Leslie M. Marx
WORKING PAPERS:
"All-Receive Procurement Auctions" joint with Simon Loertscher and Patrick Rey. working paper, online appendix
"Bargaining Among Partners" joint with Simon Loertscher. working paper, online appendix
"Price Coordination with Asymmetric Information Sharing: Theory and Evidence" joint with David P. Byrne, Nicolas de Roos, Matthew S. Lewis, and Xiaosong Wu. working paper
"Negotiating Price Coordination: A Study in Retail Gasoline" joint with David P. Byrne, Nicolas de Roos, Matthew S. Lewis, and Xiaosong Wu. working paper
"Mergers, Remedies, and Incomplete Information" joint with Simon Loertscher. working paper online appendix
"Efficient Trade and Ownership on Networks" joint with Simon Loertscher. working paper
"Dynamics of Mergers among (Ex)Co-Conspirators in the Shadow of Cartel Enforcement," joint with Jun Zhou. working paper
"Opportunism and Nondiscrimination Clauses," joint with Greg Shaffer. opportunism.pdf
"Nondiscrimination Clauses in Vertical Contracts," joint with Greg Shaffer. Duke/UNC Micro-Theory Working Paper #14. ndcincontracts.pdf
SELECTED PUBLICATIONS:
"Asymmetric Information Sharing in Oligopoly: A Natural Experiment in Retail Gasoline" joint with David P. Byrne, Nicholas de Roos, Matthew S. Lewis, and Xiaosong Wu, Journal of Political Economy. 133(7) (2025). working paper
"Incomplete Information Models for Industrial Organization" joint with Simon Loertscher, forthcoming in Advances in Economics and Econometrics: Twelfth World Congress, edited by Victor Chernozhukov, Johannes Horner, Eliana La Ferrara, and Ivan Werning, Cambridge University Press (2025). working paper
"Efficient Consignment Auctions" joint with Bing Liu and Simon Loertscher, forthcoming in Review of Economics and Statistics. working paper online appendix
"Coordination in the Fight Against Collusion," joint with Elisabetta Iossa, Simon Loertscher, and Patrick Rey, American Economic Journal: Microeconomics 16(1), 224-261 (2024). paper, online appendix
"Bilateral Trade with Multi-Unit Demand and Supply" joint with Simon Loertscher, Management Science 69(2), 1146-1165 (2023). paper
"Informed Sources and the Role of Platforms for Facilitating Anticompetitive Communication" joint with David P. Byrne, Nicolas de Roos, and A. Rachel Grinberg, forthcoming in Cartels Diagnosed: New Insight on Collusion, edited by Joseph Harrington and Maarten Pieter Schinkel, Cambridge University Press. paper
"Asymptotically Optimal Prior-Free Asset Market Mechanisms" joint with Simon Loertscher, Games and Economic Behavior 137, 68-90 (2023). paper
"To Sell Public or Private Goods" joint with Simon Loertscher, Review of Economic Design 26, 385-415 (2022).
"Incomplete Information Bargaining with Applications to Mergers, Investment, and Vertical Integration" joint with Simon Loertscher, American Economic Review 112(2), 616-649 (2022).paper online appendix
"Double Markups, Information, and Vertical Mergers" joint with Simon Loertscher, Antitrust Bulletin, June 2022 (2022).
"On The Misuse of Regressions of Price on the HHI in Merger Review" joint with Nathan Miller, Steven Berry, Fiona Scott Morton, Jonathan Baker, Timothy Bresnahan, Martin Gaynor, Richard Gilbert, George Hay, Ginger Jin, Bruce Kobayashi, Francine Lafontaine, James Levinsohn, John Mayo, Aviv Nevo, Ariel Pakes, Nancy Rose, Daniel Rubinfeld, Steven Salop, Marius Schwartz, Katja Seim, Carl Shapiro, Howard Shelanski, David Sibley, and Andrew Sweeting, forthcoming in Journal of Antitrust Enforcement, 2022.
"Coordinated Effects in Merger Review," joint with Simon Loertscher, Journal of Law & Economics 64(4), 705-744 (2021); winner of the Jerry S. Cohen Memorial Fund Writing Award for Best Antitrust Article of 2021 on Coordinated Effects. paper online appendix
"Digital Monopolies: Privacy Protection or Price Regulation?," joint with Simon Loertscher, International Journal of Industrial Organization 71, 1-13 (2020).
