Firms may be able to create new and improved products as a result of merging. These "demand-side efficiencies" should be considered by competition authorities in considering whether to allow a merger. Unlike reductions in costs that merged firms may not pass on to consumers, new and better...

Firms may be able to create new and improved products as a result of merging. These "demand-side efficiencies" should be considered by competition authorities in considering whether to allow a merger. Unlike reductions in costs that merged firms may not pass on to consumers, new and better...

Disruptive technologies and business models profoundly affect existing markets. The most visible recent examples are Internet-based "sharing services" that are disrupting conventional taxi and hotel markets, but there are many others in diverse areas such as finance, retail electricity and...

This Essay argues that there is an underappreciated link between the reasons large technology firms appear immune from the pressures of short-termism and the reasons Neo-Brandeisian antitrust advocates suggest breaking them up. The corporate short-termism hypothesis holds that short-term...

Now is a particularly important time to consider the relationship between antitrust and innovation. Both US and European antitrust en forcement authorities are taking a look at the state of competition on the Internet, an inquiry that puts into clear focus the need for antitrust to take...

Many high technology goods are based on standards that require several essential patents owned by different IP holders. This gives rise to a complements and a double mark-up problem. We compare the welfare effects of two different business strategies dealing with these problems. Vertical...

We analyze the effects of the 1984 breakup of the Bell System on the rate, diversity, and direction of US innovation. In the antitrust case leading to the breakup, AT&T, the holding company of the Bell System, was accused of using exclusionary practices against competitors. The breakup was...

Innovation consists of new ideas, methods and products and together they drive economic growth and deliver benefits to society as a whole. Competitive intensity and rewards both drive innovation, but the importance of providing high rewards, which are secured by intellectual property rights...