NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Antitrust and Innovation: Welcoming and Protecting Disruption

Giulio Federico, Fiona Scott Morton, Carl Shapiro

NBER Working Paper No. 26005
Issued in June 2019

---- Acknowledgments ----

Federico is a Head of Unit at the Chief Economist Team of the Directorate-General for Competition, European Commission. Scott Morton is the Theodore Nierenberg Professor of Economics at the Yale University School of Management. Shapiro is a Professor at the Haas School of Business at the University of California at Berkeley. The views expressed in the text are the private views of the authors and may not, under any circumstances, be interpreted as stating an official position of the European Commission. We thank Mike Andrews, Richard Gilbert, Gregor Langus, Angel Lopez and Scott Stern for comments on a draft of the paper. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Giulio Federico ----

The author is an official of the Directorate-General for Competition (European Commission). He has worked on some of the European Commission cases reviewed in the article. The views expressed in the article are his own and do not necessarily represent those of the European Commission.

---- Disclosure of Financial Relationships for Fiona Scott Morton ----

Fiona Scott Morton engages in consulting on issues related to antitrust. The research reported in this paper is independent academic work and has not been funded by any entity apart from Yale University.

---- Disclosure of Financial Relationships for Carl Shapiro ----

Carl Shapiro engages in consulting for government agencies and private companies on antitrust issues, including mergers and exclusionary conduct. The research reported in this paper is independent academic work and has not been funded by any entity.

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