real competition for managerial talent, and where firms can only take on too much–never too little–risk. And this in ... The optimal level of risk is not zero
Thaler’s Unsound Argument About the Public Insurance Option
University of Chicago economist (and behavioralist doyen) Richard Thaler thinks “the question of whether a ‘public option’ should be part of the health care solution” is just “one big distraction.” In Sunday’s New York Times, Thaler argues that the debate over the public option is a “red herring” if, as President Obama insists, the public ... Thaler’s Unsound Argument About the Public Insurance Option
Some Links …
There was a lot of backdating … yawn… oh, and Brett Favre is coming back The WSJ editorial page thinks the liberal boycotts of Whole Foods in response to CEO John Mackey’s op-ed on health care reform won’t have any real effects because because “real protest would require the store’s hyperprogressive customers to withdraw forever ... Some Links …
Questioning the UK Competition Commission Ombudsman Plan
In April 2008, the UK Competition Commission issued its Final Report culminating from its grocery sector inquiry. Along with supermarket concentration, the concern that emerges out of that Report is that supermarkets will use their power to negotiate sharp deals with suppliers. For example: In emails from store buyers seized during its investigation, the Commission ... Questioning the UK Competition Commission Ombudsman Plan
EU Intel Fines Attract Rebuke
I’ve criticized the European Commission’s antitrust attack against Intel here and the resulting $1.44 billion fine. Now the EU is drawing fire for allegedly burying testimony, or at least failing to record it in a satisfactory manner, from Dell that it chose Intel’s chips not because of the coercive force of any of Intel’s rebates ... EU Intel Fines Attract Rebuke
Antitrust Anachronism? Randy Picker on the Microsoft-Yahoo Search Deal
I recently commented on Gordon Crovitz’s WSJ column on the Microsoft-Yahoo deal arguing that antitrust was simply too cumbersome to deal competition issues in dynamic markets like search. A short version of my take was that these concerns are often overstated in the areas of cartels and even sometimes in merger enforcement — but have ... Antitrust Anachronism? Randy Picker on the Microsoft-Yahoo Search Deal
FTC Office Policy and Planning Fights for Competition in the Dental Services Market
Having just had four wisdom teeth pulled this morning at age 32, about ten years after the dentist first recommended it, the dental services market is on my (anesthesia fogged) mind this afternoon. But it reminded me of a post I wanted to write highlighting the efforts of the FTC Office of Policy and Planning ... FTC Office Policy and Planning Fights for Competition in the Dental Services Market
Antitrust, Obsolescence and the "New Economy" (Again)
Gordon Crovitz (WSJ) plays the new economy card on antitrust. Its a familiar wrap for those in the antitrust community that hit its peak in the original Microsoft days with virtually every competition policy scholar and commentator chiming in with an opinion about whether the internet and network effects and so forth rendered antitrust obsolete. ... Antitrust, Obsolescence and the "New Economy" (Again)
