The diversion ratio is a key input to many indicators of merger harm. Measuring the diversion ratio, however, is challenging in the presence of state dependence driven by things like consumer switching costs. We propose an identification strategy for diversion based on win/loss data. First, we...

How does resale affect multiproduct bundling? I investigate using a model of monopoly bundling with costly resale. Consumers purchase in the primary market while anticipating resale, then participate in a resale market with market-clearing prices. Resale forces the monopolist to balance the...

This paper presents a non-technical introduction to three economic tools that have in recent years become widespread in competition law enforcement in general and in the analysis of proposed mergers in particular: critical loss analysis, upward pricing pressure, and the vertical arithmetic. In...

This lecture, delivered at the Higher School of Economics in 2020, opens with a discussion of the modern history of economists' treatment of network industries: from cost-of-service regulation through incentive regulation to vertical restructuring. This history is then applied to the freight...

This paper estimates how beer franchise laws and their interaction with restrictions on vertical integration between manufacturing and wholesaling impacted US craft brewers' entry and production decisions. The effects are identified by exploiting variation in policies across states and time...

This lecture, delivered at the Higher School of Economics in 2020, opens with a discussion of the modern history of economists' treatment of network industries: from cost-of-service regulation through incentive regulation to vertical restructuring. This history is then applied to the freight...

This paper presents a non-technical introduction to three economic tools that have in recent years become widespread in competition law enforcement in general and in the analysis of proposed mergers in particular: critical loss analysis, upward pricing pressure, and the vertical arithmetic. In...

This paper estimates how beer franchise laws and their interaction with restrictions on vertical integration between manufacturing and wholesaling impacted US craft brewers' entry and production decisions. The effects are identified by exploiting variation in policies across states and time...

We develop a model of vertical mergers with open auctions upstream, This setting may be appropriate for industries where inputs are procured via auction-like "requests for proposal." For example, Drennan et al (2020) reports that a model of this type was used during the CVS-Aetna merger...