Breaking Up Is Hard to Do, So Don't Do It

Large firms have an advantage in innovation. A new model shows that large firms are better at commercializing new inventions. The advantage is less in sectors where innovators can easily license technologies to other firms.

Incumbents enjoy competitive advantages over new entrants, because users hesitate to abandon a widely-used platform for one with few users. A new model explores factors that increase and reduce incumbency advantage.

Digital platforms coordinate interactions between user groups, an activity known as "coring." When analyzing coring conduct, antitrust courts should avoid defining the platform’s market too narrowly.