George Mason University
3351 Fairfax Drive
Arlington
VA
22201
Event Description
The Â鶹´«Ã½ Trade Commission held the third session of the Hearings initiative, an event co-sponsored with the Global Antitrust Institute and held at the Antonin Scalia Law School of George Mason University in Arlington, Virginia, on October 15-17, 2018.
Commissioner Rohit Chopra speaks on the
opening day of the third FTC hearing
The three-day event examined the potential for collusive, exclusionary, and predatory conduct in multi-sided, technology-based platform industries. The sessions also examined antitrust frameworks for evaluating acquisitions of nascent competitors or occurring in nascent markets, including in the technology and digital marketplace; and the approach to addressing antitrust issues regarding labor markets.
The Commission invites on these issues, including, the questions listed below.
Multi-Sided Platforms (Oct. 15, 16, and 17):
- What are the defining characteristics of multi-sided platforms? Is there a way to distinguish between multi-sided and single-sided businesses? Are any adjustments to antitrust analysis necessary to account for any special characteristics of multi-sided businesses?
- How should the courts and agencies define relevant antitrust markets and measure market power for multi-sided platform businesses?
- What is the relevance of network effects (direct and indirect) in multi-sided platform markets?
- How should the courts and agencies evaluate exclusionary conduct by firms competing in multi-sided platform markets, including predatory pricing, vertical restraints, most-favored nation clauses, and actions to undermine rivals who depend on platform infrastructure?
- Are there unique procompetitive justifications for these types of conduct by firms competing in multi-sided platform markets?
- What is the relevant legal precedent for evaluating antitrust concerns related to multi-sided platform businesses?
Antitrust in Labor Markets (Oct. 16):
- Is a lack of competition among employers a significant contributor to observed macroeconomic trends in labor markets, such as the declining labor share and/or real wage stagnation? What are other explanations for these trends?
- How should the agencies approach defining relevant labor markets for purposes of antitrust analysis? What (if any) reliable evidence is available on the existence and effect of employer concentration in properly defined labor markets?
- Does available evidence suggest a causal relationship between employer concentration and labor market outcomes, such as wage? Does this evidence suggest a change in antitrust enforcement is needed?
- Should the agencies and courts apply the consumer welfare standard to the analysis of monopsonistic labor markets in which firms are buyers and workers are sellers?
- How should the agencies and courts resolve cases where evidence suggests output in the product market is likely to increase but employment and wages are likely to decline because of reduced competition in a properly defined labor market?
Acquisitions of Nascent and Potential Competitors in Digital Technology Markets (Oct. 17):
- What is the appropriate antitrust framework to evaluate acquisitions of potential or nascent competitors in high-technology markets?
- Is current antitrust law sufficient for developing challenges to these types of acquisitions?
- How should the antitrust agencies evaluate whether a nascent technology is likely to develop into a competitive threat in dynamic, high-technology markets?
- What are some pragmatic approaches that the antitrust enforcement agencies could consider for enhancing their evaluation of these types of acquisitions?
Disability accommodation
We welcome people with disabilities. The FTC will accommodate as many attendees as possible; however, admittance will be limited to seating availability. Reasonable accommodations for people with disabilities are available upon request. Requests for accommodations should be submitted to Elizabeth Kraszewski via email at ekraszewski@ftc.gov or by phone at (202) 326-3087. Such requests should include a detailed description of the accommodation needed. In addition, please allow at least five business days advance notice for accommodation requests; last minute requests will be accepted but may not be possible to accommodate.
