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Stephen Bainbridge on Mandatory Disclosure: A Behavioral Analysis

Mandatory disclosure is a—maybe the—defining characteristic of U.S. securities regulation. Issuers selling securities in a public offering must file a registration statement with the SEC containing detailed disclosures, and thereafter comply with the periodic disclosure regime. Although the New Deal-era Congresses that adopted the securities laws thought mandated disclosure was an essential element of securities ... Stephen Bainbridge on Mandatory Disclosure: A Behavioral Analysis

Subsidies to “Flatten the Curve”

Summary: Trying to quarantine everyone until a vaccine is available doesn’t seem feasible. In addition, restrictions mainly delay when the epidemic explodes, e.g., see previous post on Flattening the Curve. In this paper, we propose subsidies to both individuals and businesses, to better align private incentives with social goals, while leaving it up to individuals and ... Subsidies to “Flatten the Curve”

Brad DeLong's head must have already exploded before he wrote this

I have no intention of wading into the debate over the climate change chapter in Superfreakonomics.  I’m sure you all know the controversy:  Levitt and Dubner had the temerity to suggest that global warming was a huge problem, that we should look hard for really expensive solutions, and we need to do something.  And the ... Brad DeLong's head must have already exploded before he wrote this

The Antitrust Prohibition of Favoritism, or the Imposition of Corporate Selflessness

It is my endeavor to scrutinize the questionable assessment articulated against default settings in the U.S. Justice Department’s lawsuit against Google. Default, I will argue, is no antitrust fault. Default in the Google case drastically differs from default referred to in the Microsoft case. In Part I, I argue the comparison is odious. Furthermore, in ... The Antitrust Prohibition of Favoritism, or the Imposition of Corporate Selflessness

The market realities that undermine the antitrust case against Google

As the Google antitrust discussion heats up on its way toward some culmination at the FTC, I thought it would be helpful to address some of the major issues raised in the case by taking a look at what’s going on in the market(s) in which Google operates. To this end, I have penned a ... The market realities that undermine the antitrust case against Google

Fed should stay out of Google/Twitter social search spat

As has become customary with just about every new product announcement by Google these days, the company’s introduction on Tuesday of its new “Search, plus Your World” (SPYW) program, which aims to incorporate a user’s Google+ content into her organic search results, has met with cries of antitrust foul play. All the usual blustering and ... Fed should stay out of Google/Twitter social search spat

A Defense of the Insurance Industry Antitrust Exemption?

The subject of antitrust exemptions has been an oft-discussed topic here at TOTM (see, e.g. here and here).  In the latter of those two links I was somewhat critical of the DOJ for taking a neutral stance on the insurance industry exemption, which has now become rather wrapped up in the health care reform debate. ... A Defense of the Insurance Industry Antitrust Exemption?

A Windfall for Insurers in the Medicare Part D Coverage Gap

The two-year budget plan passed last week makes important changes to payment obligations in the Medicare Part D coverage gap, also known as the donut hole.  While the new plan produces a one-year benefit for seniors by reducing what they pay a year earlier than was already mandated, it permanently shifts much of the drug ... A Windfall for Insurers in the Medicare Part D Coverage Gap

McDonald’s, Mini-Meds, and Medical Loss Ratios: What’s to come, and what can Sebelius do about it?

Yesterday, the Wall Street Journal ran an article entitled McDonald’s May Drop Health Plan. The article reported that “McDonald’s Corp. has warned federal regulators that it could drop its health insurance plan for nearly 30,000 hourly restaurant workers unless regulators waive a new requirement of the U.S. health overhaul.” The insurance plan at issue is ... McDonald’s, Mini-Meds, and Medical Loss Ratios: What’s to come, and what can Sebelius do about it?

How Changing Section 230 Could Disrupt Insurance Markets

In recent years, a diverse cross-section of advocates and politicians have leveled criticisms at Section 230 of the Communications Decency Act and its grant of legal immunity to interactive computer services. Proposed legislative changes to the law have been put forward by both Republicans and Democrats. It remains unclear whether Congress (or the courts) will ... How Changing Section 230 Could Disrupt Insurance Markets

Is Google Search Bias Consistent with Anticompetitive Foreclosure?

In my series of three posts (here, here and here) drawn from my empirical study on search bias I have examined whether search bias exists, and, if so, how frequently it occurs.  This, the final post in the series, assesses the results of the study (as well as the Edelman & Lockwood (E&L) study to ... Is Google Search Bias Consistent with Anticompetitive Foreclosure?

George Will on My “Plausible Judgment” About the Future of the ACA

In his nationally syndicated column this week, Washington Post columnist George Will highlights what he termed my “plausible judgment” (I’m taking that as high praise!) that the Supreme Court’s Affordable Care Act decision “may have made the ACA unworkable, thereby putting it on a path to ultimate extinction.” Will focuses on the first of my three major points ... George Will on My “Plausible Judgment” About the Future of the ACA