Managing inventories is difficult for a seller who faces uncertainty about future demand for its products. Unexpectedly low demand for a product leads to wasted investment in inventory and subsequent markdowns. Conversely, unexpectedly high demand leads to stockouts and the resulting opportunity...

A fallacy lies at the core of modern antitrust. The ascendance of the consumer welfare standard is a story often told. Yet existing narratives overlook the pivotal role that output has played--and continues to play--in shaping the contemporary antitrust enterprise. That role has gone unnoticed...

The Rule of Reason, which has come to dominate modern antitrust law, allows defendants the opportunity to justify their conduct by demonstrating “procompetitive” effects. Seizing the opportunity, defendants have begun offering increasingly numerous and creative explanations for their...

This paper studies the pricing incentives of a monopolist constrained by a revenue cap endogenously determined by her costs in a so-called base year. Such regulation is employed, among others, to govern electricity distribution operators in Germany. We show that the revenue cap may incentivize...

The existing system of private property interferes with allocative efficiency by giving owners the power to hold out for excessive prices. We propose a remedy in the form of a tax on property, based on the value self-assessed by its owner at intervals, along with a requirement that the owner...