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Journal Article
Policy update : The Supreme Court rules on retail price pacts
Journal Article
Antitrust and payment technologies: commentary
Conference Paper
Should merger policy be changed? An antitrust perspective
Conference Paper
Antitrust policy in banking: current status and future prospects
Journal Article
Divestiture: a prescription for healthy competition
Our anti-trust laws dictate that bank mergers be rejected if they will substantially lessen competition in their markets. Yet bigger bank mergers are approved every year. What's going on? One word: divestiture.
Report
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 ...
Working Paper
Market definition and the analysis of antitrust in banking
In antitrust analysis of bank mergers, banking markets are viewed as geographically local, with a "cluster" of products as the relevant product line. This view is criticized as outdated, now that many bank products are offered by nonbank institutions and financial institutions' operations are increasingly national in scope. This paper reexamines the question of market definition in banking, using two micro data sets uniquely well-suited to the task. We find that local depositories remain the dominant supplier of key financial services to households and small businesses, with geographic ...
Working Paper
A note on antitrust in a stochastic market