Is There a Concentration Problem in America?

Gleacher Center, 450 N Cityfront Plaza Drive

March 27, 2017

About the Conference

The Stigler Center will host a three-day conference in Chicago in March 2017, bringing together academics, regulators, and public intellectuals to discuss one of the most interesting questions of our time: is there a concentration problem in the United States? The conference will cast a wide net, in an attempt to provide multidisciplinary perspective on the issues. It will particularly emphasize the following seven themes:

What do the data tell us? Trends in concentration and competition.
What does history tell us? The development of antitrust in America.
Consolidation in the financial industry and its influence on antitrust.
Winner-take-all digital platforms and big data.
Information in the age of concentration.
Concentration, market power, and inequality.
Is there a role for political antitrust?

The conference will be live-streamed. See schedule below for individual video links for each panel.

Download Conference eBook

Schedule

Times are listed in Central Daylight Time.

Monday, March 27, 2017

12 p.m. – 1 p.m.	Lunch
1 p.m. – 2:30 p.m.	What Do the Data Tell Us? Trends in Concentration and Competition: Are the rallying cries coming from the White House and mainstream media really borne out by the facts? Moderator: Patrick Foulis, The Economist John Kwoka, Neal F. Finnegan Distinguished Professor, Northeastern University Barry Lynn, Director, Open Markets, New America Foundation Roni Michaely, Rudd Family Professor of Management, Professor of Finance, Cornell University Fiona Scott Morton, Theodore Nierenberg Professor of Economics, Yale University Carl Shapiro, Transamerica Professor of Business Strategy, Haas School of Business, University of California at Berkeley
2:30 p.m. – 2:45 p.m.	Break
2:45 p.m. – 4:15 p.m.	What Does History Tell Us? The Development of Antitrust in America: A discussion on antitrust enforcement over the past 125 years, focusing on market power, political power, and efficiency as criteria for antitrust enforcement. Moderator: Gary Reback, Carr & Ferrell LLP Gerald Berk, Professor, University of Oregon, Author of Brandeis and the Making of Regulated Competition (Cambridge) Richard John, Professor of History and Communications, Columbia Journalism School, Columbia University Sam Peltzman, Ralph and Dorothy Keller Distinguished Service Professor Emeritus of Economics, University of Chicago Booth School of Business F.M. Scherer, Professor of Public Policy and Corporate Management, Harvard Kennedy School
4:15 p.m. – 4:30 p.m.	Break
4:30 p.m. – 6 p.m.	Concentration, Market Power, and Inequality: An examination of the interactions between concentration, market power, and inequality. Moderator: Matt Stoller, New America Simcha Barkai, PhD Candidate, University of Chicago Booth School of Business German Gutierrez, NYU Stern School of Business Lina Khan, Fellow, Open Markets, New America Peter Orszag, Vice Chairman and Managing Director, Lazard Freres & Co LLC Justin Pierce, Senior Economist, Board of Governors of the Federal Reserve Sabeel Rahman, Assistant Professor of Law, Brooklyn Law School

Tuesday, March 28, 2017

8 a.m. – 8:30 a.m.	Breakfast
8:30 a.m. – 10 a.m.	Winner-Take-All Digital Platforms: What is the tradeoff between the promise of innovation and opportunities, and the threat of huge market and political power? Moderator: Teddy Downey, The Capitol Forum Dennis Carlton, David McDaniel Keller Professor of Economics, University of Chicago Booth School of Business Austan Goolsbee, Robert P. Gwinn Professor of Economics, University of Chicago Booth School of Business Jonathan Kanter, Partner, Antitrust Group, Paul, Weiss, Rifkind, Wharton & Garrison LLP Kevin Murphy, George J. Stigler Distinguished Service Professor of Economics, University of Chicago Booth School of Business Randal Picker, James Parker Hall Distinguished Service Professor of Law, University of Chicago Law School Gary Reback, Of Counsel, Carr & Ferrell LLP
10 a.m. – 10:15 a.m.	Break
10:15 a.m. – 11:45 a.m.	Big Data and Competition: Will the collection consumer data by online platforms expand choice and power of consumers, or will it be used to diminish consumer surplus? Moderator: David Dayen, The Intercept Ariel Ezrachi, Slaughter and May Professor of Competition Law, University of Oxford Michele Polo, Professor in Economics, Bocconi University Frank Pasquale, Professor of Law, University of Maryland Francis King Carey School of Law Jonathan Taplin, USC Annenberg Innovation Lab Tommaso Valletti, Chief Competition Economist, European Commission
11:45 a.m. – 12 p.m.	Break
12 p.m. – 1:15 p.m.	Lunch Keynotes Fiona Scott Morton, Yale University Watch Video » Judge Richard A. Posner in Conversation with Professor Luigi Zingales Watch Video »
1:15 p.m. – 1:30 p.m.	Break
1:30 p.m. – 3 p.m.	Consolidation in the Financial Industry: Does increased horizontal shareholding of a few asset companies explain diminishing competition in many industries? Moderator: Jesse Eisinger, ProPublica Steven Kaplan, Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance, University of Chicago Booth School of Business Nancy Rose, Charles P. Kindleberger Professor in Applied Economics, MIT Martin Schmalz, NBD Bancorp Assistant Professor of Business Administration, Assistant Professor of Finance, Ross School of Business, University of Michigan Xavier Vives, IESE Business School, University of Navarra
3 p.m. – 3:15 p.m.	Break
3:15 p.m. – 4:45 p.m.	Information in the Age of Concentration: Can media hold powerful actors to account in the age of huge digital platforms and bigness? Moderator: Guy Rolnik, University of Chicago Booth School of Business David Dayen, Journalist, The Intercept Jesse Eisinger, Senior Reporter, ProPublica Patrick Foulis, New York Bureau Chief and US Business Editor, The Economist Jonathan Sallet, Visiting Fellow, Brookings Institution Matt Stoller, Fellow, Open Markets, New America
6 p.m. – 8 p.m.	Dinner

Wednesday, March 29, 2017

8 a.m. – 8:30 a.m.	Breakfast
8:30 a.m. – 10 a.m.	Is There a Role for Political Antitrust?: Antitrust was born as a tool to restrain the political power of big business and special interest groups. Should we bring this role back into policy decisions? Moderator: Guy Rolnik, University of Chicago Booth School of Business Jonathan Baker, Professor of Law, American University Washington College of Law Diana Moss, Director, Antitrust Institute Maurice Stucke, Professor of Law, University of Tennessee College of Law Zephyr Teachout, Fordham University Luigi Zingales, Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance, University of Chicago Booth School of Business
10 a.m. – 10:15 a.m.	Break
10:15 a.m. – 11:30 a.m.	Video Address Margrethe Vestager, European Commissioner for Competition Watch Video »

Logistics

The conference venue is the Gleacher Center, located in downtown Chicago at 450 N Cityfront Plaza Dr. There are a number of hotels in the area with special University of Chicago rates, details below. Ask for the University of Chicago rate when making your booking.

InterContinental Chicago
505 N. Michigan Avenue Chicago, IL 60611
800.628.2112

Club Quarters Wacker at Michigan
75 E. Wacker Drive, Chicago, IL 60601
312.357.6400; Reservations: 203.905.2100

LondonHouse Chicago
85 East Wacker Drive, Chicago, IL 60601
312.357.1200

Omni Chicago
676 N. Michigan Avenue Chicago, IL 60611
312.944.6664

Conference Organizers

Luigi Zingales, Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance, University of Chicago Booth School of Business
Guy Rolnik, Clinical Associate Professor of Strategic Management, University of Chicago Booth School of Business

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