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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

States Can Facilitate an AI Slowdown Without the Federal Government

Noah Hoffman
The artificial intelligence industry recently called for an antitrust exemption to coordinate self-regulation as the risks their models pose to the internet and society...
Antitrust and Competition

Antitrust Enforcers Should Focus on Market Power Not on Vague Welfare Concepts

Alberto Heimler
Alberto Heimler argues that antitrust authorities should focus on whether market power allows one party to exploit relationship-specific sunk investments made by another and how that undermines potential innovation, investments, and competition. 
Antitrust and Competition

Merger Review Needs More Uncertainty

Bart Lahcen
All merger reviews come with uncertainty, but the culture among courts, consultants, and regulators is to pretend that sophisticated modeling can eliminate uncertainty, and thus any uncertainty reflects poor econometric analysis. Creating standards of uncertainty would produce more honest analysis and better competition outcomes, writes Bart Lahcen.
Commentary

AI Governance Needs a Macroprudential Turn

Piergiuseppe Fortunato
Artificial intelligence agents are beginning to interact in ways that create risks beyond individual misalignment with corporate and social expectations. As happened with global finance after the 2007 crisis, AI governance needs to begin focusing on how good agents can still produce bad systems.
Antitrust and Competition

Competition Law Must Protect the Citizen, Too

Walid Chaiehloudj
Walid Chaiehloudj argues that when a scientifically substantiated large but uncertain risk, like environmental damage, conflicts with standard competition analysis, competition authorities need to defer to a precautionary citizen-consumer standard that takes into consideration the risks of that harm.
Commentary

AI Exposes Flaws in Copyright’s Focus on Transformativeness in Fair Use

Shishene Jing
Shishene Jing argues that the fair use doctrine's central question—whether a use is sufficiently transformative to avoid licensing requirements—breaks down when applied to AI. Transformativeness worked as a test because transformative uses rarely competed financially with the originals. AI training severs that relationship, as it is both the most transformative use of copyrighted material and the use best equipped to displace their markets.
Antitrust and Competition

Google’s Search Monopoly Money Will Let It Purchase the AI Market

Asad Ramzanali
Google built and maintains its AI leadership from cash, compute, and data accumulated illegally from its monopoly in internet search. Its control over internet search, advertisement, mobile phone operating systems, and cloud computing continues to give it an advantage in AI that its competitors lack. The U.S. Court of Appeals for the District of Columbia Circuit must consider this entrenched and vertically integrated market position when it revisits the lower court’s lax remedies, write Asad Ramzanali and Joel Thayer.
Antitrust and Competition

The Dynamic Competition Framework Petit et al. Advocate Is Neither Pro-Enforcement nor Anti-Enforcement. It Doesn’t Exist

Lawrence B. Landman
The dynamic competition school claims that competition authorities, by analyzing firms’ capabilities, can protect what this school calls dynamic competition.  Competition authorities, however, cannot adequately analyze firms’ capabilities. This school, therefore, lacks any framework which the authorities can use to analyze what they call dynamic competition. Any framework to protect dynamic competition, or what some call competition to innovate, must instead first identify the future products the competing firms are trying to make, writes Larry Landman.
Antitrust and Competition

The Ctrip Case Reveals the Limits of Administrative Interviews in China’s Antitrust Enforcement

Chun-Kit (Kitson) Ng
The recent case of Chinese online travel platform Ctrip ignoring the warnings of provincial competition authorities until the central government stepped in reveals the limits of China’s decentralized regulatory system. Chun-Kit (Kitson) Ng suggests several ways that China can reform its system to empower the provincial authorities and fulfill the regulatory system’s design to avoid drawing on the central government’s resources.
Commentary

Abortion Bans May Have Changed How People Have Sex 

James Flynn
In new research, James Flynn, David Munro, and Caitlin Myers document how sexual behavior has changed in light of total abortion bans enacted after Dobbs vs. Jackson Women’s Health. They find that abortion bans reduced sexual activity and increased contraceptive use, motivated by individuals having an increased awareness of state policy.
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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.