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Commentary

An outlet for insiders to speak freely (as they remain anonymous to the reader) on what they perceive as problematic practices in their own industry – with an emphasis on how the industry tweaks the rules of the game and captures regulation.
“People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices. It is impossible indeed to prevent such meetings, by any law which either could be executed, or would be consistent with liberty and justice.” Adam Smith – An Inquiry into the Nature and Causes of the Wealth of Nations (1776)

Antitrust and Competition

Warner Bros as Antitrust’s Streaming Stress Test

Barak Orbach
Warner Bros. (“Warner”), a prized and consequential media company, is once again on the auction block, and both Netflix and Paramount Skydance are competing to buy it. Barak Orbach observes that bidders’ appetites for prized media enterprises often foster undue optimism about the feasibility of successfully integrating them. He argues that antitrust scrutiny of any acquisition of Warner would likely underscore the need to modernize certain antitrust doctrines and analytical frameworks.
Commentary

How To Design CBDCs for an Open World Economy

Jeff Alvares
Countries representing 98% of global GDP are exploring central bank digital currencies. They must devise digital infrastructure to maximize competition, writes Jeff Alvares.
Big Tech

Open Source Is Having a Moment in AI Regulation. Here Is What the Data Says

Jérémie Haese
Jérémie Haese and Christian Peukert present new empirical findings on core open source technologies for the web and AI. Open source holds promise for making AI systems more transparent and secure, but it risks masking continued centralized control under the guise of openness.
Antitrust and Competition

Canceling the Antitrust Show? Live Nation-Ticketmaster’s Latest Attempt To Keep Its Monopoly

Diana L. Moss
Live Nation-Ticketmaster has filed a motion for summary judgment to persuade the judge presiding over the antitrust lawsuit against the company that the government has not turned up enough evidence of wrongdoing or harm to consumers. Diana L. Moss refutes the motion’s main arguments and defends the government’s lawsuit.
Antitrust and Competition

Defending the Merger Efficiency Defense: A Response to Herbert Hovenkamp

Nancy Rose
Nancy L. Rose and Jonathan Sallet respond to a recent article by Herbert Hovenkamp, in which he argues that the merger-efficiencies defense, which requires merging parties to demonstrate competitive benefits of a merger in order to rebut a prima facie case of harm presented by plaintiffs, is too burdensome and runs contrary to empirical evidence.
Antitrust and Competition

What Brazil’s Pix Reveals About WTO Rules for the Platform Economy

Jeff Alvares
In the second of two articles, Jeff Alvares analyzes the competing arguments around Pix under World Trade Organization rules—a debate involving broader questions about how international trade rules need to reflect the complexity of public services in the digital economy.
Antitrust and Competition

The Political Economy of Brazil’s Pix Payment System

Jeff Alvares
In the first of two articles, Jeff Alvares explores how Brazil’s public digital payments system achieved transformative financial inclusion through vertically integrated infrastructure, creating a model now facing scrutiny under international trade law and raising questions about the boundaries of legitimate public infrastructure provision.
Commentary

Reputation-Seeking Investors Can Impose Costs on Fellow Shareholders

Michele Fioretti
In new research, Michele Fioretti, Victor Saint-Jean, and Simon Smith show that shareholders with potential reputational gains will push for corporate actions in the face of shocks like Covid-19 or the Russian invasion of Ukraine that reduce returns to other shareholders who have no reputational gains at stake.
Antitrust and Competition

Regulating the Digital Network Industry

Jasper van den Boom
Jasper van den Boom provides a synopsis of his new book, Regulating Competition in the Digital Network Industry, which comes out at Cambridge University Press in December. The book can be pre-ordered here.
Antitrust and Competition

Content Licensing Agreements Will Concentrate Markets Without Standardized Access

Christian Peukert
Christian Peukert argues that the market for licensing content from copyright owners like newspapers or online forums requires a standardized regime if access to this data, used to train artificial intelligence models, is to remain available for more than just the largest AI firms. A failure to maintain non-discriminatory access will result in the consolidation of both the AI and content production markets.
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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.