On the Merits of Antitrust Liability in Regulated Industries
研究了在受监管行业中，对在位供应商进行反垄断审查的利弊，发现即使无直接实施成本，不完善的反垄断审查也可能损害消费者，因为它会挤占更有效的监管监督。
We examine the merits of subjecting an incumbent supplier of regulated services to antitrust review. We show that antitrust review can harm consumers even when the review entails no direct costs of implementation. The harm to consumers arises in part because imperfect antitrust review can crowd out more effective regulatory oversight. More generally, antitrust review can usefully complement regulatory oversight but affects the nature of the optimal regulatory policy.