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Regulatory Capture

When regulation protects narrow interests – usually the interests of the incumbent industry – at the expense of the public interest. Capture occurs in various ways: from straightforward bribes and threats, to more implicit quid pro quos such as the lucrative future employment (revolving door), to softer forms of cognitive/cultural capture. “... as a rule, regulation is acquired by the industry and is designed and operated primarily for its benefit.” George Stigler - The Theory of Economic Regulation (1971)

Regulatory Capture

Earnings Inequality: The Implications of the Rapidly Rising Cost of Employer-Provided Health Insurance

Mark J. Warshawsky
The problem of rising healthcare costs cannot be fixed by the current prescription of redistributive policies. Policymakers must redirect their focus. Concern about income inequality...
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Regulatory Capture

Italy’s Referendum: You Call it Populism, I Call it Democracy

Luigi Zingales
The “no” vote in Italy’s referendum was not unexpected, economically meaningful, or against globalization. In these regards, it was not like Brexit or Trump....
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Regulatory Capture

Is China Succeeding in the War Against Corruption? Q&A with Bernard Yeung

Asher Schechter
In the past four years, China has been waging the biggest anticorruption campaign in its modern history. Is it working?  In the past four years, the...
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Regulatory Capture

Can the Euro Be Saved? A Stigler Center Panel Pits Skepticism Versus Optimism

Asher Schechter
Joseph Stiglitz: "it may be necessary to abandon the euro to save the European project." Markus Brunnermeier: “the situation is improving. The structural reforms really worked,...
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Regulatory Capture

The Euro Crisis and The Clash of Ideologies: Q&A with Markus Brunnermeier

Asher Schechter
Brunnermeier, co-author of the recent book The Euro and the Battle of Ideas, participated in our November 30 event on the future of the euro...
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Regulatory Capture

Greater Political Integration is Necessary for a Sustainable Euro

Luigi Zingales
Read an excerpt from Luigi Zingales' 2014 book Europe or Not. On November 30, the Stigler Center hosted a panel discussion on the future of...
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Regulatory Capture

Stiglitz, Brunnermeier, and Zingales: Is the Euro Project Doomed?

ProMarket writers
Join us for a panel between Nobel laureate Joseph Stiglitz and Markus Brunnermeier, both authors of recent books on the future of the Euro....
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Regulatory Capture

It Takes a Village to Maintain a Dangerous Financial System: Q&A with Anat Admati

Guy Rolnik
Stanford professor Anat Admati discusses her new paper, in which she explains how a mix of distorted incentives, ignorance, confusion, and lack of accountability contributes to...
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Regulatory Capture

Attorneys General for Sale? We Should Focus on the Practice, Not Just on Trump’s Role

Roy Shapira
Trump is not the only, nor the biggest, player in the game of influencing attorneys general. Singling him out for opprobrium is aiming at the...
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Regulatory Capture

Stigler Center Talk: Deutsche Bank Whistleblower on the SEC and Revolving Doors

ProMarket writers
Eric Ben-Artzi, the former Deutsche Bank risk officer turned whistleblower who rejected a multi-million dollar award from the SEC, will give a talk at...
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Antitrust and Competition

How US Antitrust Enforcement Against Xerox Promoted Innovation by Japanese Competitors

Robin Mamrak
Xerox invented modern copier technology and was so successful that its brand name became a verb. In 1972, U.S. antitrust authorities charged Xerox with monopolization and eventually ordered the licensing of all its copier-related patents. As new research by Robin Mamrak shows, this antitrust intervention promoted subsequent innovation in the copier industry, but only among Japanese competitors. Nevertheless, their innovations benefited U.S. consumers.
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Antitrust and Competition

Revising the Merger Guidelines To Return Antitrust to a Sound Economic and Legal Foundation

John Kwoka
The draft Merger Guidelines largely replace the consumer welfare standard of the Chicago School with the lessening of competition principle found in the 1914 Clayton Act. This shift would enable the Federal Trade Commission and Department of Justice Antitrust Division to utilize the full extent of modern economics to respond to rising concentration and its harmful effects, writes John Kwoka.
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Economic History

How Anthony Downs’s Analysis Explains Rational Voters’ Preferences for Populism

Cyril Hédoin, Alexandre Chirat
In new research, Cyril Hédoin and Alexandre Chirat use the rational-choice theory of economist Anthony Downs to explain how populism rationally arises to challenge established institutions of liberal democracy.
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Antitrust and Competition

The Impact of Large Institutional Investors on Innovation Is Not as Positive as One Might Expect

Bing Guo, Dennis C. Hutschenreiter, David Pérez-Castrillo, Anna Toldrà-Simats
In a new paper, Bing Guo, Dennis C. Hutschenreiter, David Pérez-Castrillo, and Anna Toldrà-Simats study how large institutional investors impact firm innovation. The authors find that large institutional investors encourage internal research and development but discourage firm acquisitions that would add patents and knowledge to their firms’ portfolios, hampering overall innovation.
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Antitrust and Competition

The FTC Needs To Focus Arguments on Technological Transitions After High-Profile Losses

Joshua Gray, Cristian Santesteban
Joshua Gray and Cristian Santesteban argue that the Federal Trade Commission's focus in Meta-Within and Microsoft-Activision on narrow markets like VR fitness apps and consoles missed the boat on the real competition issue: the threat to future competition in nascent markets like VR platforms and cloud gaming.
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Commentary

We Need Better Research on the Relationship Between Market Power and Productivity in the Hospital Industry

David Ennis
Antitrust debates have largely ignored questions about the relationship between market power and productivity, and scholars have provided little guidance on the issue due to data limitations. However, data is plentiful on the hospital industry for both market power and operating costs and productivity, and researchers need to take advantage, writes David Ennis.
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Antitrust and Competition

Debating the Draft Merger Guidelines: Transcript

ProMarket writers
On September 7, the Stigler Center hosted a webinar to discuss the draft merger guidelines. What follows is a slightly edited transcript of the event.
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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.

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