Current Research

Antitrust

My current focus is on antitrust in platforms. Some of the most profitable companies in the world are platfoms, and a number of them have achieved dominant positions. Are they breaking antitrust laws? If yes, what are the appropriate remedies?

Ioannis Lianos and I have written on Privacy and Antitrust. Dominant platforms are able to receive personal information for free from users of their services, precipitating a market failure in the market for personal information. We discuss antitrust intervention and remedies in:

2020	Restrictions on Privacy and Exploitation in the Digital Economy: A Market Failure Perspective	Journal of Competition Law and Economics
2020	Antitrust and Restrictions on Privacy in the Digital Economy	Concurrences

I am also working on the “agency model” in retail pricing.

I have worked extensively and I am currently working on antitrust issues of tying and bundling, loyalty/requirement and exclusivity conditions. See “Bundling and Tying,” in the Palgrave Encyclopedia of Strategic Management. Earlier closely related work is

2012	Tying, Bundling, and Loyalty/Requirement Rebates	Research Handbook on the Economics of Antitrust Law
2009	The Elusive Antitrust Standard on Bundling in Europe and in the United States at the Aftermath of the Microsoft Cases	Antitrust Law Journal
2009	Loyalty/Requirement Rebates and the Antitrust Modernization Commission: What is the Appropriate Liability Standard?	Antitrust Bulletin

Also working on the antitrust issues of “most favored nation” contracts.

Internet, Networks and Telecom

My work on the Internet, networks and telecommunications is currently focusing on a number of topics. The first is network neutrality. Under network neutrality (NN) Internet Service Providers (ISPs) do not collect money from applications and content providers (such as Google and Netflix) to prioritize the arrival of their content. Various ISPs (AT&T, Verizon, Comcast, …) would like to deviate from NN and charge for prioritization. The FCC passed rules in 2010, but they were thrown out by the DC Court of Appeals. The FCC passed stricker rules in February 2015 which were upheld on appeal. Read my testimony to US Congress on network neutrality and see the video of the testimony. More recently, the FCC has repealed NN. I have written a number of academic papers on NN, and their results generally support NN. They are:

• The Economics of Network Neutrality (with Benjamin Hermalin), RAND Journal of Economics, vol. 43, no. 4, Winter 2012, pp. 602–629.
• Network Neutrality on the Internet: A Two-sided Market Analysis (with Joacim Tag), Information Economics and Policy, vol. 24 (2012) pp. 91–104.
• Net Neutrality and Net Management Regulation: Quality of Service, Price Discrimination, and Exclusive Contracts (with Joacim Tag), Research Handbook on Governance of the Internet, chapter 6, pp. 121-142, Ian Brown (Ed.), Edward Elgar: London.
• Why Imposing New Tolls on Third-Party Content and Applications Threatens Innovation and Will Not Improve Broadband Providers’ Investment, Net Neutrality: Contributions to the Debate, Jorge Perez Martinez (Ed.).
• Broadband Openness Rules Are Fully Justified by Economic Research, Communications Strategies, no. 84, 4th quarter 2011, pp.1-25.
• Why We Need Net Neutrality,” Financial Times, November 9, 2009.
• Net Neutrality, Non-Discrimination, and Digital Distribution of Content Through the Internet,” I/S: A Journal of Law and Policy for the Information Society, vol. 4, no. 2, pp. 209-233 (2008).

You may also want to watch my positions at the 2016 Webcast at the FCC on Network Neutrality Regulation.

The second topic is broadband caps. Internet Service Providers (ISPs) often impose limits on the total downloads or Internet use, known as download caps. The Strategic Use of Download Limits by a Monopoly Platform (with Ben Hermalin) gives a novel justification for the incentives of ISPs to impose download caps. By imposing a download cap, the ISP increases competition among upstream (content) providers. This leads to decreases of prices upstream and higher consumer surplus downstream which is then appropriated by the ISP through higher prices. Below ere some recent discussion papers related to networks:

Discussion Paper	Co-author
The Strategic Use of Download Limits by a Monopoly Platform	Ben Hermalin
Unbundling Music: The Effect of Online Selling of Individual Songs on Prices	Sherif Nasser
Dynamic Duopoly with Network Effects	Matt Mitchell and Andrzej Skrzypacz
Standards Coalitions Formation and Market Structure in Network Industries	Andrzej Skrzypacz
Compatibility and Market Structure for Network Goods	Fredrick Flyer
Critical Mass and Network Size with Application to the US Fax Market	Charles Himmelbeg

 Mobile Money, Payment Systems and Credit Cards

Money transfers through mobile phone networks have been successful and very widespread in Africa. In recent research “Mobile Money in Tanzania,” (with Przemyslaw Jeziorski) Marketing Science, we utilize a very rich mobile transfers transactions data set from Tanzania. We evaluate the elasticity of demand for transfers depending on the distance between sender and recipient. We also develop a discussion of the value joining the mobile money network, and tie it with network measures on the telecom network. See a writeup introducing the issue here.

