Research

Working papers and research projects

Technology and Market Power: The United States Cement Industry, 1974-2019 (with Matthew Osborne, Gloria Sheu, and Gretchen Sileo). June 2023, reject and resubmit at American Economic Review.

Phoning Home: The Procurement of Telecommunications for Incarcerated Individuals in the United States (with Marleen Marra and Gretchen Sileo). November 2024.

Buyer Power in the Beef Packing Industry (with Francisco Garrido, Minji Kim, and Matthew Weinberg). January 2023.

Industrial Organization and The Rise of Market Power, April 2024. NBER Working Paper 32627. For publication in the International Journal of Industrial Organization.

Can Divestitures Lessen Competition? Analyzing the Reynolds/Lorillard Merger and Divestiture (with Aviv Nevo, Kenneth Rios, and Ted Rosenbaum), in progress.

Refereed publications

Mergers, Entry, and Consumer Welfare (with Peter Caradonna and Gloria Sheu). American Economic Journal: Microeconomics, accepted.

Rising Markups and the Role of Consumer Preferences (with Henrik Döpper, Alexander MacKay, and Joel Stiebale). Journal of Political Economy, accepted.

Estimating Models of Supply and Demand: Instruments and Covariance Restrictions (with Alexander MacKay). American Economic Journal: Microeconomics, forthcoming.

A Price Leadership Model for Merger Analysis (with Ryan Mansley, Gloria Sheu and Matthew Weinberg). International Journal of Industrial Organization, Vol. 89 (2023).

Oligopolistic Price Leadership and Mergers: The United States Beer Industry (with Gloria Sheu and Matthew Weinberg). American Economic Review, Vol. 111, No. 10, 3123-3159 (2021).

Finding Mr. Schumpeter: Technology Adoption in the Cement Industry (with Jeffrey Macher and Matthew Osborne). RAND Journal of Economics, Vol. 52, No. 1, 78-99 (2021).

Forward Contracts, Market Structure, and the Welfare Effects of Mergers (with Joe Podwol). Journal of Industrial Economics, Vol. 68, No. 2, 364-407 (2020).

Understanding the Price Effects of the MillerCoors Joint Venture (with Matthew Weinberg). Econometrica, Vol. 85, No. 6, 1763-1791 (2017).

Upward Pricing Pressure as a Predictor of Merger Price Effects (with Marc Remer, Conor Ryan, and Gloria Sheu). International Journal of Industrial Organization, Vol. 52, 216-247 (2017).

Pass-Through in a Concentrated Industry: Empirical Evidence and Regulatory Implications (with Matthew Osborne and Gloria Sheu). RAND Journal of Economics, Vol. 48, No. 1, 69-93 (2017).

Pass-Through and the Prediction of Merger Price Effects (with Marc Remer, Conor Ryan, and Gloria Sheu). Journal of Industrial Economics, Vol. 64, December, 684-709 (2016).

Modeling the Effects of Mergers in Procurement. International Journal of Industrial Organization, Vol. 37, November, 201-208 (2014). This addendum clarifies the notation used in the article.

Spatial Differentiation and Price Discrimination in the Cement Industry: Evidence from a Structural Model (with Matthew Osborne). RAND Journal of Economics, Vol. 45, No. 2, 221-247 (2014). Online Appendix.

Automakers' Short-Run Responses to Changing Gasoline Prices (with Ashley Langer). Review of Economics and Statistics, Vol. 95, No. 4, 1198-1211 (2013).

Why Do Borrowers Pledge Collateral? New Empirical Evidence on the Role of Asymmetric Information (with Allen Berger, Marco Espinosa-Vega and Scott Frame). Journal of Financial Intermediation, Vol. 20, No. 1, 55-70 (2011).

Strategic Leniency and Cartel Enforcement. American Economic Review, Vol. 99, No. 3, 750-68 (2009).

Debt Maturity, Risk, and Asymmetric Information (with Allen Berger, Marco Espinosa-Vega and Scott Frame). Journal of Finance, Vol. 60, No. 6, 2895-2923 (2005).

Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks (with Allen Berger, Mitch Petersen, Raghuram Rajan and Jeremy Stein. Journal of Financial Economics, Vol. 76, No. 2, 237-269 (2005).

Credit Scoring and the Availability, Price and Risk of Small Business Credit (with Allen Berger and Scott Frame). Journal of Money, Credit and Banking, Vol. 37, No. 2, 191-222 (2005).

Shorter refereed publications

On the Misuse of Regressions of Price on the HHI in Merger Review (with Steven Berry, Fiona Scott Morton, Jonathan Baker, Timothy Bresnahan, Martin Gaynor, Richard Gilbert, George Hay, Ginger Jin, Bruce Kobayashi, Francine Lafontaine, James Levinsohn, Leslie Marx, John Mayo, Aviv Nevo, Ariel Pakes, Nancy Rose, Daniel Rubinfeld, Steven Salop, Marius Schwartz, Katja Seim, Carl Shapiro, Howard Shelanski, David Sibley, Andrew Sweeting, and Marta Wosinska). Journal of Antitrust Enforcement, Vol. 10, No. 2, 249-259 (2022).

Bias in Reduced-Form Estimates of Pass-Through (with Alexander MacKay, Marc Remer, and Gloria Sheu). Economics Letters, Vol. 123, No. 2, 200-202 (2014).

Consistency and Asymptotic Normality for Equilibrium Models with Partially Observed Outcome Variables (with Matthew Osborne). Economics Letters, Vol. 123, No. 1, 70-74 (2014).

Using Cost Pass-Through to Calibrate Demand (with Marc Remer and Gloria Sheu). Economics Letters, Vol. 118, 451-454 (2013).

The Entry Incentives of Complimentary Producers: A Simple Model with Implications for Antitrust Policy (with Juan Lleras). Economics Letters, Vol. 110, No. 2, 147-150 (2011).

Selected other materials and publications

Rising Markups, Rising Prices? (with Chris Conlon, Tsolmon Otgon, and Yi Yao). AEA: Papers and Proceedings, Vol. 113, 279-283 (2023). Here is Chris' slide deck from the AEA Meetings: [Slides]

Price-Fixing Allegations in the Canned Tuna Industry: A Look at the Data (with Minhae Kim, Ryan Mansley, Marc Remer, and Matthew Weinberg). Antitrust Bulletin, Vol. 68, No. 1, 154-163 (2023).

Quantitative Methods for Evaluating the Unilateral Effects of Mergers (with Gloria Sheu). Review of Industrial Organization, Vol. 58, No. 1, 143-177 (2021). Special Issue: The 2010 Horizontal Merger Guidelines after Ten Years.