University of Chicago
Graduate School of Business
1101 East 58th Street
Chicago, Illinois 60637
(312) 702-6694


Ph.D., Massachusetts Institute of Technology, Cambridge, Massachusetts: Economics, 1975.
M.S., Massachusetts Institute of Technology, Cambridge, Massachusetts: Operations Research, 1974.
A.B., Harvard University (Summa cum laude): Applied Math and Economics, 1972.


University of Chicago, Graduate School of Business (1984 - present): Professor of Business Economics.
University of Chicago, Law School (1980 - 1984): Professor of Economics.
University of Chicago, Department of Economics: Assistant Professor (1976 - 1979); Associate Professor (1979 - 1980).
Massachusetts Institute of Technology, Cambridge, MA, Department of Economics (1975 - 1976): Instructor in Economics.


Harvard University, Public Policy Summer Course in Economics (1977): Professor.
Bell Telephone Laboratories (Summers 1976, 1977).
Joint Center For Urban Studies of M.I.T. and Harvard University, Cambridge, Massachusetts (1974 - 1975).


Theoretical and Applied Microeconomics
Industrial Organization
Econometrics, Urban Economics




  1. Market Behavior Under Uncertainty, Ph.D. Thesis. Massachusetts Institute of Technology (September 1975); Garland Publishing (1984).

  2. Modern Industrial Organization, Scott, Foresman & Co., co-authored with Jeffrey Perloff, second edition (1994), first edition (1990).


  1. "The Equilibrium Analysis of Alternative Housing Allowance Payments," (with Joseph Ferreira) Chapter 6 of Analysis of a Direct Housing Allowance Program, The Joint Center for Urban Studies of M.I.T. and Harvard University (July 1975).

  2. "Theories of Vertical Integration," presented at Fourth Annual Telecommunications Conference. Appears in a volume of Proceedings of the Fourth Annual Telecommunications Conference, Office of Telecommunications Policy (April 1976).

  3. "Uncertainty, Production Lags, and Pricing," American Economic Review (February 1977).

  4. "Selecting Subsidy Strategies for Housing Allowance Programs," (with Joseph Ferreira) Journal of Urban Economics (July 1977).

  5. "Peak Load Pricing Under Uncertainty," American Economic Review, (December 1977).

  6. "The Distribution of Permanent Income," (with Robert Hall) presented at the Symposium on Income Distribution and Economic Inequality (May 1976). Published in Income Distribution and Economic Inequality, edited by Zvi Griliches, et al. (Halsted Press, 1978).

  7. "Market Behavior with Demand Uncertainty and Price Inflexibility," American Economic Review (September 1978).

  8. "Why New Firms Locate Where They Do: An Econometric Model," in Studies in Regional Economics, edited by W. Wheaton (Urban Institute, 1980). Presented at the Conference on Regional Economics, sponsored by the Committee on Urban and Public Affairs, Baltimore, Maryland (May 1978).

  9. "Vertical Integration--An Overview," in Congressional Record Hearings on the Communications Act of 1978. Bill H.R. 13105 (August 3, 1978).

  10. "Vertical Integration in Competitive Markets Under Uncertainty," Journal of Industrial Economics (March 1979). Awarded the P.W.S. Memorial Prize for the best essay in the field of Industrial Organization by a scholar under the age of thirty.

  11. "Valuing Benefits and Costs in Related Output and Input Markets," American Economic Review (September 1979).

  12. "Contracts, Price Rigidity and Market Equilibrium," Journal of Political Economy (October 1979).

  13. "Benefits and Costs of Airline Mergers: A Case Study," (with W. Landes and R. Posner) Bell Journal of Economics (Spring 1980).

  14. "The Limitations of Pigouvian Taxes as a Long Run Remedy for Externalities," (with G. Loury) Quarterly Journal of Economics (September 1980).

  15. "The Law and Economics of Rights in Valuable Information: A Comment," Journal of Legal Studies (December 1980).

  16. "Price Discrimination: Vertical Integration and Divestiture in Natural Resources Markets," (with J. Perloff) Resources and Energy (March 1981).

  17. "The Spatial Effects of a Tax on Housing and Land," Regional Science and Urban Economics (November 1981).

  18. "Comments on Weicher," Journal of Law and Economics (December 1981).

  19. Comment, in Sherwin Rosen ed. Studies in Labor Markets, University of Chicago Press (1981).

  20. "Planning and Market Structure," in The Economics of Information and Uncertainty, edited by J.J. McCall, University of Chicago Press (1982).

  21. "The Disruptive Effect of Inflation on the Organization of Markets," in Robert Hall, ed. The Economics of Inflation, University of Chicago Press (1982).

  22. "A Reexamination of Delivered Pricing," Journal of Law and Economics (April 1983).

  23. "Futures Trading, Market Interrelationships, and Industry Structure," American Journal of Agricultural Economics (May 1983).

  24. "The Location and Employment Choices of New Firms: An Econometric Model with Discrete and Continuous Endogenous Variables," The Review of Economics and Statistics (August 1983).

  25. "The Need for Coordination Among Firms With Special Reference to Network Industries," (with J. M. Klamer) University of Chicago Law Review (Spring 1983).

  26. "The Regulation of Insider Trading" (with D. Fischel), Stanford Law Review, (May 1983).

  27. "Economic Goals and Remedies of the AT&T Modified Final Judgement" (with W. Lavey), Georgetown Law Review (August 1983).