In recent work with David Henriques, “To Surcharge or Not to Surcharge? A Two-Sided Market Perspective of the No-Surcharge Rule” we discuss the issue of the appropriate level of interchange  fees in credit card networks that has been widely debated and litigated.

The EU and Greek Financial Crisis

I have worked extensively on the EU and Greek financial crisis. Roy Smith and I proposed at the beginning of the crisis to create the European equivalent of Brady bonds, in “Trichet Bonds to Resolve the European Sovereign Debt Problem.” Some of my recent articles on these issues are:

• Kathimerini, Reforms and recovery for Greece in 2017, January 9, 2017 (in Greek)
• Fortune, How Greece’s Troubled Economy Could Turn Around in 2017, January 3, 2017
• Bloomberg News, Euro Area Signals No Major Greek Debt-Relief Deal This Year, November 7, 2016
• SBC TV, What should be done to end the economic crisis in Greece, October 26, 2016 (in Greek, from 47^th)
• TheStreet, Greece Seeing Rebound in Economy for 2017, But Not Everyone Is Optimistic, October 5, 2016
• CNN, Consequences of Brexit, October 4, 2016
• Bloomberg, Is Greece back on track, October 4, 2016
• Kathimerini, Greece: recovery through rationality or extreme decline, September 25, 2016 (in Greek)
• Kathimerini, Stiglitz’s proposals and the real solution for Greece, August 28, 2016 (in Greek)
• InterCep, Brexit, July 21, 2016
• Al Jazeera TV, Economic and political effects of Brexit in the UK and the EU, July 5, 2016
• CNN International TV, Aftermath of Brexit, June 27, 2016
• CNN International TV, Politics of Brexit, June 27, 2016
• CNN International TV, Immediate effects of Brexit, June 25, 2016
• Kathimerini, From an empire to two miserable islands, June 26, 2016 (in Greek)
• Al Jazeera TV, Impact of Brexit, June 24, 2016
• MSNBC TV, Immediate Impact of Brexit, June 23, 2016
• Mega TV, Prospects of UK referendum, June 23, 2016 (in Greek)
• Al Jazeera TV, Brexit would hurt the UK, June 17, 2016
• Kathimerini, Analysis of Eurogroup decision on Greek debt, May 26, 2016 (in Greek)
• Kathimerini, Eurogroup postpones decision on Greek debt to 2018, May 25, 2016 (in Greek)
• Bloomberg News, Tsipras Survives Austerity Vote, Opening Path for Loan Payment, May 22, 2016
• Kathimerini, The EU, the IMF, the USA in the Greek debt and growth, May 22, 2016 (in Greek)
• Bloomberg News, Lagarde Says IMF Greek Deal Far Off as Talks Roiled by Leaks, April 3, 2016
• SBC TV, Athens, Prospects of the Greek economy, March 2, 2016
• CCTV, Davos, EU migrants’ crisis, and Greece, January 19, 2016
• Kathimerini, Kyriakos Mitsotakis is the best candidate in New Democracy to do the reforms that Greece and New Democracy desperately need, January 10, 2016 (in Greek)
• Kathimerini, Kyriakos Mitsotakis is the best candidate in New Democracy to do the reforms that Greece and New Democracy desperately need, January 10, 2016 (in English)
• BankingNews.gr, The Greek government will try not to implement the MoU, October 15, 2015 (in Greek)