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Monday, October 15, 2018
9:00-9:05 am
Welcome and Introductory Remarks
Henry N. Butler
George Mason University, Antonin Scalia Law School9:05-9:20 am
Welcome and Introductory Remarks
Rohit Chopra, Commissioner
Â鶹´«Ã½ Trade Commission9:20-9:50 am
The Economics of Multi-Sided Platforms
David S. Evans
Global Economics Group9:50-10:10 am
Network Effects in Multi-Sided Platforms
Catherine Tucker
Massachusetts Institute of Technology, Sloan School of Management10:10-10:20 am
Break
10:20-12:20 pm
The Current Economic Understanding of Multi-Sided Platforms
Participants:
David S. Evans
Global Economics GroupJoseph Farrell
University of California, Berkeley
Department of EconomicsMarc S. Rysman
Boston University,
Department of EconomicsMichael A. Salinger
Boston University,
Questrom School of BusinessKatja Seim
University of Pennsylvania,
Wharton SchoolHoward Shelanski
Georgetown University Law Center
Davis Polk & Wardwell LLPCatherine Tucker
Massachusetts Institute of Technology, Sloan School of ManagementModerator: John M. Yun
George Mason University, Antonin Scalia Law School12:20-1:30 pm
Lunch Break
1:30-3:00 pm
Multi-Sided Platforms in Action
Participants:
Elizabeth J. Altman
University of Massachusetts Lowell,
Manning School of BusinessScott Kupor
Andreessen HorowitzRoger McNamee
Elevation PartnersSteven Tadelis
University of California, Berkeley,
Haas School of BusinessBen Thompson
Stratechery, LLCModerator: Jan Rybnicek
George Mason University, Antonin Scalia Law School
Freshfields Bruckhaus Deringer LLP3:00-3:15 pm
Break
3:15-5:00 pm
Defining Relevant Markets and Establishing Market Power in Cases Involving Multi-Sided Platforms
Participants:
Tasneem Chipty
Matrix Economics, LLPEric Citron
Goldstein & Russell, P.C.Joseph Farrell
University of California, Berkeley
Department of EconomicsMichael A. Salinger
Boston University,
Questrom School of BusinessJoanna Tsai
Charles River AssociatesDarren Tucker
Vinson & Elkins LLPModerator: Daniel Francis
Â鶹´«Ã½ Trade Commission, Bureau of CompetitionTuesday, October 16, 2018
9:00-9:15 am
Welcome
9:15-9:40 am
Opening Address
Alan B. Krueger
Princeton University, Woodrow Wilson School of Public & International Affairs9:40-11:25 am
Economic Evidence of Labor Market Monopsony
Participants:
Matthias Kehrig
Duke University,
Department of EconomicsAlan B. Krueger
Princeton University, Woodrow Wilson School of Public & International AffairsIoana E. Marinescu
University of Pennsylvania,
School of Social Policy & PracticeNancy L. Rose
Massachusetts Institute of Technology, Department of EconomicsRobert H. Topel
University of Chicago,
Booth School of BusinessModerators:
Devesh Raval
Â鶹´«Ã½ Trade Commission, Bureau of EconomicsJeremy Sandford
Â鶹´«Ã½ Trade Commission, Bureau of Economics11:25-11:35 am
Break
11:35-1:00 pm
Labor Markets and Antitrust Policy
Participants:
Martin S. Gaynor
Carnegie Mellon University,
Heinz CollegeRenata B. Hesse
Sullivan & Cromwell LLPJonathan M. Jacobson
Wilson Sonsini Goodrich & RosatiEric A. Posner
University of Chicago Law SchoolEvan Starr
University of Maryland,
Robert H. Smith School of BusinessModerator: Derek W. Moore
Â鶹´«Ã½ Trade Commission1:00-2:00 pm
Lunch Break
2:00-3:45 pm
What Can U.S. v. Microsoft Teach About Antitrust and Multi-Sided Platforms?
Participants:
Leah Brannon
Cleary Gottlieb Steen & Hamilton LLPSusan A. Creighton
Wilson Sonsini Goodrich & RosatiA. Douglas Melamed
Stanford University Law SchoolRandal C. Picker
University of Chicago Law SchoolDaniel L. Rubinfeld
New York University School of Law
University of California, Berkeley
School of LawTimothy Wu
Columbia University Law SchoolModerator: William F. Adkinson, Jr.
Â鶹´«Ã½ Trade Commission, Office of Policy Planning3:45-4:00 pm
Break
4:00-5:30 pm
Do the U.S. and Europe Treat Competition Cases Involving Platforms Differently?