"A National Ventilator Exchange Could Address Critical Shortages" (with Simon Loertscher), The Hill, March 27, 2020.
"The Possibility of Social-Surplus-Reducing Vertical Mergers," joint with Simon Loertscher, CPI Antitrust Chronicle, October 2020, 1-5 (2020).
"Asymptotically Optimal Prior-Free Clock Auctions," joint with Simon Loertscher, Journal of Economic Theory 187 (2020). paper . online appendix
"A Dominant-Strategy Asset Market Mechanism," joint with Simon Loertscher, Games and Economic Behavior 120, 1-15 (2020).
"What Next? Cartel Strategy After Getting Caught," joint with Robert C. Marshall and Claudio Mezzetti, Competition Law and Economics: Developments, Policies and Enforcement Trends in the US and Korea, edited by Jay Pil Choi, Wonhyuk Lim, and Sang-Hyop Lee, Edward Elgar Publishing, Chapter 7, 125-144, (2020).
"Merger Review with Intermediate Buyer Power," joint with Simon Loertscher, International Journal of Industrial Organization 67, 1-16 (2019).
"Merger Review for Markets with Buyer Power," joint with Simon Loertscher, Journal of Political Economy 127(9), 2967-3017 (2019). paper . online appendix . supplemental appendix: results for the asymmetric setup
"Mix-and-Match Divestitures and Merger Harm," joint with Simon Loertscher, Japanese Economic Review 70(3), 346-366 (2019).
"Two-Sided Allocation Problems, Decomposability, and the Impossibility of Efficient Trade," joint with David Delacretaz, Simon Loertscher, and Tom Wilkening, Journal of Economic Theory 179, 416-454 (2019).
"A Tussle Over Royalties: Pandora v. ASCAP, Pandora v. BMI, and the DOJ's Consent Decree Review," joint with Keith Waehrer, in The Antitrust Revolution, Seventh Edition, edited by John E. Kwoka, Jr., and Lawrence J. White, Oxford University Press, Chapter 10 (2018).
"Auctions with Bid Credits and Resale," joint with Simon Loertscher, International Journal of Industrial Organization 55, 58-90 (2017).
"Club Good Intermediaries," joint with Simon Loertscher, International Journal of Industrial Organization 50, 430-459 (2017).
"Defending Against Potential Collusion by Your Suppliers---26th Colin Clark Memorial Lecture," Economic Analysis and Policy 53, 23-28 (2017).
"Buyer Resistance for Cartel versus Merger," joint with Vikram Kumar, Robert C. Marshall, and Lily Samkharadze, International Journal of Industrial Organization 39, 71-80 (2015).
"A Long Way Coming: Designing Centralized Markets with Privately Informed Buyers and Sellers," joint with Simon Loertscher and Tom Wilkening, Journal of Economic Literature 53(4), 857-897 (2015). Reprinted in Recent Developments in the Economics of Information, edited by Cristiano Antonelli, International Library of Critical Writings in Economics 342, Chapter 29 (2018).
"Antitrust Leniency with Multiproduct Colluders," joint with Claudio Mezzetti and Robert C. Marshall, American Economic Journal: Microeconomics 7(3), 205-240 (2015).
"Leniency, Profiling and Reverse Profiling: Strategic Challenges for Competition Authorities," joint with Claudio Mezzetti, in C Beaton-Wells and C Tran (eds), Anti-Cartel Enforcement in a Contemporary Age: The Leniency Religion, Hart Publishing, 107-122 (2015).
"Tacit Collusion in Oligopoly," joint with Edward J. Green and Robert C. Marshall, in Roger D. Blair and D. Daniel Sokol eds., Oxford Handbook on International Antitrust Economics, Vol. 2, Oxford, UK: Oxford University Press, 464-497 (2015).
"Effects of Antitrust Leniency on Concealment Effort by Colluding Firms," joint with Claudio Mezzetti, Journal of Antitrust Enforcement 2(2), 305-332 (2014); winner of Best Economics Article - 2015 Antitrust Writing Awards.
