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Selected Readings in Antitrust Economics: Applied Econometrics

American Bar Association Section of Antitrust Law Economics Committee (July 2008) This bibliography contains selected readings on the application of statistical and econometric analyses in the context of antitrust analysis. The readings have been selected to provide an introduction to these subjects for lawyers with little formal training in economics or statistics. A number of readings are chapters from three texts: Peter Kennedys A Guide to Econometrics, the Section of Antitrust Laws monograph, Econometrics: Legal, Practical, and Technical Issues, and the Federal Judicial Centers Reference Manual on Scientic Evidence. Entries that begin with asterisk (*) are more advanced or technical treatments of a subject and have been included for those readers wishing to go beyond an introductory level. This bibliography was prepared by Michael Moore (Chicago Partners), Serdar Dalkir (MiCRA), and Bruce Snapp (MiCRA). The Economics Committee welcomes comments and suggestions for additional readings. The primary requirements for a reading to be included are that it is well written and provides an intuitive and to the extent possible for this subject area non-technical explanation of a subject.

I.

Basic Texts Kennedy, Peter, A Guide to Econometrics, 6th ed. (2008) (hereinafter Guide). [This extremely popular book (now in its 6th edition) is an excellent resource for the uninitiated. In a recent review, well-known econometrician Jan Kmenta described it as not a textbook for an econometric course but a nonmathematical complement to a standard econometrics textbook at any level. Its aim is to provide an overview of econometric topics and to give an intuitive interpretation of econometric concepts and methods without the usual clutter of technical detail. For those looking for intuition of fundamental concepts, earlier editions are excellent substitutes for more recent ones.] ABA Section of Antitrust Law, Econometrics: Legal, Practical, and Technical Issues (hereinafter ABA Econometrics) (2005). *Federal Judicial Center, Reference Manual on Scientic Evidence (hereinafter Reference Manual), 2nd Ed. (2000).

II.

Overview Kennedy, Peter, Chapter 1, Introduction, Guide. [The introductory chapter of Kennedy is an excellent and often amusing overview of the subject.]

ABA Section of Antitrust Law

Economics Committee

-2Wooldridge, Jeffrey M., Chapter 1, The Nature of Econometrics and Economic Data, Introductory Econometrics 4th ed. (2008). [The first chapter of this well-written introductory textbook provides an excellent overview of what econometrics is and the general issues that arise when econometric methods are applied to economic data. Little mathematics is required.] Baker, Jonathan and Daniel Rubinfeld, Empirical Methods in Antitrust Litigation: Review and Critique, 6 American Law and Economics Review 386 (1999). Fisher, Franklin M., Multiple Regression in Legal Proceedings, 80 Columbia Law Review 702 (1980). Rubinfeld, Daniel, Econometrics in the Courtroom, 85 Columbia Law Review 1048 (1985). *Kaye, David, and David A. Freedman, Reference Guide on Statistics, in Reference Manual at 83-178. *Rubinfeld, Daniel, Multiple Regression, in Reference Manual at, 179-228.

III. Using Econometric Models to Measure Market Power Baker, J. and T. Bresnahan, Empirical Methods for Measuring Market Power, 61 Antitrust Law Journal 3 (1992). Sumner, D., Measurement of Monopoly Behavior: An Application to the Cigarette Industry, 89 Journal of Political Economy 1010 (1981). Sumner, D., and R. Ward, Tax Changes and Cigarette Prices, 89 Journal of Political Economy 1261 (1981). *Bulow, J. and P. Pfleiderer, A Note on the Effect of Cost Changes on Prices, 91 Journal of Political Economy 182 (1983). *Sullivan, D., Testing Hypotheses about Firm Behavior in the Cigarette Industry, 93 Journal of Political Economy 586 (1985). *Ashenfelter, O., and D. Sullivan, Nonparametric Tests of Market Structure: An Application to the Cigarette Industry, 35 Journal of Industrial Economics 483 (1987). *Sullivan, D., Monopsony Power in the Market for Nurses, 32 Journal of Law and Economics (Part 2) S135 (1989).

