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Media

Effective media scrutiny can help mitigate many of the problems that lead to regulatory capture, by helping the polity to become informed and mobilized. But what are the conditions that create effective media scrutiny? And why do we observe so little of it in reality? “Publicity is justly commended as a remedy for social and industrial diseases. Sunlight is said to be the best of disinfectants; electric light the most efficient policeman.” Justice Louis D. Brandeis

Media

Last Few Days to Apply to the Stigler Center’s Fellowship Program for Journalists

ProMarket writers
This 10-week program, which will take place in Chicago Booth’s Hyde Park Campus, will offer a transformative learning experience for up-and-coming journalists seeking to...
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Media

The ProMarket Monthly Roundup

Guy Rolnik
The first edition of our monthly roundup that includes ProMarket posts from the previous month, as well as interesting stories from our “Weekly Briefing” section. The...
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Media

Alan Rusbridger is Gone from The Guardian, But Is There Still a Business Model for Independent Journalism?

Guy Rolnik
Many people like to think of media as another market where competition drives innovation, quality, and integrity. But this is not always the case. The following...
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Media

Are Newspapers Captured by Banks? Evidence From Italy

Luigi Zingales
The inaugural piece of a new ProMarket mini-paper series. Preamble In the intellectual debate there is a gap between academic papers and policy opinions, even those...
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Media

Alan Rusbridger: “The Level of Scrutiny That the Press Would Apply to its Own Failures is Minimal”

Asher Schechter
ProMarket interview: Alan Rusbridger, former editor-in-chief of The Guardian, on media capture. In 2003, Rebekah Wade (now Brooks), the former editor of the British tabloid...
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Media

What Makes M&A Reporters More Accurate?

Asher Schechter
A study by Kenneth R. Ahern and Denis Sosyura ranks M&A reporters based on their accuracy. Rumors and speculation have always been a part of...
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Media

Study: Journalists’ Fear of Appearing Biased Benefits Special Interests

Asher Schechter
New study that looks into the media coverage of climate change finds that special interest groups often take advantage of journalists’ desire to present...
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Media

The True Price of Media Capture: “We’ll Be Living in a State of Perpetual Shock and Amazement”

Asher Schechter
Journalist and media critic Dean Starkman, author of The Watchdog That Didn't Bark, speaks about capture in business media and explains how journalists missed the...
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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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Commentary

Holding Up the News

Joshua Braun
Meta has silenced news organizations’ social media accounts in response to Canada’s Online News Act, a law not yet in effect. Josh Braun describes the reasoning behind such legislation, its potential flaws, and how Meta, particularly Facebook, has turned the Canadian wildfire crisis into a regulatory pressure campaign.
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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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