"An Oligopoly Model for Analyzing and Evaluating (Re)-Assignments of Spectrum Licenses," joint with Simon Loertscher, Review of Industrial Organization 45(3), 245-273 (2014).
"Economics and the Efficient Allocation of Spectrum Licenses," joint with Simon Loertscher, in Tansu Alpcan, Holger Boche, Michael L. Honig, and H. Vincent Poor eds., Mechanisms and Games for Dynamic Spectrum Access, Cambridge, UK: Cambridge University Press (2014).
"Section 1 Sherman Act: Compliance from an Economic Perspective," joint with Robert C. Marshall, in Nicolas Charbit and Elisa Ramundo eds., William E. Kovacic: An Antitrust Tribute Liber Amicorum - Volume II, Institute of Competition Law (2014). Reprinted in Concurrences 1 (2016).
The Economics of Collusion: Cartels and Bidding Rings, joint with Robert C. Marshall, published by MIT Press (2012). MIT Press Website
Reviews:
John Asker, New York University, Concurrences 2, 2013
Don Klawiter, SheppardMullen, Competition Law International 9(1), April 2013
William E. Kovacic, George Washington University, The Antitrust Source, December 2012
John J. Siegfried, Vanderbilt University and University of Adelaide, Journal of Economic Literature 50, December 2012
Excerpt in European Financial Review, August/September 2012"Plus Factors and Agreement in Antitrust Law," joint with William E. Kovacic, Robert C. Marshall, and Halbert L. White, Michigan Law Review 110(3), 393-436 (2011). Winner of the Tenth Annual Jerry S. Cohen Memorial Fund Writing Award given for the best antitrust writing during the prior year.
"Bidder Collusion at First-Price Auctions," joint with Giuseppe Lopomo and Peng Sun, Review of Economic Design 15(3), 177-311 (2011).
"Coordinated Effects in the 2010 Horizontal Merger Guidelines," joint with Wayne-Roy Gayle, Robert C. Marshall, and Jean Francois Richard, Review of Industrial Organization 39(1), 39-56 (2011).
"Carbon Allowance Auction Design: An Assessment of Options for the U.S.," joint with Giuseppe Lopomo, David McAdams, and Brian Murray, Review of Environmental Economics and Policy 5(1), 25-43 (2011).
"The Economics of Contingent Re-Auctions," joint with Sandro Brusco and Giuseppe Lopomo, American Economic Journal: Microeconomics 3(2), 165-193 (2011).
"Break-Up Fees and Bargaining Power in Sequential Contracting," joint with Greg Shaffer, International Journal of Industrial Organization 28, 451-463 (2010).
"Slotting Allowances and Scarce Shelf Space," joint with Greg Shaffer, Journal of Economics & Management Strategy 19(3), 575-603 (2010).
"Individual Accountability in Teams with Adverse Selection," joint with Francesco Squintani, Journal of Economic Behavior & Organization 72, 260-273 (2009).
"Quantitative Analysis of Coordinated Effects," joint with William E. Kovacic, Robert C. Marshall, and Steven P. Schulenberg, Antitrust Law Journal 76(2), 397-430 (2009).
"Cartels as Two-Stage Mechanisms: Implications for the Analysis of Dominant-Firm Conduct," joint with Randall D. Heeb, William E. Kovacic, and Robert C. Marshall, Chicago Journal of International Law 10(1), 213-231 (2009). Online Appendix
"The Vulnerability of Auctions to Bidder Collusion," joint with Robert C. Marshall, Quarterly Journal of Economics 124(2), 883-910 (2009). Online appendix: appendix.pdf
"The 'Google Effect' in the FCC's 700 MHz Auction" (with Sandro Brusco and Giuseppe Lopomo), Information Economics and Policy 21, 101–114 (2009).
"Cartel Price Announcements: The Vitamins Industry," joint with Robert C. Marshall and Matthew E. Raiff, International Journal of Industrial Organization 26, 762–802 (2008).
"Rent Shifting and the Order of Negotiations," joint with Greg Shaffer, International Journal of Industrial Organization 25, 1109-1125 (2007).
