Which supplier should control the default slot on digital devices? We analyze alternative ways to assign the default position for digital goods like search engines. First, we show that competitive bidding for the default usually rewards the higher-quality incumbent, yet it can reduce consumer welfare by cranking up ads and data extraction. Second, and perhaps...Read More

This paper explores patterns from the Stanford Computational Antitrust project’s fourth annual report, which includes contributions from 25 agencies worldwide. The findings reveal that most agencies are converging around similar technological solutions, particularly large language models and machine learning tools, and face common challenges related to explainability, data security, and organizational adaptation. The analysis suggests...Read More

“Neo-Brandeisian” scholars contend that prevailing antitrust law fails to protect democratic values. They propose (1) to replace antitrust’s consumer welfare standard with a multi-goaled approach and (2) to embrace ex ante conduct rules over ex post liability standards. In tandem, those policies undermine Neo-Brandeisianism’s raison d’être, the promotion of democracy.Read More

AI agents lie at the frontier of the evolving AI economy, functioning as applications that autonomously execute tasks on users' behalf. While contemporary discourse on market concentration in AI ecosystems predominantly focuses on data access asymmetries, this paper examines the susceptibility of AI agent markets to tipping. We posit that traditional network effects pose a...Read More

This overview highlights the Brazilian competition authority's investigations into issues related to human resources– CADE launched two new investigations in late 2024– as well as some of the key takeaways from the OECD’s Latin American and Caribbean Competition Forum–which covered fintech and open banking, the use of interim measures, and ex officio cartel investigations. Lastly,...Read More

Most areas of law enforcement require investigative tools to provide evidence of violations and harm. Antitrust law’s single-minded focus on prices, output, and innovation explains its selection of economic tools. These tools were pro-enforcement and were embraced consistently by the Supreme Court, including proponents of scientific evidence such as Justice Brandeis.Read More

The article reviews and evaluates results from several recently published industry studies that evaluate the evolution of market power over long time horizons. Evaluated collectively, the studies point to technological advances as being a primary driver of changing markups, concentration, and prices. They also highlight the role of industry heterogeneity, as the specific implications of...Read More

The year 2024 marked a pivotal moment as antitrust agencies accelerated their efforts in generative AI (see our database). AI partnerships have drawn significant attention in the space, with the CMA, DOJ, European Commission, and other agencies launching investigations and issuing their first decisions. These agencies have been addressing AI partnerships on a case-by-case basis—a...Read More

Welcome to the Antitrust Antidote—a quarterly publication analyzing U.S. antitrust decisions from legal and economic perspectives. Authored by former Federal Trade Commission (FTC) enforcer Koren W. Wong-Ervin with former FTC economist co-authors Jeremy Sandford and Nathan Wilson, alternating each quarter. The title of this series, “Antitrust Antidote,” while mostly meant to be humorous (perhaps limited...Read More

There is little consensus in the antitrust circles. Nonetheless, one of the fundamental points of agreement is that innovation fosters economic growth—hence competition policy should be targeted towards preserving, promoting, and encouraging innovation. Unsurprisingly, much has been written on the topic: a Google Scholar search for the the terms "antitrust" and "innovation" gives more than...Read More