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Truth on the Market 

Academic commentary on law, business, economics and more.
Post Frequency: 39.9/day Last Entry: April 01, 2011 at 00:51:38 Recent Entries: 1318
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Recommended Antitrust Reading for the Next Administration
Posted on July 21, 2008The August issue of the Antitrust Source will feature several short contributions from lawyers, judges, professors, and economists in the antitrust community suggesting some recommended reading (a book, scholarly article, or judicial opinion) for the transition team members of the new administration...
Bainbridge on Diversity at UCI Law School
Posted on July 20, 2008Professor Bainbridge sees an interesting tension in the successful initial hiring at the UCI Law faculty: Liberals like Chemerinsky say that affirmative action is necessary so that a school can ?look like? the community it serves. In this case, however, it seems to be okay with just about everybody that Chemerinsky?s law school doesn?t reflect [...
The Filesharing Debate Gets Ugly
Posted on July 18, 2008David Glenn brings us the latest in the filesharing dispute. HT: Peter Klein, who says sensible things about the newest, and ugliest piece of the controversy: Strumpf suggests that Liebowitz is pressing the issue so zealously because Liebowitz?s center at UT-Dallas receives funding from the RIAA and ?other commercial interests,? a charge I find shockingly inappropriate [...
More From Henry Manne on The Future of Law and Economics
Posted on July 14, 2008The following email from Henry Manne takes up our previous discussion of the future of law and economics (available here in downloadable form) and is published with permission. I’ve inserted a few links where Manne references a few blog posts responding to our earlier discussion...
University of Chicago Conference on China
Posted on July 14, 2008Program is here (HT: Spontaneous Order). Attendees and presenters include Coase, Cheung, Tullock, Demsetz, North, Peltzman, and many others. The conference is from July 14th-18th.
More on the Milton Friedman Institute
Posted on July 12, 2008Dan Drezner raises the plausible possibility that the real reason for the objection of some 8% (101) of the full-time faculty to the Milton Friedman Institute at the University of Chicago, which we blogged about earlier here, is “grounded less on ideology and more on an effort to ensure these departments get a bigger slice [...
Baker on Market Concentration and Horizontal Mergers
Posted on July 11, 2008Jonathan Baker (American University) has posted Market Concentration in the Antitrust Analysis of Horizontal Mergers to SSRN. Baker’s article is another of the entries which will be appearing in the forthcoming Antitrust Law and Economics volume edited by Keith Hylton (Elgar Publishing) (see this post for links to others)...
Two Promising International Antitrust Resources
Posted on July 11, 2008Antitrust Encyclopedia (HT: Antitrust Hotch Potch) and Antitrust World Reports. Both have been added to the blogroll.
Kobayashi on the Law and Economics of Predatory Pricing
Posted on July 10, 2008My colleague and co-author Bruce Kobayashi has posted The Law and Economics of Predatory Pricing to SSRN and is forthcoming in Keith Hylton’s Antitrust Law and Economics volume (Edward Elgar Publishing). It is a comprehensive and insightful review of the expansive legal and economic literatures on this topic...
A Few Thoughts on Privacy and Antitrust
Posted on July 08, 2008In the comments to this post, Peter Swire (Ohio State) points to some recent comments (see also here and here) he submitted to the Federal Trade Commission on how to incorporate privacy into conventional antitrust analysis. The privacy and antitrust link appears to be something that will receive quite a bit of attention in the [...
Richman on Institutional Economics and Concerted Refusals to Deal
Posted on July 08, 2008Barak Richman (Duke) has posted The Antitrust of Reputation Mechanisms: Institutional Economics and Concerted Refusals to Deal to SSRN (forthcoming in the Virginia Law Review). Here’s the abstract: An agreement among competitors to refuse to deal with another party is traditionally per se illegal under the antitrust laws...
