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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)

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Stigler Center News

Antitrust and Competition

Algorithmic Collusion in the Housing Market

Gabriele Bortolotti
While the development of artificial intelligence has led to efficient business strategies, such as dynamic pricing, this new technology is vulnerable to collusion and consumer harm when companies share the same software through a central platform. Gabriele Bortolotti highlights the importance of antitrust enforcement in this domain for the second article in our series, using as a case study the RealPage class action lawsuit in the Seattle housing market.
Read more
Antitrust and Competition

The Future Markets Model Explains Meta/Within: A Reply to Herb Hovenkamp

Lawrence B. Landman
In response to both Herb Hovenkamp’s February 27 article in ProMarket and, perhaps more importantly, also to Hovenkamp’s highly regarded treatise, Lawrence B. Landman, first, shows that the Future Markets Model explains the court’s decision in Meta/Within. Since Meta was not even trying to make a future product, the court correctly found that Meta would not enter the Future Market. Second, the Future Markets Model is the analytical tool which Hovenkamp says the enforcers lack when they try to protect competition to innovate.
Read more
Book Excerpts

The Chicago Boys and the Chilean Neoliberal Project

Sebastian Edwards
In a new book, The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism, Sebastian Edwards details the history of neoliberalism in Chile over the past seventy years. The Chicago Boys—a group of Chilean economists trained at the University of Chicago through the U.S. State Department’s “Chile Project”—played a central role in neoliberalism’s ascent during General Augusto Pinochet’s rule. What follows is an excerpt from the book on University of Chicago economist Milton Friedman’s 1975 visit to Chile to meet with Pinochet and business leaders.
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Antitrust and Competition

Creating a Modern Antitrust Welfare Standard that Integrates Post-Chicago and Neo-Brandeisian Goals

Darren Bush, Mark Glick, Gabriel A. Lozada
Darren Bush, Mark Glick, and Gabriel A. Lozada argue that the Consumer Welfare Standard  is inconsistent with modern welfare economics and that a modern approach to antitrust could integrate traditional Congressional goals as advocated by the Neo-Brandesians. Such an approach could be the basis for an alliance between the post-Chicago economists and the Neo-Brandesians.
Read more
Democracy

Getting Partisans To Listen to One Another Can Reduce Political Polarization

Guglielmo Briscese, Michèle Belot
In new research, Guglielmo Briscese and Michèle Belot find that reminding Americans of shared values can open lines of communication and help reduce political polarization.
Read more
Antitrust and Competition

The State of The Debate on U.S. Antitrust and Competition

Brooke Fox
This year’s Stigler Center conference on antitrust and competition invited scholars to propose alternatives to the consumer welfare standard.
Read more
Antitrust and Competition

The Impact of Algorithms on Competition and Competition Law

Antonio Capobianco
Antonio Capobianco, the deputy head of the OECD Competition Division and one of the authors of the 2023 OECD report on algorithmic competition and collusion, explains the risks that algorithms and artificial intelligence pose to competition and how regulators can approach the changing competition paradigm.
Read more
Antitrust and Competition

Rivals’ Exit Should Be Incorporated into the Guidelines for Vertical Merger Evaluation

Javier D. Donna, Pedro Pereira
An exit-inducing vertical merger might reduce welfare even if it is a welfare-enhancing vertical merger absent exit. Therefore, the possibility for rivals’ exit should be incorporated into the guidelines for vertical merger evaluation, write Javier D. Donna and Pedro Pereira in new research.
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Book Excerpts

The Business of Colonialism

Philip Stern
In his new book, Empire Incorporated, Philip Stern argues that corporations drove the global expansion of the British Empire rather than provide...
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Antitrust and Competition

There Is No Antitrust Exception To Rules Of Statutory Interpretation

Tim Wu
Tim Wu responds to a recent ProMarket post by Herbert Hovenkamp which argues for the dismissal of the Supreme Court’s 1962 Brown Shoe decision. Wu says that the Court’s duty is to obey and interpret the intentions of laws set by Congress, and cases cannot be dismissed because they don’t align with a particular policy perspective.
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Latest news

Antitrust and Competition

Algorithmic Collusion in the Housing Market

Gabriele Bortolotti
While the development of artificial intelligence has led to efficient business strategies, such as dynamic pricing, this new technology is vulnerable to collusion and consumer harm when companies share the same software through a central platform. Gabriele Bortolotti highlights the importance of antitrust enforcement in this domain for the second article in our series, using as a case study the RealPage class action lawsuit in the Seattle housing market.
Read more
Antitrust and Competition

The Future Markets Model Explains Meta/Within: A Reply to Herb Hovenkamp

Lawrence B. Landman
In response to both Herb Hovenkamp’s February 27 article in ProMarket and, perhaps more importantly, also to Hovenkamp’s highly regarded treatise, Lawrence B. Landman, first, shows that the Future Markets Model explains the court’s decision in Meta/Within. Since Meta was not even trying to make a future product, the court correctly found that Meta would not enter the Future Market. Second, the Future Markets Model is the analytical tool which Hovenkamp says the enforcers lack when they try to protect competition to innovate.
Read more
Book Excerpts

The Chicago Boys and the Chilean Neoliberal Project

Sebastian Edwards
In a new book, The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism, Sebastian Edwards details the history of neoliberalism in Chile over the past seventy years. The Chicago Boys—a group of Chilean economists trained at the University of Chicago through the U.S. State Department’s “Chile Project”—played a central role in neoliberalism’s ascent during General Augusto Pinochet’s rule. What follows is an excerpt from the book on University of Chicago economist Milton Friedman’s 1975 visit to Chile to meet with Pinochet and business leaders.
Read more
Antitrust and Competition

Creating a Modern Antitrust Welfare Standard that Integrates Post-Chicago and Neo-Brandeisian Goals

Darren Bush, Mark Glick, Gabriel A. Lozada
Darren Bush, Mark Glick, and Gabriel A. Lozada argue that the Consumer Welfare Standard  is inconsistent with modern welfare economics and that a modern approach to antitrust could integrate traditional Congressional goals as advocated by the Neo-Brandesians. Such an approach could be the basis for an alliance between the post-Chicago economists and the Neo-Brandesians.
Read more
Democracy

Getting Partisans To Listen to One Another Can Reduce Political Polarization

Guglielmo Briscese, Michèle Belot
In new research, Guglielmo Briscese and Michèle Belot find that reminding Americans of shared values can open lines of communication and help reduce political polarization.
Read more
Antitrust and Competition

The State of The Debate on U.S. Antitrust and Competition

Brooke Fox
This year’s Stigler Center conference on antitrust and competition invited scholars to propose alternatives to the consumer welfare standard.
Read more
Antitrust and Competition

The Impact of Algorithms on Competition and Competition Law

Antonio Capobianco
Antonio Capobianco, the deputy head of the OECD Competition Division and one of the authors of the 2023 OECD report on algorithmic competition and collusion, explains the risks that algorithms and artificial intelligence pose to competition and how regulators can approach the changing competition paradigm.
Read more
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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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