There is widespread dissatisfaction with existing antitrust enforcement. The European Union has enacted comprehensive legislation to address perceived antitrust limitations, and several proposals to amend US antitrust laws have followed its lead. Most of the actual and proposed laws target firms...

A proposal for moving from price-centric to innovation-centric competition policy, reviewing theory and evidence on economic incentives for innovation. Competition policy and antitrust enforcement have traditionally focused on prices rather than innovation. Economic theory shows the ways that...

This paper explores the relationship between the structure of the market for the refining and distribution of gasoline and the wholesale price of unbranded gasoline sold to independent gasoline retailers. Theoretically, the effect of an increase in vertical integration is ambiguous because...

Political candidates, legislators and academics have made proposals to separate services provided by dominant digital platforms from activities that rely on these services. Although the platforms have different economic and technical characteristics, common themes that motivate these proposals...

This paper describes a model of research and development investment in which firms can choose any number of R&D projects that have independent and identical probabilities of success. The measure of R&D diversity is the number of projects undertaken by the industry. Absent spillovers or profits...

Stepwise models of technological progress described by Philippe Aghion and his co-authors (1997, 2001, 2005) capture the incentives of firms to innovate in order to escape competition and the disincentives from sharing profits with other technological leaders. The models yield intuitively...