Liebowitz’s Reply to O/S on Filesharing
Posted on July 07, 2008[See Update Below] Stan Liebowitz has posted a reply to Oberholzer-Gee/Strumpf’s (O/S) referee report/ reply to Liebowitz’s original comment submitted and rejected by the JPE for publication (got all that?) (HT: Newmark and Peter). Stan includes email exchanges between himself and OS concerning access to the data (O/S did not allow access), copies of [...
Picker on Competition, Privacy and Web 2.0
Posted on July 06, 2008Randy Picker (HT: Randy) has posted an interesting new paper to SSRN entitled “Competition and Privacy in Web 2.0 and the Cloud“. It is an insightful look at the how privacy rules imposed on Web intermediaries might raise competition concerns...
Commissioner Rosch on the (Smaller?) Role of Economists in Antitrust Litigation
Posted on July 04, 2008From FTC Commissioner Rosch: Personally, I think simulation analyses and indeed any kind of economic analyses that require the use of mathematical formulae are of little persuasive value in the courtroom setting. When I see an economic formula my eyes start to glaze over, and if the formula uses Greek letters I tend to think ?it’s [...
Some Links
Posted on July 03, 2008Tom Barnett on “Current Issues in Merger Enforcement” — offering a defense against claims that the DOJ has been especially inactive in merger enforcement (see, e.g., this paper from Jon Baker and Carl Shapiro) and its decision not to challenge the Whirlpool/ Maytag transaction (see Geoff’s earlier post) Avner Grief responds (”The claim that merchants’ relations [...
Harvard v. Chicago on Vertical Restraints
Posted on July 02, 2008In a new article in the June 2008 issue of Antitrust Source, Howard Marvel discusses what the rule of reason could and should look like in the Post-Leegin world as well as the different proposals to a rule of reason approach articulated by the states and the FTC in the recent Nine West consent order [...
Very nearly Commisioner Troy Paredes
Posted on June 30, 2008Only the formality of full Senate confirmation stands between Troy Paredes and the SEC following unanimous approval from the Senate Banking Committee. Congratulations, Troy.
Austin Bound
Posted on June 29, 2008My tour of duty as the FTC Scholar in Residence came to an end this past week. It was a fantastic opportunity for a junior scholar that I am grateful to have had. Plus, I couldn’t have picked a more interesting year to be at the Commission. Anyway, I’ll have more to say about all [...
Behavioral Economics and Antitrust at AAI
Posted on June 29, 2008Related to Thom’s post on behavioral economics and the problem of conflicting or offsetting biases, the American Antitrust Institute (AAI) held a conference on June 18th 2008 (audio available at the link above). The conference was, as I understand it, designed as a precursor to the AAI?s release of a ?Transition Report” to the [...
Lipton on Shareholder Primacy
Posted on June 27, 2008It should be no surprise that the inventor of the poison pill is pro-director, but Marty Lipton?s remarks at a June 25 conference at the University of Minnesota Law School left no doubt that he truly believes in his heart of hearts that we?re better off with strong, unencumbered boards...
Academic Buzzwords
Posted on June 26, 2008Apparently, the Local Government Association has told British bureaucrats in local and town governments to stop using 100 “non-words.” (CNN) From the story: The list includes the popular but vague term “empowerment;” “coterminosity,” a situation in which two organizations oversee the same geographical area; and “synergies,” combinations in which the whole is greater than [...
New Global Competition Policy: Class Cert & Merger Review in the UK
Posted on June 26, 2008The new issue is available here, and features the following articles in Class Certification and Antitrust Actions: Why Economics Now Matters for Antitrust Class Actions at the Class Certification Stage by Wendy Bloom (Kirkland & Ellis) The Potential Impact of Twombly on Antitrust Class Actions by Wendy Bloom (Kirkland & Ellis) and James Langenfeld (LECG) Opening the Curtain: [...
The Law Of Household Economics
Posted on June 25, 2008Yesterday the W$J ran an article with the above-referenced title (see here). The gist of the article is that whenever a household is blessed with an unexpected windfall, it will be cursed by an equal, unexpected cost. When I read the column, I thought to myself that it?s funny because it?s true...
