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Matthew Lucky

Revisiting “The Winner’s Curse” and the Enduring Anomalies of Human Behavior

Matt Lucky reviews Nobel Laureate Richard Thaler and Alex Imas’ newly updated book “The Winner’s Curse: Behavioral Economics Anomalies Then and Now,” now out at Simon & Schuster.

COMMENTARY

A Pro-Market Framework for Driving Decarbonization: Part II

Karthik Ramanna
Corporate decarbonization policy has stagnated under ideological divisions. Arguing that anthropogenic emissions are driven by customer preferences and that such preferences can shift with improved information, Karthik Ramanna advocates for a new approach: an economy-wide system of reliable and comparable accounts of the embedded emissions in products to allow customers (and investors) to make more-informed decisions aligned with underlying preferences. In part II of his two-part series (read part I here), Ramanna explores the principles of an accounting methodology to provide better greenhouse gas emissions data to business customers and consumers and the reasons why, based on historical precedent, such a system is readily adoptable and likely to prove effective. 

RESEARCH

Fair and Efficient Data-Sharing From Google Requires a More Advanced Regulatory Approach

Giovanna Massarotto
Drawing on her working paper, Giovanna Massarotto discusses three algorithmic approaches to how Google can fairly and efficiently share its data with rivals per the requirements of a court’s mandated remedy for illegally monopolizing the online search market.
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Fiscal Policy

Market Power Shifts Tariff Costs to Suppliers

Vanessa Alviarez, Michele Fioretti, Ayumu Ken Kikkawa and Monica Morlacco
Many studies have assumed that United States tariff costs are passed onto consumers. In new research, Vanessa Alviarez, Michele Fioretti, Ken Kikkawa, and Monica Morlacco argue that buyer-seller relationship dynamics allow dominant U.S. importers to instead force higher costs onto exporters.
Commentary

How the Law Protects and Promotes Corporate Misconduct

Jennifer Taub
Corporate crimes like fraud continue unabated in the United States. Jennifer Taub defines a chief reason as “accountability theater,” or the propensity of government prosecutors to pursue out-of-court civil settlements rather than criminal trials that, though they might lose them, would publicize the extent of corporate misconduct and better deter future abuse.
Commentary

A Voluntary AI Rating System Can Balance Innovation and Consumer Protection

Kevin Frazier
States are beginning to impose idiosyncratic rules on artificial intelligence chatbots and other offerings in response to harms to consumers. Rather than create a...
Commentary

The Challenge of Accountability Under US Business Law

Elizabeth Pollman
Elizabeth Pollman reviews barriers for holding corporations and their fiduciaries accountable under corporate and securities law.
Antitrust and Competition

Will GenAI Break Google’s Dominance in Search?

Mihir Kshirsagar
Judge Amit Mehta shaped his remedies in the Google Search case on the assumption that startups developing generative artificial intelligence models can restore competition in internet search. Mihir Kshirsagar analyzes the barriers to entry these startups face—scale, distribution, defaults, data and integration advantages, and content access—to show how Big Tech is still in control of the future of the search industry.
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READING LISTS

Health Care

Americans spend significantly more on health care than any other country. Why? Answers to this question range from hospital monopolies to perverse incentives to opaque pricing to medical licensing to pharmaceutical firms abusing IP practices to “creeping consolidation.” Why is the US health care system so broken? And what can antirust do about it? Catch-up on our coverage of antitrust and the US health care system.

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Commentary

Will Trump’s Drug-Pricing Order Reduce Prices for Americans?

Margherita Colangelo
President Donald Trump has, across two administrations, sought to lower drug prices for Americans, most recently with executive order “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients.” Margherita Colangelo explains why his order is unlikely to accomplish its goal.
Antitrust and Competition

Is Competition Law Making Us Sick?

Benjamin Wood, Sven Gallasch, Nicholas Shaxson, Katherine Sievert and Gary Sacks
In new research, Benjamin Wood, Sven Gallasch, Nicholas Shaxson, Katherine Sievert, and Gary Sacks write that competition underenforcement and a narrow regulatory focus on prices and output has allowed industries that produce harmful consumer products, such as tobacco or ultra-processed foods, to increase demand and, consequentially, harm to society. They argue that competition law must evolve to consider health impacts.
Antitrust and Competition

Is Private Equity’s Involvement in Healthcare Really Harmful?

