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- Faculty Publications (7)
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- March 2023
- Article
Not from Concentrate: Collusion in Collaborative Industries
By: Jordan M. Barry, John William Hatfield, Scott Duke Kominers and Richard Lowery
The chief principle of antitrust law and theory is that reducing market concentration—having more, smaller firms instead of fewer, bigger ones—reduces anticompetitive behavior. We demonstrate that this principle is fundamentally incomplete.
In many... View Details
In many... View Details
Keywords:
Antitrust;
Antitrust Law;
Antitrust Theory;
Law And Economics;
Collusion;
Collaboration;
Collaborative Industries;
Regulation;
"Repeated Games";
IPOs;
Initial Public Offerings;
Underwriters;
Real Estate;
Real Estate Agents;
Realtors;
Syndicated Markets;
Syndication;
Brokers;
Market Concentration;
Competition;
Law;
Economics;
Collaborative Innovation and Invention;
Governing Rules, Regulations, and Reforms;
Game Theory;
Initial Public Offering
Barry, Jordan M., John William Hatfield, Scott Duke Kominers, and Richard Lowery. "Not from Concentrate: Collusion in Collaborative Industries." Iowa Law Review 108, no. 3 (March 2023): 1089–1148.
- October 2020
- Article
Collusion in Markets with Syndication
By: John William Hatfield, Scott Duke Kominers, Richard Lowery and Jordan M. Barry
Markets for IPOs and debt issuances are syndicated, in the sense that a bidder who wins a contract may invite losing bidders to join a syndicate that together fulfills the contract. We show that in markets with syndication, standard intuitions from industrial...
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Keywords:
Collusion;
Antitrust;
IPO Underwriting;
Syndication;
"Repeated Games";
Markets;
Game Theory
Hatfield, John William, Scott Duke Kominers, Richard Lowery, and Jordan M. Barry. "Collusion in Markets with Syndication." Journal of Political Economy 128, no. 10 (October 2020).
- 2020
- Working Paper
Collusion in Brokered Markets
By: John William Hatfield, Scott Duke Kominers and Richard Lowery
The U.S. residential real estate agency market presents a puzzle for economic theory: commissions on real estate transactions have remained high for decades even though entry is frequent and costs are low. We model the real estate agency market, and other brokered...
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Keywords:
Real Estate;
"Repeated Games";
Collusion;
Antitrust;
Brokered Markets;
Game Theory;
Real Estate Industry
Hatfield, John William, Scott Duke Kominers, and Richard Lowery. "Collusion in Brokered Markets." Harvard Business School Working Paper, No. 20-023, September 2019. (Revised July 2020.)
- 11 Jan 2001
- Other Presentation
Competition and Antitrust
Presentation delivered to the American Bar Association, Fundamental Theory Task Force
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Porter, Michael E. "Competition and Antitrust." American Bar Association. Section on Antitrust Law. Task Force on Fundamental Theory, Washington, DC, January 11, 2001.
- fall 1995
- Article
Standard Setting Consortia, Antitrust, and High-Technology Industries
By: James J. Anton and Dennis A. Yao
Examines the antitrust treatment of private-sector standard setting in the U.S. Applicability of law and decision-making issues in high technology industries; Examination of cost-based facilitating theory; Approach to evaluate the reasonableness of a standard.
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Keywords:
Private Sector;
Information Technology;
Law;
Decision Making;
Cost;
Theory;
Performance Evaluation;
Standards;
United States
Anton, James J., and Dennis A. Yao. "Standard Setting Consortia, Antitrust, and High-Technology Industries." Antitrust Law Journal 64, no. 1 (fall 1995): 247–265. (Harvard users click here for full text.)
- Forthcoming
- Article
Collusion in Brokered Markets
By: John William Hatfield, Scott Duke Kominers and Richard Lowery
High commissions in the U.S. residential real estate agency market present a puzzle for economic theory because brokerage is not a concentrated industry. We model brokered markets as a game in which agents post prices for customers and then choose which other agents to...
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Keywords:
Real Estate Agents;
Real Estate;
Realtors;
Broker Networks;
Brokerage;
Brokerage Commissions;
"Brokerage Industry;
Brokered Markets;
Brokering;
Brokers;
Industrial Organization;
Repeated Game Framework;
"Repeated Games";
Collusion;
Antitrust;
Microeconomics;
Market Design;
Theory;
Game Theory;
Real Estate Industry
Hatfield, John William, Scott Duke Kominers, and Richard Lowery. "Collusion in Brokered Markets." Journal of Finance (forthcoming).
- Research Summary
Overview
By: Peter Tufano
Tufano’s research has focused on financial innovation and financial engineering—and for more than two decades, household finance. While he continues to study these topics, his current primary research is on the role of business in addressing climate change. With...
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