  28. "Equilibrium Fluctuations When Price and Delivery Lags Clear the Market," Bell Journal of Economics (Autumn 1983).

  29. "Futures Markets: Their Purpose, Their History, Their Growth, Their Successes and Failures," paper presented at the Columbia University Conference on Futures Markets, February 1984, Journal of Futures Markets, (September 1984). (Reprinted in Futures Markets edited by A.G. Malliaris and W.F. Mullady, Edward Elgar Publishing Limited, 1995.)

  30. "Energy and Location," presented at the Brookings Conference on Housing and Energy, Washington, D.C., (November 1981), Energy Costs, Urban Development, and Housing, Brookings Institution (1984).

  31. "The Limitations of Pigouvian Taxes As A Long Run Remedy for Externalities: Extension of Results," (with G. Loury) Quarterly Journal of Economics (August 1986).

  32. "The Rigidity of Prices," American Economic Review (September 1986).

  33. "The Theory and The Facts of How Markets Clear: Is Industrial Organization Valuable for Understanding Macroeconomics?" in Handbook of Industrial Organization, eds. Schmalensee and Willig (1989).

  34. "Market Power and Mergers in Durable Good Industries," Journal of Law and Economics, (October 1989).

  35. Comments on Vertical Foreclosure, Brookings Papers on Economic Activity, (December 19, 1989).

  36. Book Review of Tirole's The Theory of Industrial Organization, Journal of Political Economy, (June 1990).

  37. "The Genesis of Inflation and the Costs of Disinflation: Comment," Journal of Money, Credit & Banking, (August 1991, Part 2).

  38. "The Theory of Allocation and its Implications for Marketing and Industrial Structure: Why Rationing is Efficient," Journal of Law and Economics, (October 1991).

  39. "The Economics of Cooperation and Competition in Electronic Services Network Industries," in Economics of Electronic Service Networks, Wildman Steven ed., Praeger Press, (1992).

  40. "Merger Policy and Market Definition Under the EC Merger Regulation," Conference on Antitrust in a Global Economy, Fordham Corporate Law Institute, (1994).

  41. "The Antitrust Economics of Credit Card Networks," (with A. Frankel) Antitrust Law Journal, (Winter 1995).

  42. "Economic Organization and Conflict", Journal of Institutional and Theoretical Economics, (March 1995).

  43. "Antitrust and Higher Education: Was There a Conspiracy to Restrict Financial Aid?" (with G. Bamberger and R. Epstein) The Rand Journal of Economics, (Vol. 26, No. 1, Spring 1995, pp. 131-147).

  44. "The Competitive Effects of Line-of-business Restrictions in Telecommunications," (with K. Arrow and H. Sider), Managerial and Decision Economics, (Vol. 16, pp. 301-321, 1995). (Reprinted in Deregulating Telecommunications - The Baby Bells Case for Competition, edited by Richard S. Higgins and Paul H. Rubin, John Wiley & Sons Ltd., 1995.)

  45. "The Antitrust Economics of Credit Card Networks: Reply to Evans and Schmalensee," (with A. Frankel), Antitrust Law Journal, (Spring 1995).

  46. "Antitrust and Payment Technologies," (with A. Frankel), Review, Federal Reserve Bank of St. Louis (November/December 1995).

  47. "Antitrust Policy Toward Mergers When Firms Innovate: Should Antitrust Recognize the Doctrine of Innovation Markets?" Testimony before the Federal Trade Commission Hearings on Global and Innovation-based Competition (October, 1995).

  48. "You Keep on Knocking But You Can't Come In: Evaluating Restrictions on Access to Input Joint Ventures," (with S. Salop), forthcoming in Harvard Journal of Law & Technology, (Volume 9, Summer, 1996).

  49. "Comments on Causes and Consequences of Airline Fare Wars," Micro Brookings Papers on Economic Activity, (1996).

  50. "A Critical Assessment of the Role of Imperfect Competition in Macroeconomics," in Market Behaviour and Macro Economic Modeling, Brakman, Van Ees, & Kuipers (eds.), MacMillan Press (1997).

  51. "Price Rigidity," Business Cycles and Depressions, David Glasner ed., Garland Publishing, Inc., (1997).

  52. "Communication Among Competitors: Game Theory and Antitrust," (with R. Gertner and A. Rosenfield), forthcoming in George Mason Law Review, (1997).


  1. "Modeling the Housing Allowance Program," M.A. Thesis, Massachusetts Institute of Technology (September 1974).

  2. "The Cost of Eliminating a Futures Market and The Effect of Inflation on Market Interrelationships," (1984).

  3. "The Empirical Importance of Delivery Lags as an Explanation of Demand," (1984).

  4. "Airline Networks and Fares," (with G. Bamberger), (1994).

  5. "The Choice of Organizational Form in Gasoline Retailing and The Costs of Laws Limiting that Choice," (with A. Blass), (1996).

  6. "Statistical Supplement to The Antitrust Economics of Credit Card Networks: Reply to Evans and Schmalensee Comment, 63 Antitrust Law Journal 903 (1995)," (with Alan Frankel), (May 1997).


  1. Theoretical analysis of firm size, information, price rigidity, and product variety.

  2. Empirical analysis of business cycle effects on firm size distributions.

  3. Analysis of growth of futures markets and the effect of this growth on the industrial organization of related industries.