Behavioralism and the Problem of Conflicting Quirks
Posted on June 25, 2008I’ve been spending quite a bit of time with the behavioralists lately. I recently read Dan Ariely’s interesting book, Predictably Irrational: The Hidden Forces that Shape Our Decisions. Then I heard Tom Ulen give a nice overview presentation at the recent Silicon Flatirons conference on the New Institutional Economics...
Cert Granted in Linkline
Posted on June 23, 2008The Supreme Court has granted cert in Pacific Bell Telephone Co., dba AT&T California v. linkLine Communications in order to address the question of whether a Section 2 “price squeeze” claim is viable under the Sherman Act if the defendant has no duty to deal...
The NWU 2 Year Program
Posted on June 21, 2008Bill Henderson has some thoughtful commentary on Northwestern University’s announcement of its 2 Year JD. He likes it. Here’s an excerpt: So let’s get this straight: NWU Law is going to attract applications from all the experienced, motivated students who want their elite JD degrees in two years versus three...
Chairman Kovacic Announces the “FTC at 100″ Self-Assessement Exercise
Posted on June 19, 2008Chairman Kovacic has posted a paper announcing a major self-assessment initiative at the FTC: The FTC at 100: Into our Second Century. Here is the opening paragraph: Albert Cummins was one of the chief sponsors of the Federal Trade Commission Act of 1914...
Call for Antitrust Papers
Posted on June 19, 2008From the Mississippi College School of Law: The Mississippi College Law Review is issuing a call for papers pertaining to antitrust law. The Law Review has published several themed issues in the past two years, and wishes to publish an article concerning antitrust, as the Law Review has not published any articles on this topic in several years...
“Its nonsensical to object”
Posted on June 18, 2008So says Jagdish Bhagwati about the recent objections by 100 or so University of Chicago faculty members to the establishment of the Milton Friedman Institute. (HT: Chicago Tribune). Here’s the whole quote as reported from the Chicago Tribune: “It is nonsensical to object...
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Housing Market: Mixed Signals about Falling Prices for February
Two reports have been issued, one by the Massachusetts Association...
Fish on "Religion Without Truth"
Here's a (relatively) recent Stanley Fish Think Again column, call...
Is a child fathered out of wedlock by an American diplomat to a foreign women on foreign soil entitled to US Citizenship by jus sanguinis?
This is a very tough situation your friend is in. It is difficult to know the ex...
Did I harass someone?
Oh, yes. This can be taken in as so many things, especially since you had testif...
Iam interested in tapping the local online search market how do people set up a services like localpull.com or areacodelocal.com? Is there any software that does the job? localpull.com/ areacodelocal are services that he
sign-up on LocalPull. The service is amazing. We love it....
Is it possible to terminate a contract with a real estate brokerage?
First, the Realtor cannot force you to reduce your price. It probably does dissu...
Need urgent answer. Never signed Truth in Lending Disclosure docs - docs at closing had different terms and rates than what we had originally signed up for in the Loan Application. Signed closing docs as assured it would
you have three days to change your mind after closing a re-fi...

Is a child fathered out of wedlock by an American diplomat to a foreign women on foreign soil entitled to US Citizenship by jus sanguinis?
This is a very tough situation your friend is in. It is difficult to know the ex...
Did I harass someone?
Oh, yes. This can be taken in as so many things, especially since you had testif...
Iam interested in tapping the local online search market how do people set up a services like localpull.com or areacodelocal.com? Is there any software that does the job? localpull.com/ areacodelocal are services that he
sign-up on LocalPull. The service is amazing. We love it....
Is it possible to terminate a contract with a real estate brokerage?
First, the Realtor cannot force you to reduce your price. It probably does dissu...
Need urgent answer. Never signed Truth in Lending Disclosure docs - docs at closing had different terms and rates than what we had originally signed up for in the Loan Application. Signed closing docs as assured it would
you have three days to change your mind after closing a re-fi...








