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Prophylactic Merger Policy, Herbert J. Hovenkamp 2018 University of Pennsylvania Law School

Prophylactic Merger Policy, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

An important purpose of the antitrust merger law is to arrest certain anticompetitive practices or outcomes in their “incipiency.” Many Clayton Act decisions involving both mergers and other practices had recognized the idea as early as the 1920s. In Brown Shoe the Supreme Court doubled down on the idea, attributing to Congress a concern about a “rising tide of economic concentration” that must be halted “at its outset and before it gathered momentum.” The Supreme Court did not explain why an incipiency test was needed to address this particular problem. Once structural thresholds for identifying problematic mergers are identified there ...


Chinese Government’S Inability To Use Film – One Of The Most Powerful Cultural Tools Of Soft Power Expansion – To Achieve Its Soft Power Expansion Goals: Lessons For China To Tackle Its Soft Power-Deficit Problem, Kyungin Kim 2018 University of Puget Sound

Chinese Government’S Inability To Use Film – One Of The Most Powerful Cultural Tools Of Soft Power Expansion – To Achieve Its Soft Power Expansion Goals: Lessons For China To Tackle Its Soft Power-Deficit Problem, Kyungin Kim

International Political Economy Theses

Many scholars of Chinese soft power commonly believe that despite the fact that China has been working hard to achieve successful soft power expansion, one of the biggest factors that leads to Chinese soft power deficit or failure of the Chinese government to effectively trump “China threat” is its inability to use its cultural industries as a tool to fulfill its soft power expansion goals. This is a major obstacle to China in achieving its goal of successful Chinese soft power expansion, as it is said that culture is the most traditional and powerful source of soft power expansion. This ...


Compliance And Enforcement For The Exclusive Economic Zone Fisheries Management In The United Republic Of Tanzania, Christian Alphonce Nzowa 2018 World Maritime University

Compliance And Enforcement For The Exclusive Economic Zone Fisheries Management In The United Republic Of Tanzania, Christian Alphonce Nzowa

World Maritime University Dissertations

No abstract provided.


Are Mexican And U.S. Workers Complements Or Substitutes?, Raymond Robertson 2018 The Bush School of Government and Public Service, Texas A&M University

Are Mexican And U.S. Workers Complements Or Substitutes?, Raymond Robertson

Mission Foods Texas-Mexico Center Research

Fears of NAFTA in the United States were largely based on the belief that Mexicans and U.S. workers were substitutes: lowering barriers would allow competing products into the United States and investment outflows that would cause U.S. workers to lose their jobs to Mexico. While this may have been true when NAFTA first went into effect, subsequent production specialization between Mexico and the United States may suggest that Mexican and U.S. workers are now complements. In particular, NAFTA may have induced production restructuring throughout North America to generate integrated value chains in which workers in the three ...


Regulating Initial Coin Offerings (Icos), David Hoffman 2018 University of Pennsylvania Law School

Regulating Initial Coin Offerings (Icos), David Hoffman

Penn Wharton Public Policy Initiative

Research led by the University of Pennsylvania Professor David Hoffman presents legal literature’s first detailed analysis of the inner workings of Initial Coin Offerings (ICO). Startups are using the novel funding mechanism with increasing frequency. In 2017, an estimate 370 ICOs raised around $6.2 billion, and by July 2018, an additional 430 ICOs had raised almost $17.2 billion. ICOs come with the promise of a “smart contract”, or an automated contract that governs real world relationships where before a legal document would have been employed. Human oversight is supposed to be unnecessary because the embedded code ensures ...


Evaluating Ethiopia’S Development Progress, Sambath Jayapregasham, Matthäus Schuster, Ruben Tjon-A-Meeuw 2018 Institut d'Etudes Politiques de Paris (Sciences Po)

Evaluating Ethiopia’S Development Progress, Sambath Jayapregasham, Matthäus Schuster, Ruben Tjon-A-Meeuw

Undergraduate Economic Review

Ethiopia, Africa’s second most-populated nation is well on its way to becoming one of its wealthiest nations as it charges forward on its path to development. The big question is whether this growth is sustainable. To tackle this question, we will discuss its development strategy using a popular comparison to that of China. We will then offer an appraisal of the current state of the country. Finally, we will evaluate the future of Ethiopia, as it continues its current path – evaluating the potential upsides and risks it faces moving forward.


Legalization Of Physician-Assisted Suicide For Increased Patient Autonomy, Morgan McEnroe 2018 Augustana College, Rock Island Illinois

Legalization Of Physician-Assisted Suicide For Increased Patient Autonomy, Morgan Mcenroe

Religion: Student Scholarship & Creative Works

This essay features an assessment of the various factors which play into the argument for legalization of physician-assisted suicide (PAS) in the United States for increased patient autonomy. Arguments for legalization of PAS as a means of end-of-life care remain separate from voluntary euthanasia. National legalization of PAS, for this fundamental principle of hospice care, is necessary to allow a choice to those in their final stages of life of how they wish to leave. If the values of PAS advocates are maximization of autonomy and minimization of suffering, then it follows that the chronically depressed, as well as patients ...


