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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.
Journal Article
Antitrust and payment technologies: commentary
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 ...
Journal Article
Antitrust and payment technologies
Journal Article
Antitrust policy and vertical mergers
Recently, federal regulators responsible for enforcing the antitrust laws have shown a renewed interest in the potential anticompetitive effects of vertical mergers--mergers between two independent firms in successive stages of production. This greater activism in vertical merger cases is in striking contrast to the permissive policies that prevailed throughout the 1980s, which, in turn, were a response to the Justice Department's and the Federal Trade Commission's open hostility to vertical mergers during the 1960s and 1970s.> The cyclical antitrust treatment of vertical mergers over the ...
Conference Paper
Should merger policy be changed? An antitrust perspective