ABA Section of Antitrust Law

Economics Committee

-3IV. Using Econometrics in Merger Analysis Ashenfelter, Orley C., Ashmore, David, Baker, Jonathan B., Gleason, Suzanne and Hosken, Daniel S., Econometric Methods in Staples, Princeton Law & Public Affairs Paper No. 04-007 (April 9, 2004). FTC Perspectives on Econometric Analyses in Antitrust, ABA Econometrics, Chapter V. Use of Econometrics at the U.S. Department of Justice, ABA Econometrics, Chapter VI. Price Discrimination in Merger Analysis, ABA Econometrics, Chapter X. *Baker, J., and T. Bresnahan Estimating the Residual Demand Curve Facing a Single Firm, 6 International Journal of Industrial Organization 283 (1988).

V.

Econometric Analysis of Tacit and Explicit Collusion Baker, Jonathan, and D. Rubinfeld, Empirical Methods in Antitrust Litigation: Review and Critique, 1 American Law and Economics Review 386 (1999). Kovacic, W., The identification and proof of horizontal agreements under the antitrust laws, 38 Antitrust Bulletin 5 (1993). Werden, Gregory, Economic Evidence on the Existence of Collusion: Reconciling Antitrust Law with Oligopoly Theory, 71 Antitrust Law Journal 719 (2004). *Baker, Jonathan, Identifying Cartel Policing Under Uncertainty: The U.S. Steel Industry, 1933-1939, 32 Journal of Law and Economics S47 (1989). *Bresnahan, T. (1987), Competition and Collusion in the American Automobile Industry: The 1955 Price War, 35 Journal of Industrial Economics 457 (1987). *Slade, Margaret, et al., Horizontal Agreements: Collusion, Joint Ventures, and Mergers, in Handbook of Industrial Organization, Schmalensee, R., and R. Willig, eds.

VI. Econometrics and Bid Rigging Econometrics, Chapter IX, Auction Models. Lanzillotti, R., The Great School Milk Conspiracies of the 1980s, 11 Review of Industrial Organization 413 (1996).

ABA Section of Antitrust Law

Economics Committee

-4*Porter, R., and J. Zona Bidding, Bid Rigging, and School Milk Prices: Ohio v. Trauth, Case 8 in L. White and A. Kwoka, eds., The Antitrust Revolution, 4th ed. (1994). *Porter, R., and J. Zona, Detection of Bid Rigging in Procurement Auctions, 101 Journal of Political Economy 518 (1993). *Hendricks, K., and R. Porter, Joint Bidding in Federal OCS Auctions, 82 American Economic Review 502 (1992).

VII. Estimation of Antitrust Damages Finkelstein, M., and H. Levenbach, Regression Estimates of Damages in Price-Fixing Cases, 46 Law and Contemporary Problems 145 (1983). Fisher, Franklin, Statisticians, Econometricians, and Adversary Proceedings, in Monz, John, ed., Industrial Organization, Economics, and the Law: Collected Papers of Franklin M. Fisher (1993). Hovenkamp, H. Damages, in Hovenkamp, H., Federal Antitrust Policy: The Law of Competition and Its Practice, 2nd ed. (2005). Estimation and Regression Analysis, ABA Section of Antitrust Law, Proving Antitrust Damages, (forthcoming 2009), Chapter 6. Cotterill, Ronald, Leonard Egan, and William Buckhold, Beyond Illinois Brick: The Law and Economics of Cost Pass-Through in the ADM Price Fixing Case, 18 Review of Industrial Organization 45 (2001). Coutroulis, C. and M. Allen, The Pass-On Problem in Indirect Purchaser Class Litigation, 44 Antitrust Bulletin 179 (1999). *Ashenfelter, Orley, David Ashmore, Jonathan B. Baker, and Signe-Mary McKernan, Estimating the Firm-Specific Pass-Through Rate, FTC Working Paper No. 217 (1998). *Cotterill, Ronald, Estimation of Cost Pass Through to Michigan Consumers in the ADM Price Fixing Case, Food Marketing Policy Center Research Report No. 39 (November, 1998).

VIII. Applying Econometrics to Class Certification The Use of Econometrics in Class Certification, ABA Econometrics, Chapter VIII.

ABA Section of Antitrust Law

Economics Committee

-5Hartman, R. and M. Doane, The Use of Hedonic Analysis for Certification and Damages Analysis in Class Actions, 3 Journal of Law, Economics, and Organization 351 (1987). Schwartz, C.W., and L.C. Sutherland, Class Certification for Environmental and Toxic Tort Claims, ALI-ABA Course of Study, Environmental Toxic Tort Matters: Advanced Civil Litigation (1999).

ABA Section of Antitrust Law

Economics Committee

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