The Federal Music Project: An American Voice In Depression-Era Music, Audrey S. Rutt 2018 Cedarville University

The Federal Music Project: An American Voice In Depression-Era Music, Audrey S. Rutt

Musical Offerings

After World War I, America was musically transformed from an outsider in the European classical tradition into a country of musical vibrance and maturity. These great advances, however, were deeply threatened by the Wall Street crash of 1929 and the consequent Great Depression. The nation that, for the first time, was developing an international reputation in the arts now faced a crisis of how to support them. Government sponsorship of the arts through the New Deal Federal One projects allowed struggling artists to survive economically during this era. In the realm of music, however, the Federal Music Project (FMP) had ...


Antitrust In 2018: The Meaning Of Consumer Welfare Now, Herbert Hovenkamp 2018 Penn Law

Antitrust In 2018: The Meaning Of Consumer Welfare Now, Herbert Hovenkamp

Penn Wharton Public Policy Initiative

Modern antitrust policy follows the consumer welfare principle (CWP), the proposition that antitrust policy should encourage markets to produce high output consistent with sustainable competition, and low prices. The market dominance of giant firms such as Amazon, however, is opening the door to a reevaluation of this antitrust standard, particularly from a new antitrust “movement” that has economic goals, such as protecting small businesses and controlling runaway profits, that can be at odds with promoting low prices. Penn Law and Wharton Professor Herbert Hovencamp evaluates the merits of three antitrust frameworks within the context of the law and economic history ...


The Missing Pieces Of The Economic Debate Over Immigration Reform, Exequiel Hernandez 2018 University of Pennsylvania

The Missing Pieces Of The Economic Debate Over Immigration Reform, Exequiel Hernandez

Penn Wharton Public Policy Initiative

To the extent that immigration reform is discussed in terms of economics, the debate tends to focus exclusively on labor issues-specifically, how immigrants affect jobs and wages for native citizens. But to understand the economic effects of immigration, and thus develop sounder policies, policymakers need to consider how immigration affects all three core components of economic growth: not just labor, but capital and innovation too.

In the Penn Wharton Public Policy Brief, "The Missing Pieces of the Economic Debate Over Immigration Reform/whr.tn/2vmKbK8>," Professor Exequiel Hernandez discusses new research showing that immigration produces gains for the U.S ...


The Salience Theory Of Consumer Financial Regulation, Natasha Sarin 2018 University of Pennsylvania Law School

The Salience Theory Of Consumer Financial Regulation, Natasha Sarin

Faculty Scholarship at Penn Law

Prior to the financial crisis, banks’ fee income was their fastest-growing source of revenue. This revenue was often generated through nefarious bank practices (e.g., ordering overdraft transactions for maximal fees). The crisis focused popular attention on the extent to which current regulatory tools failed consumers in these markets, and policymakers responded: A new Consumer Financial Protection Bureau was tasked with monitoring consumer finance products, and some of the earliest post-crisis financial reforms sought to lower consumer costs. This Article is the first to empirically evaluate the success of the consumer finance reform agenda by considering three recent price regulations ...


Pretrial Release And Failure-To-Appear In Mclean County, Il, Jonathan Monsma 2018 Illinois State University

Pretrial Release And Failure-To-Appear In Mclean County, Il, Jonathan Monsma

Stevenson Center for Community and Economic Development to Stevenson Center for Community and Economic Development—Student Research

Actuarial risk assessment tools increasingly have been employed in jurisdictions across the U.S. to assist courts in the decision of whether someone charged with a crime should be detained or released prior to their trial. These tools should be continually monitored and researched by independent 3rd parties to ensure that these powerful tools are being administered properly and used in the most proficient way as to provide socially optimal results. McLean County, Illinois began using the Public Safety Assessment-CourtTM (PSA-Court or simply PSA) risk assessment tool beginning in 2016. This study culls data from the McLean County ...


Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert 2018 University of Pennsylvania Law School

Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert

Faculty Scholarship at Penn Law

This working paper surveys the decumulation services offered by investment robo-advisors as a case study with which to examine regulatory and market structure issues raised by automated financial advice. We provide a short introduction to decumulation, describing some of the uncertainties involved in identifying optimal decumulation strategies and sketching a few of the ‘rules of thumb’ that financial advisors have developed in this area in the face of this uncertainty. Next we describe behavioral effects that could inhibit consumers from following an optimal decumulation strategy, concluding that, left to their own devices, consumers are likely to make sub-optimal decumulation decisions ...


