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Antitrust and Trade Regulation

Imperfect information

1993

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Chicago Takes It On The Chin: Imperfect Information Could Play A Crucial Role In The Post-Kodak World, Robert H. Lande Jan 1993

Chicago Takes It On The Chin: Imperfect Information Could Play A Crucial Role In The Post-Kodak World, Robert H. Lande

All Faculty Scholarship

This article briefly describes the revolutionary potential of the Supreme Court's Kodak decision. It discusses the dramatic changes in antitrust that would occur if the field took concepts such as imperfect information, lock-in effects, strategic behavior, and other post-Chicago ideas seriously.

Among the effects of this decision could be:

(1) Imperfect information could substitute for traditional market share-based market power and reveal that a market that structurally appeared competitive in fact was behaving anticompetitively. Market share-based safe harbors are more likely to be inappropriate.

(2) This imperfect information-based market power also can lead to relatively direct harm to consumers by …