Anthony LoSasso, Ge Bai and Lawton Robert Burns
Anthony T. LoSasso, Ge Bai, and Lawton Robert Burns argue that critics of private equity’s involvement in healthcare ignore that it is often the only financial lifeline available to distressed healthcare providers and can introduce an improvement in outcomes, including quality of care.
Antitrust and Competition

How Private Equity Hurts the Healthcare Workforce

Theodosia Stavroulaki
Theodosia Stavroulaki reviews how the involvement of private equity in American healthcare leads to, among other negative outcomes, burnout and stress among healthcare workers, particularly physicians. She writes that the consequences could cripple America’s healthcare system.

George J. Stigler, one of the most influential economists of the 20th century, won the Nobel Prize in Economic Sciences in 1982 “for his seminal studies of industrial structures, functioning of markets, and causes and effects of public regulation.” His research upended the idea that government regulation was effective at correcting private-market failures. Stigler introduced the idea of regulatory capture, in which regulators could be dominated by special interests. These regulators would work for the benefit of large, monied organizations rather than the public good. Catch up on ProMarket's coverage of his legacy.

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Antitrust and Competition

“Conservative” Antitrust: Something Possibly Kind of New Under the Sun, Maybe

Chris Sagers
Chris Sagers suggests that something significant could be happening in antitrust, though it probably remains academic for now, and it is hidden behind political messaging that in recent times has gotten most of the attention. He argues that the populist or politicizing talk of antitrust leaders during both the present administration and the last one has grown more detached from real-world administration. But he argues that there may be real change going on behind the scenes, as expressed in positions among some conservatives and Republican office-holders. He argues that the libertarian orthodoxy of the Chicago School no longer defines “conservative” antitrust, and that the range of plausible disagreement may genuinely be changing.
Antitrust and Competition

What Is the Role of Economics in Conservative Antitrust?

Aviv Nevo
The policies of conservative antitrust laid out by the new antitrust enforcers suggest a continued focus on the welfare of consumers and workers. This suggests a continued role for economics in shaping and advancing antitrust policy. However, Aviv Nevo writes, it is not clear from the actual actions taken by the antitrust agencies that economics, rather than political considerations, will be guiding antitrust policy.
Antitrust and Competition

The New Conservative Antitrust Is Not Here To Last

Gus Hurwitz
Gus Hurwitz explores the tenets of conservative antitrust under the second Trump administration and why it is unlikely to establish a lasting influence.
Antitrust and Competition

New Right vs. Conservative Antitrust

Thomas A. Lambert
Thomas A. Lambert argues that the conservative antitrust program articulated by the antitrust enforcers of the Second Trump administration hardly resembles the conservative antitrust of previous decades. Its divergences will likely end up harming consumers.

The New “Conservative” Merger Policy Is Not Antitrust. It’s Anti-Speech

Rebecca Haw Allensworth
Rebecca Haw Allensworth writes that the hallmark of the new conservative antitrust is not economic populism but silencing speech that the Trump administration ideologically opposes.

The Political Economy of Distrust in Science

Matthew Lucky
Skewed incentives and the distribution of resources toward corporations have undermined the integrity of scientific research and contributed to the public’s distrust in expertise. Matt Lucky explores the political economy of scientific research and potential reforms to bring scientific...

The European Commission Can and Must Act on Excessive Pricing

Aline Blankertz, Todd Davies, Justine Haekens and Nicholas Shaxson
The European Commission has struggled to tackle excessive prices in Europe, despite evidence of how they arise in relation to market power. Aline Blankertz, Todd Davies, Justine Haekens, and Nicholas Shaxson argue that adopting accounting and financial analysis as part of its toolkit can enable the Commission to understand and act when firms are exploiting their market power.

COLUMNS

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The publication of the Stigler Center at The University of Chicago Booth School of Business

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.