Intellectual Property And The Economics Of Product Differentiation, Christopher S. Yoo 2018 University of Pennsylvania Law School

Intellectual Property And The Economics Of Product Differentiation, Christopher S. Yoo

Faculty Scholarship at Penn Law

The literature applying the economics of product differentiation to intellectual property has been called the most important development in the economic analysis of IP in years. Relaxing the assumption that products are homogeneous yields new insights by explaining persistent features of IP markets that the traditional approaches cannot, challenging the extent to which IP allows rightsholders to earn monopoly profits, allowing for sources of welfare outside of price-quantity space, which in turn opens up new dimensions along which intellectual property can compete. It also allows for equilibria with different welfare characteristics, making the tendency towards systematic underproduction more contingent and ...


Rural Land Titling And Property Rights: Does Legislating Smallholdings As A Non-Seizable Family Asset Improve Smallholder Family Farmers’ Welfare?, Juan M. Murguia, Kassu W. Hossiso, Sergio H. Lence 2018 Inter-American Development Bank

Rural Land Titling And Property Rights: Does Legislating Smallholdings As A Non-Seizable Family Asset Improve Smallholder Family Farmers’ Welfare?, Juan M. Murguia, Kassu W. Hossiso, Sergio H. Lence

Economics Working Papers

Land titling and property rights have been of interest in agricultural economics for many years because land is the main production asset for agricultural activity. There is evidence that links land titling with increments in productivity and investment. One of the reasons being that titling facilitates access to credit, by enabling the use of land as collateral. In this paper, we study a particular policy in Bolivia, where legislation prevents legally defined smallholdings from being used as collateral, in order to protect smallholders’ source of income, preventing the seizure of their assets. This study analyzes whether smallholders’ welfare is improved ...


Social Security Act Of 1935 To Tanf: A Comprehensive Look At The History And Current State Of Welfare In America, Parker Gilkesson 2018 Liberty University

Social Security Act Of 1935 To Tanf: A Comprehensive Look At The History And Current State Of Welfare In America, Parker Gilkesson

Masters Theses

This study seeks to explore the welfare system within the United States. The study spans from the Great Depression to the current state of TANF, post-welfare reform, to better understand the current state of welfare within the United States in order to analyze the need for further welfare reform. The initial disparities in the system, from the very beginning, are worth analyzing because it provides a framework to understand how disparities could possibly exist in the program today. Social Policy Programs are systems that have been built from multiple policies and components over time. Faulty, systematic issues, must be evaluated ...


Marginal Rates Under The Tcja, Reed Shuldiner 2018 University of Pennsylvania Law School

Marginal Rates Under The Tcja, Reed Shuldiner

Faculty Scholarship at Penn Law

In this report, Shuldiner argues that although the Tax Cuts and Jobs Act appears to offer an across-the board reduction in individual marginal tax rates augmented by an additional 20 percent reduction in rates on unincorporated business income, the situation is significantly more complex.


Cryptocurrency Competition And The U.S. Monetary System, Jesus Fernandez-Villaverde 2018 University of Pennsylvania

Cryptocurrency Competition And The U.S. Monetary System, Jesus Fernandez-Villaverde

Penn Wharton Public Policy Initiative

Advocates of cryptocurrencies such as Bitcoin believe that having currency competition will help achieve the economic objective of price stability. This Issue Brief summarizes research that explores whether competition among privately issued fiat currencies can actually produce price stability. The research finds that in most cases, a system of private monies does not deliver price stability. And even when it does, it always is subject to self-fulfilling inflationary episodes, and it supplies a suboptimal amount of money. Although there is no economic reason to curb the use of cryptocurrencies at the moment, it is important to review key regulatory issues ...


Is Antitrust's Consumer Welfare Principle Imperiled?, Herbert J. Hovenkamp 2018 University of Pennsylvania Law School

Is Antitrust's Consumer Welfare Principle Imperiled?, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

Antitrust’s consumer welfare principle stands for the proposition that antitrust policy should encourage markets to produce output as high as is consistent with sustainable competition, and prices that are accordingly as low. Such a policy does not protect every interest group. For example, it opposes the interests of cartels or other competition-limiting associations who profit from lower output and higher prices. It also runs counter to the interest of less competitive firms that need higher prices in order to survive. Market structure is relevant to antitrust policy, but its importance is contingent rather than absolute – that is, market structure ...


Solar Energy For The Soul: Solving America’S Fuel Poverty Problem With Solar Panels For The Poor, Samantha St. Marie 2018 Union College

Solar Energy For The Soul: Solving America’S Fuel Poverty Problem With Solar Panels For The Poor, Samantha St. Marie

Honors Theses

In the United States today, at least 14 million Americans live in fuel poverty. These Americans spend at least ten percent of household income on energy costs ranging from fuel to electricity. The purpose of this thesis is to identify an innovative solution to mitigate the effects of the energy affordability crisis in the United States. After examining national trends and researching localized efforts, I determined that solar panels may be able to support the modern energy needs of the fuel poor. The study uses a least squares regression model with fixed effects to determine factors influencing solar adoption at ...


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