Introduction: 40 Years of Areeda–Turner
Published online: 31 March 2015
Ó Springer Science+Business Media New York 2015
Phillip Areeda was the leading antitrust scholar of his day. His works and his
students continue to illuminate the ﬁeld (Breyer et al. 1996; Clark 1996). Donald F.
Turner, who held degrees in economics and in law and served as Assistant Attorney
General for the Antitrust Division of the U.S. Department of Justice, co-authored
Antitrust Policy: An Economic and Legal Analysis with Carl Kaysen and Antitrust
Law with Phillip Areeda (Breyer 1996; Hovenkamp 1996).
Their 1975 Harvard Law Review paper, ‘‘Predatory Pricing and Related Practices
under Section 2 of the Sherman Act’’, aimed to (1975, pp. 699–700) ‘‘formulate
meaningful and workable tests for distinguishing between predatory and com-
petitive pricing by examining the relationship between a ﬁrm’s costs and its prices’’.
It advocated substituting such objective tests for (1975, p. 699, footnotes omitted)
‘‘empty formulae [such] as ‘below cost’ pricing, ruinous competition, or predatory
intent’’. It has transformed the treatment of exclusionary pricing under U.S. antitrust
law, and this special issue of the Review of Industrial Organization commemorates
the 40th anniversary of its publication.
& Stephen Martin
University of Amsterdam, Amsterdam, Netherlands
Purdue University, West Lafayette, IN, USA
On Areeda and Turner’s contributions, see the Winter 1996 [volume 41(4)] special issue of The
Rev Ind Organ (2015) 46:205–207