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Illumina/Grail

Illumina/Grail: Using the Future Markets Model To Ask the Right Question

Grail and its competitors are developing tests which will save perhaps millions of lives. They will detect many different types of cancer very early—if they ever exist. All these tests need Illumina’s instruments. The FTC, reversing an administrative law judge, said Illumina could not buy Grail. If it did, the FTC said, it would not let Grail’s competitors use its instruments. Illumina has appealed, saying, among other things, that since the tests do not exist there is, for antitrust purposes, currently no market.  Yet while the tests may or may not exist in the future the Fifth Circuit has to decide this case now.
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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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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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