I am very pleased to add one Nobel laureate to my “Antitrust Conversations”: Vernon L. Smith.
Vernon has been awarded the Nobel Prize in Economics in 2002 for “having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms.” According to the Nobel Committee, he has “laid the foundation for the field of experimental economics” and “has developed an array of experimental methods, setting standards for what constitutes a reliable laboratory experiment in economics.”
In this conversation, we talk about creating experiments in antitrust to make sure policies do not cause increased harm, the absence of behavioral theories’ content, about using big data to evaluate where the surplus is really going, about skepticism regarding the durability of private monopolies as well as predation strategies, overall, about antitrust agencies’ actions. In short, Vernon L. Smith’s body of work is particularly relevant to all antitrust law specialists interested in challenging antitrust rules and reasoning.
Link to our discussion: here.
All the best,