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TOTM Authors Make SSRN Top 10 Lists
I am pleased to announce that that Thom’s excellent and provocative paper on Weyerhaeuser and the Search for Antitrust’s Holy Grail has made the Top 10 list (at #10) for Antitrust & Regulated Industries and Antitrust Law and Policy (#7). Congrats Thom! On top of that, I am doubly pleased that my own Behavioral Law ... TOTM Authors Make SSRN Top 10 Lists
Nobel Prize to Hurwicz, Maskin and Myerson
“for having laid the foundations of mechanism design theory.” Here’s a blurb from the Nobel website on mechanism design: Mechanism design theory, initiated by Leonid Hurwicz and further developed by Eric Maskin and Roger Myerson, has greatly enhanced our understanding of the properties of optimal allocation mechanisms in such situations, accounting for individuals’ incentives and ... Nobel Prize to Hurwicz, Maskin and Myerson
Peking University IEPR Antitrust Conference
Today marked the completion of the J. Mirrlees Institute of Economic Policy Research (IEPR) Conference on China’s Competition Policy and Anti-Monopoly Law at Peking University in Beijing. I was thrilled to be invited to participate in the conference. A special thanks to Hongbin Cai of Peking University for the invitation, and for organizing an all ... Peking University IEPR Antitrust Conference
Are Chimps Smarter than Humans?
I’ve previously hypothesized that the persistence of legal rules that lead to less overall wealth but seemingly more equitable distributions (rules such as the insider trading ban and Regulation FD) may stem from the fact that individuals are “hard-wired” to favor fairness, even if they must sacrifice some wealth to achieve it. That seems to ... Are Chimps Smarter than Humans?
Event Studies, Fischel, Bradley, and John Armstrong
I have long held reservations about corporate governance research that hinges on event studies. (An event study is “an analysis of whether there was a statistically significant reaction in financial markets to past occurrences of a given type of event that is hypothesized to affect public firms’ market values.†An example of the sort of ... Event Studies, Fischel, Bradley, and John Armstrong
Goolsbee (and Obama?) on Free Trade
Here is Senator Obama’s economic advisor Austan Goolsbee on globalization and free trade (as described by George Will in his recent column): “Globalization” means free trade and various deregulations that supposedly put downward pressure on American wages because of imports from low-wage countries. Goolsbee, however, says globalization is responsible for “a small fraction” of today’s ... Goolsbee (and Obama?) on Free Trade
Glen Whitman on Waldfogel's Tyranny of the Market
Over at Agoraphilia, Glen Whitman has a series of entertaining posts applying economic logic to a number of interesting topics. If you read Glen on a regular basis, than you won’t be surprised that the topics include things like restroom hand dryers and toilet seat signaling. But the post that caught my attention this week ... Glen Whitman on Waldfogel's Tyranny of the Market
Bootleggers and Baptists, Madison Style
Last Wednesday, the Wisconsin Supreme Court heard oral argument on whether to reinstate an antitrust lawsuit against taverns around the University of Wisconsin (story here). In 2002, the taverns agreed to eliminate drink specials after 8:00 PM on Fridays and Saturdays. A group of students filed a class action lawsuit against the taverns for injunctive ... Bootleggers and Baptists, Madison Style
Predicting the Nobel Again …
Greg Mankiw and Tyler Cowen have started the speculation. Cowen prefers “Anne Krueger, Jagdish Bhagwati, and Gordon Tullock for their work on rent-seeking” but predicts a behavioral finance prize to Fama, Thaler & French or a prize for research on the principal-agent theory of the firm to Williamson and/or Tirole. Mankiw predicts Fama, Feldstein, or ... Predicting the Nobel Again …
Financial Times Email Forum on Microsoft CFI
Richard Epstein and Harry First answer email questions about the Microsoft CFI decision here. The answers predictably provide very different perspectives on the merits of the decision and its likely impact on consumer welfare. HT: Chicago Law Blog.
Thom, Tom, and Section 2
I highly recommend co-blogger Thom’s paper (discussed in this post) for those interested in the current Section 2 debate over the appropriate standard for exclusionary conduct. While I tend to fall into the camp that views unilateral firm conduct as too diverse for a “holy grail” test to make sense, and therefore support different tests ... Thom, Tom, and Section 2
Hazlett on Property Rights and Innovation
My colleague Tom Hazlett has a characteristically insightful essay in the Financial Times this week entitled “How the Walled Garden Promotes Innovation.” In response to critics that argue that “only a device that is optimised for any application and capable of accessing any network is efficient,” Hazlett offers Apple and DoCoMo as examples of how ... Hazlett on Property Rights and Innovation
