Review of Industrial Organization 25: 351, 2004.
© 2004 Kluwer Academic Publishers. Printed in the Netherlands.
Introduction: Antitrust and Regulatory Update
LAWRENCE J. WHITE
Stern School of Business, New York University
This is the third year of a special feature of the Review of Industrial
Organization: “Antitrust and Regulatory Update”. As was true of the two
previous issues (which appeared in December 2002 and September 2003,
respectively), I invited the Chief Economists of the Antitrust Division
of the U.S. Department of Justice (DOJ), the Federal Trade Commis-
sion (FTC), and the Federal Communications Commission (FCC) to write
essays that review the major antitrust/regulatory/microeconomics issues that
economists at their agencies have dealt with over the past year.
I am pleased that this year again all three occupants of these positions
– David Sibley at DOJ, Luke Froeb at FTC, and Martin Perry at FCC –
agreed to write essays, in conjunction with co-authors at their agencies.
The three essays cover a broad range of topics that I will not try to
summarize in this introduction; they are best appreciated in their original
form in the essays. However, there are two common themes that do emerge.
One is the continued attention to merger analysis, which all three essays
address. This should come as no surprise to anyone interested in antitrust
policy. Though the U.S. economy is not experiencing the frenzy of mergers
that characterized the late 1990s, nevertheless a stream of major mergers
continues–afewofwhich do pose potential antitrust or regulatory prob-
lems. How to address merger issues – both the details of speciﬁc merger
analyses, as well as broader principles – is a common theme across the
A second theme is the role of information, and its dissemination, in
the efﬁcient (or not-so-efﬁcient) operation of markets. The FTC and FCC
essays address this issue and show some of the current efforts and thinking
about information and its dissemination at the two agencies.
As has been true for the past two years, I believe that readers of the
Review will ﬁnd these three essays well worth their time.