Participants:
Cristina Caffarra
Charles River AssociatesSimon Constantine
Competition & Markets Authority (UK)Nicholas S. Economides
New York University,
Stern School of BusinessNicolas Petit
University of Liege School of LawJoshua D. Wright
George Mason University,
Antonin Scalia Law SchoolModerator: Maria Coppola
Â鶹´«Ã½ Trade Commission, Office of International AffairsWednesday, October 17, 2018
8:45-9:00 am
Welcome
9:00-10:45 am
Understanding Exclusionary Conduct in Cases Involving Multi-Sided Platforms: Predatory Pricing, Vertical Restraints, and MFN
Participants:
Pinar Akman
University of LeedsSusan Athey
Stanford University
Graduate School of BusinessThomas P. Brown
Paul Hastings LLPJudith A. Chevalier
Yale University
School of ManagementRichard L. Schmalensee
Massachusetts Institute of Technology, Sloan School of ManagementModerator: Ian R. Conner
Â鶹´«Ã½ Trade Commission, Bureau of Competition10:45-10:55 am
Break
10:55-12:45 pm
Understanding Exclusionary Conduct in Cases Involving Multi-Sided Platforms: Issues Related to Vertically Integrated Platforms
Participants:
Lesley Chiou
Occidental College,
Department of EconomicsSusan A. Creighton
Wilson Sonsini Goodrich & RosatiRobin S. Lee
Harvard University,
Department of EconomicsNicolas Petit
University of Liege School of LawAmy Ray
Orrick, Herrington & Sutcliffe LLPHal Singer
Econ One ResearchModerator: Barbara Blank
Â鶹´«Ã½ Trade Commission, Bureau of Competition12:45-1:30 pm
Lunch Break
1:30-1:45 pm
Nascent Competition: Economic Incentives and Business Strategies of Tech Firms
Susan Athey
Stanford University Graduate School of Business1:45-2:05 pm
Nascent Competition: The Current Analytical Framework
Paul T. Denis
Dechert LLP2:05-3:20 pm
Nascent Competition: Is the Current Analytical Framework Sufficient?
Participants:
Susan Athey
Stanford University
Graduate School of BusinessPaul T. Denis
Dechert LLPLina M. Khan
Columbia University Law SchoolJohn M. Newman
University of Memphis,
Cecil C. Humphreys School of LawWilliam P. Rogerson
Northwestern University,
Department of EconomicsSteven Tadelis
University of California, Berkeley,
Haas School of BusinessWillard K. Tom
Morgan, Lewis & Bockius LLPModerator: Bilal Sayyed
Â鶹´«Ã½ Trade Commission, Office of Policy Planning3:20-3:30 pm
Break
3:30-4:50 pm
Nascent Competition: Are Current Levels of Â鶹´«Ã½ Appropriate?
Participants:
Sally Hubbard
The Capitol ForumJonathan S. Kanter
Paul, Weiss, Rifkind, Wharton & Garrison LLPDiana L. Moss
American Antitrust InstituteD. Daniel Sokol
University of Florida,
Levin College of LawJohn M. Yun
George Mason University,
Antonin Scalia Law SchoolModerator: Stephanie A. Wilkinson
Â鶹´«Ã½ Trade Commission4:50-5:00 pm
Break
5:00-6:20 pm
Nascent Competition: Investigation and Litigation Considerations
Participants:
Debbie Feinstein
Arnold & PorterDavid I. Gelfand
Cleary Gottlieb Steen & Hamilton LLPRaymond A. Jacobsen, Jr.
McDermott Will & Emery LLPAndrea Agathoklis Murino
Goodwin Procter LLPScott A. Sher
Wilson Sonsini Goodrich & RosatiRichard G. Parker
Gibson, Dunn & Crutcher LLPModerator: Michael R. Moiseyev
Â鶹´«Ã½ Trade Commission, Bureau of Competition6:20-6:30 pm
Closing Remarks
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Request for Comments
If parties already filed relevant comments in response to the Initial Topics for Comment, they need not refile those comments here.