Welcome TOTM Guest Blogger Steven C. Salop
Steve Salop is a professor economics and law at the Georgetown University Law Center where he teaches antitrust law and economics and economic reasoning and the law. Steve’s work in antitrust economics pioneered what is now frequently referred to as the “Post-Chicago” approach. His research focuses on antitrust law and economics, and Steve has written ... Welcome TOTM Guest Blogger Steven C. Salop
Next Generation of Antitrust Conference Announcement
Call for Papers The Next Generation of Antitrust Scholarship Conference NYU School of Law January 29, 2010 Co-sponsored by NYU School of Law, American Association of Law Schools – Antitrust and Trade Regulation Section and the American Bar Association – Antitrust Section Conference Co-organizers Harry First – NYU School of Law Ilene Knable Gotts – ... Next Generation of Antitrust Conference Announcement
Announcement: TOTM Merger Guidelines Blog Symposium is Coming!
In light of the DOJ/FTC announcement of workshops to explore possible revisions to the Merger Guidelines in December 2009 and January 2010, TOTM is organizing a symposium on the legal and economic issues associated with the Guidelines. In particular, we’ve asked a panel of a dozen or so of the leading antitrust lawyers and economists ... Announcement: TOTM Merger Guidelines Blog Symposium is Coming!
What Am I Missing About Antitrust Exemptions?
Geoff mentions the pending bills on the Hill that would grant merchants an antitrust exemption to negotiate interchange fees. The insurance industry exemption has also been in the news of late in the wake of the Democrats’ threats of repeal. Here’s what I’m puzzled about. Other than self-interested parties that have a lot to gain ... What Am I Missing About Antitrust Exemptions?
Mathematical Elegance is Not Economics: Another Implication of the Nobel Prize in Economics?
Lots of good reactions to the Nobel for interested readers. This post from Lynne Kiesling and this from Peter Klein (Williamson’s last student) are a good place to start as is just about anything over at Organizations and Markets the last few days. My earlier thoughts are here, including some disappointment that the prize was ... Mathematical Elegance is Not Economics: Another Implication of the Nobel Prize in Economics?
Don't Kill Credit
My co-author on this paper on The Effect of the CFPA Act of 2009 on Consumer Credit, David Evans, has a great post over at Catalyst Code on the importance of access to consumer credit during tough financial times. Here’s the key paragraph: Unfortunately, an awful lot of the proposals that are being floated in ... Don't Kill Credit
Not From the Onion
Good news. The incoming German government under new Chancellor Angela Merkel says that it is doesn’t plan to “go wild” breaking up companies under the stronger antitrust laws it is considering. See. Nothing to worry about.
Nobel to Ostrom and Williamson (WITH UPDATES)
Excellent choices. Congratulations to Elinor Ostrom and Oliver Williamson in a prize for economic governance, the former for the commons and the latter for the boundaries of the firm! A prize aimed at the economics of institutions and governance, the theory of the firm, and work that has been important for law and economics generally ... Nobel to Ostrom and Williamson (WITH UPDATES)
Evans and Wright on The Effect of the CFPA Act of 2009 on Consumer Credit
David Evans (University of Chicago; University College of London) and I have posted to SSRN our draft, The Effect of the CFPA Act of 2009 on Consumer Credit. Here’s the abstract: The U.S. Department of the Treasury has submitted the Consumer Financial Protection Agency Act of 2009 to Congress for the purpose of overhauling consumer ... Evans and Wright on The Effect of the CFPA Act of 2009 on Consumer Credit
Nobel Odds
Looks like my perennial Alchian, Demsetz & Klein UCLA trio prediction didn’t make the list, though I see several candidates who would be honored for contributions in the theory of the firm, property rights or transaction costs. Announcements Monday. Here’s the list from Ladbrokes (HT: Mankiw): Eugene Fama 2/1 Paul Romer 4/1 Ernst Fehr 6/1 ... Nobel Odds
What's Wrong With the Endowment Effect?
Gordon Smith asks the question in response to a 16 part post (with slides and pictures!) from John Carney offering up the explanation that the behavioral economists have overclaimed and that “the Endowment Effect may really be a response to the counterparty risk faced by early humans.” Larry Ribstein chimes in with support for Carney ... What's Wrong With the Endowment Effect?
The Economics of Judicial Salaries: Justice Roberts v. Judge Judy
A commentator observes that the salary disparity between Chief Justice Roberts (roughly $220,000) and Judge Judy (roughly $25 million) is the “result of markets” and asks the following question: “is there any reason to assume that simply because the market has delivered that outcome, that Judge Judy deserves to make 100 times more than Chief ... The Economics of Judicial Salaries: Justice Roberts v. Judge Judy
