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Keywords:Antitrust law 

Sunk costs, contestability, and the latent contract market

The idea that an industry with sunk costs may be contestable even in the absence of long-term contracts has received little attention from formal economic theory yet is popular among monopolists facing antitrust suits. The paper formally illustrates the argument. In an infinitely repeated game, there exists a class of contestable outcomes in which the monopolist sells only on the spot market and charges low prices along the equilibrium path to prevent customers from resorting to long-term contracts. Then, the crucial test for contestability is the level of transaction costs in the latent ...
Staff Reports , Paper 75

Journal Article
Banking antitrust in transition

FRBSF Economic Letter

Journal Article
Antitrust analysis in banking : goals, methods, and justifications in a changed environment

During recent decades banking markets have changed considerably. Nevertheless, banking antitrust analysis continues to follow the same basic philosophy laid down 40 years ago by the Supreme Court. Does the change in banking markets imply the need to alter antitrust analysis in banking? This article reviews the methods of antitrust analysis and discusses justifications for them. The article concludes that the means of analysis continues to make sense regardless of a changed environment.
Economic Quarterly , Volume 94 , Issue Win , Pages 45-72

Working Paper
Structural screens in stochastic markets

Working Papers , Paper 95-2

Journal Article
Antitrust implications of thrifts' expanded commercial loan powers

Business Review , Issue Sep/Oct , Pages 11-21

Journal Article
Antitrust and payment technologies

Review , Issue Nov , Pages 41-54

Conference Paper
Changing financial industry structure and regulation: an antitrust perspective

Proceedings , Paper 694

Journal Article
Assessing bank antitrust standards

FRBSF Economic Letter

Working Paper
Are there regimes of antitrust enforcement? An empirical analysis

In this paper, the authors propose a new index of antitrust enforcement. The index is compiled from quarterly data from the Department of Justice from 1890 to 1989 and is designed to reflect the relative influence of variables that have deterrent effects. The authors use Hamilton's (1989, 1990) regime-switching technique to estimate a model in which the enforcement index follows a regime-specific AR(1) process. The authors find evidence of long-lived regimes. The high enforcement regime, which lasted from about 1910 to the mid-1960s, produced enforcement that was, on average, almost twice as ...
Working Papers , Paper 96-21

Conference Paper
Bank merger activity: the antitrust perspective

Proceedings , Paper 936


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