"Upfront Payments and Exclusion in Downstream Markets," joint with Greg Shaffer, RAND Journal of Economics 38, 823-843 (2007).
"Bidder Collusion," joint with Robert C. Marshall, Journal of Economic Theory 133, 374-402 (2007).
"Lessons for Competition Policy from the Vitamins Cartel," joint with William Kovacic, Robert C. Marshall, and Matthew E. Raiff, in The Political Economy of Antitrust, Volume 282, Contributions to Economic Analysis Series, edited by Vivek Ghosal and Johan Stennek, Elsevier, Chapter 6, 149-176 (2007).
"Exploring Relations Between Decision Analysis and Game Theory," joint with Jules van Binsbergen, Decision Analysis 4, 32-40 (2007).
"Coordinated Effects in Merger Review: Quantifying the Payoffs from Collusion," joint with William E. Kovacic, Robert C. Marshall, and Steven P. Schulenberg, Annual Proceedings of the Fordham Competition Law Institute: International Antitrust Law & Policy, edited by Barry E. Hawk (Juris Publishing, Inc.), Chapter 13, 271-285 (2007).
"Economics at the Federal Communications Commission," Review of Industrial Organization 29, 349-368 (2006).
"Bidding Rings and the Design of Anti-Collusion Measures for Auctions and Procurements," joint with William E. Kovacic, Robert C. Marshall, and Matthew E. Raiff, in Handbook of Procurement, edited by N. Dimitri, G. Piga and G. Spagnolo, Cambridge University Press, Chapter 15, 381-411 (2006). Chapter15 Link to Book
"Inefficiency of Collusion at English Auctions," joint with Giuseppe Lopomo and Robert C. Marshall, Contributions in Theoretical Economics 5 (1), Article 4 (2005). Available Online
"Opportunism in Multilateral Vertical Contracting: Nondiscrimination, Exclusivity, and Uniformity: Comment," joint with Greg Shaffer, American Economic Review 94, 796-801 (2004).
"Opportunism and Menus of Two-Part Tariffs," joint with Greg Shaffer, International Journal of Industrial Organization 22, 1399-1414 (2004).
"The Joint Determination of Leverage and Maturity," joint with Michael J. Barclay and Clifford W. Smith, Jr., Journal of Corporate Finance 9, 149-167 (2003). Winner of Outstanding Paper in Corporate Finance at the 1997 Southern Finance Association Meetings.
"Adverse Specialization," joint with Glenn M. MacDonald, Journal of Political Economy 109, 864-899 (2001).
"Dynamic Voluntary Contribution to a Public Project," joint with Steven A. Matthews, Review of Economic Studies 67, 327-358 (2000).
"Predatory Accommodation: Below-Cost Pricing Without Exclusion in Intermediate Goods Markets," joint with Greg Shaffer, RAND Journal of Economics 30, 22-43 (1999).
"Adaptive Learning and Iterated Weak Dominance," Games and Economic Behavior 26, 2, 253-278 (1999).
"Process Variation as a Determinant of Bank Performance: Evidence from the Retail Banking Study," joint with Frances Frei, Ravi Kalakota, and Andrew Leone, Management Science 45, 1210-1220 (1999).
"Payments for Order Flow on NASDAQ," joint with Eugene Kandel, Journal of Finance 54, 1, 35-66 (1999).
"Odd-Eighth Avoidance as a Defense Against SOES Bandits," joint with Eugene Kandel, Journal of Financial Economics 51, 85-102 (1999).
"The Effects of Transaction Costs on Stock Prices and Trading Volume," joint with Michael J. Barclay and Eugene Kandel, Journal of Financial Intermediation 7, 130-150 (1998).
"Efficient Venture Capital Financing Combining Debt and Equity," Review of Economic Design 3, 371-387 (1998); Winner of the Koc University Prize for the Best Paper of the Year in Review of Economic Design.
"Nasdaq Market Structure and Spread Patterns," joint with Eugene Kandel, Journal of Financial Economics 45, 35-60 (1997).
"Order Independence for Iterated Weak Dominance," joint with Jeroen M. Swinkels, Games and Economic Behavior 18, 219-245 (1997). "Corrigendum," GEB 31, 324-329 (2000).