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TOTM At Overcoming Bias, Robin Hanson points to the absence of decision markets evaluating competitive conditions in the post-merger world as evidence that “these companies are . . .
At Overcoming Bias, Robin Hanson points to the absence of decision markets evaluating competitive conditions in the post-merger world as evidence that “these companies are just not serious about finding the highest value applications of prediction markets.” Here’s a description of the markets that Robin has in mind…
Read the full piece here.
TOTM The FDA has determined that milk and meat from some cloned animals (cattle, swine, and goats) is safe to eat. It has therefore lifted a . . .
The FDA has determined that milk and meat from some cloned animals (cattle, swine, and goats) is safe to eat. It has therefore lifted a moratorium on such products. But don’t expect to see milk and meat from cloned animals in your local grocery store. Cloning is incredibly expensive, so cloned animals would almost certainly never be slaughtered or used for milking. Instead, they’d be used for breeding. The idea is that we’d use cloning to create exact reproductions of animals with superior qualities, and we’d then breed those cloned specimens to generate superior offspring.
Popular Media I promised to start by addressing some common criticisms of prediction markets. What better way to start than by attacking my friend, GW colleague, and . . .
I promised to start by addressing some common criticisms of prediction markets. What better way to start than by attacking my friend, GW colleague, and now co-conspirator Orin Kerr? Orin has at least twice (in 2005, and earlier this month) endorsed the criticism that the election markets don’t seem to do much more than track the conventional wisdom. Orin is in good if unfamiliar company; Paul Krugman recently made a similar criticism.
TOTM Motivated by a slate of forthcoming articles, books, and various projects involving unincorporated firms, Professor Ribstein has announced his plans to begin blogging more extensively . . .
Motivated by a slate of forthcoming articles, books, and various projects involving unincorporated firms, Professor Ribstein has announced his plans to begin blogging more extensively about partnership, LLCs and agency issues over at Ideoblog. This is good news to anybody interested in issues of business law and finance more generally. Two early installments in this endeavor are already up here and here.
TOTM Thom was recently invited to draft a critical response to a symposium at the Institute for Consumer Antitrust Studies on the future of single firm . . .
Thom was recently invited to draft a critical response to a symposium at the Institute for Consumer Antitrust Studies on the future of single firm conduct. The transcript from the Roundtable Discussion is available on SSRN. Thom graciously asked me to join him in drafting a short critical piece to the symposium. It is difficult to respond to an entire symposium in under 20 pages, and we are quite sure we were not able to get to it all of it. We did our best to hit the highlights and central themes of the conversation and contrast the generally pro-interventionist views expressed by the conference panelists with our more skeptical views about the proper scope of the antitrust enterprise in our modern economy.
TOTM Courtesy of Larry Solum’s Legal Theory Blog, the following two papers have been posted on SSRN and may be of interest to our readers. First . . .
Courtesy of Larry Solum’s Legal Theory Blog, the following two papers have been posted on SSRN and may be of interest to our readers. First is Keith Hylton’s analysis of the Weyerhaueser decision, Weyerhaeuser, Predatory Bidding, and Error Costs.
TOTM The value of interdisciplinary legal education is coming up once again. This time, Brian Tamahana argues that the interdisciplinary movement is a bad idea… Read . . .
The value of interdisciplinary legal education is coming up once again. This time, Brian Tamahana argues that the interdisciplinary movement is a bad idea…
Scholarship Abstract In Weyerhaeuser v. Ross-Simmons the Supreme Court held that the predatory pricing standard adopted in Brooke Group also applies to predatory bidding claims, because . . .
In Weyerhaeuser v. Ross-Simmons the Supreme Court held that the predatory pricing standard adopted in Brooke Group also applies to predatory bidding claims, because the two types of predation are “analytically similar”. I argue that predatory bidding is likely to be more harmful to consumer welfare than is predatory pricing. Successful input market predation may lead to a “dual market power” outcome in which the firm has market power in both the input and the output market. In spite of the analytical distinction, consideration of error costs leads me to conclude that Brooke Group remains the best standard to apply to predatory bidding claims.
TOTM We’ve been following presidential statements on antitrust here at TOTM — mostly through press releases to the AAI (e.g. our analysis of statements from Obama . . .
We’ve been following presidential statements on antitrust here at TOTM — mostly through press releases to the AAI (e.g. our analysis of statements from Obama and Edwards). I’ve been largely disappointed at the lack of attention to antitrust thus far from the candidates, with virtually no statements at all from the Republican side and only a few from the Dems. This Reuters story (HT: Antitrust Review) offers a little bit of information from the perspective of antitrust practitioners on the predicted policies from various candidates. Noticeably, there was nothing directly from the candidates’ camps.