• Bloomberg News TV, The Financial Odyssey of Greece and Alexis Tsipras, September 21, 2015
• CNN TV, Tsipras claims a ‘clear mandate’ in Greek elections, September 21, 2015
• Kathimerini, Need for a government of all pro-European parties, September 19, 2015 (in Greek)
• SBC TV, Economic prospects after the Greek elections, September 15, 2015 (in Greek)
• Bloomberg News, Tsipras Says Coalition `Unnatural’ as Nail-Biter Election Looms, September 14, 2015
• Bloomberg News, Greece’s Tsipras Defends Record as Opposition Lashes Out at Him, September 9, 2015
• Kathimerini, Coalition of pro-European forces, August 23, 2015 (in Greek)
• CNBC.com, Why early elections are bad for Greece, August 21, 2015
• Bloomberg News TV, Can Micro-Economic Reforms Fix the Greek Economy?, August 20, 2015
• Bloomberg News, Greek Lawmakers Back Rescue Package After All-Night Session, August 14, 2015
• Bloomberg Radio, Prospects for Greece, August 12, 2015
• CNBC.com, Six myths about the Greek crisis, August 4, 2015
• CNN International TV, Record contraction for Greek manufacturing, August 3, 2015
• CCTV, Greece stock market reopens to awful performance, August 3, 2015
• Kathimerini & Parathrhthrio, Eight myths and eight truths, August 2, 2015 (cartoon, in Greek)
• Kathimerini, Eight myths and eight truths, August 2, 2015 (in Greek)
• Bloomberg News, Tsipras Appeal to Siege Mentality Secures Bailout Vote, July 22, 2015
• Bloomberg News TV, We’ll See Greek Elections In September: Economides, July 20, 2015
• CNN TV, Greece grapples with current debt crisis, July 17,2015
• Bloomberg News, Tsipras Must Rebuild Government After Wave of Bailout Defections, July 15, 2015
• RNN TV, Greek agreement, July 14, 2015
• Kathimerini, National salvation government now!, July 14, 2015 (in Greek)
• Kathimerini, National salvation government now!, July 14, 2015 (in English)
• Singapore radio, Greek agreement, July 13, 2015
• CNN TV, Greek economy needs to grow to pay back debt, July 13, 2015
• Al Jazeera TV, Agreement between Greece and Europeans, July 12, 2015
• Al Jazeera TV, Consequences of Greek vote, July 11, 2015
• KCBS radio, Conditions in Greece 1, July 10, 2015
• KCBS radio, Conditions in Greece 2, July 10, 2015
• Cosmos FM, Greek prospects, July 8, 2015
• Fortune Magazine, Only divine intervention can end this Greek tragedy, July 8, 2015
• NPR, The Global Financial Crisis Did A Real Number On Greece’s Economy, July 7, 2015
• KTTH radio, Greek prospects, July 6, 2015
• RT TV, Greek referendum, July 5, 2015
• Al Jazeera, Greek referendum, July 5, 2015
• Huffington Post, The meaning of “yes” in the referendum, July 5, 2015 (in Greek)
• Bloomberg News, Greek Pollsters Forecast Narrow ‘No’ Win in Austerity Vote, July 5, 2015
• CNN International TV, What a “yes” and a “no” vote mean for Greece, July 4, 2015
• CNN International TV, Greeks divided over referendum, July 3, 2015
• Capital.gr, Why yes is a much better choice than no, July 3, 2015
• NPR, Debt Crisis Puts The Squeeze On Greece’s Banks, July 3, 2015
• Independent UK, Greek referendum, July 3
• SBC TV, Greek referendum and the stability of the banking system, July 3, 2015
• Al Jazeera, Greek referendum, July 2, 2015
• Moneyweb, The ‘demerging’ Greek economy, July 2, 2015
• Il Messaggero, Greek referendum, July 1, 2015 (in Italian)
• Bloomberg Radio, Greek referendum, July 1, 2015
• Bloomberg News TV, Most Greeks to Vote Yes on Bailout Terms, June 30, 2015
• WSJ, Greek-Americans Fear for Finances, Family Back Home, June 30, 2015
• Kathimerini, Yes to the Euro, June 30, 2015 (in Greek)
• The Business Times, End game for Greek crisis as loan defaults loom?, June 29, 2015
• Sydney Morning Herald, Greece will close banks, stock market as financial crisis worsens, June 29, 2015
• CNBC.com, Greece must sign a deal now: 13 economists, June 29, 2015
• CNN International TV, Will Greece be saved by the rest of the EU, June 29, 2015
• CCTV, Greece near bankruptcy, June 29, 2015
• Al Jazeera, Greek debt crisis, June 29, 2015
• CNN International TV, ECB rejects new emergency support for Greek banks, June 28, 2015
• CNN International TV, Bailout Talks in Greece Fail as Default Looms, June 27, 2015
• ekathimerini, Greeks cautious as Tsipras vote puts fate of euro in their hands, June 27, 2015
• Bloomberg News, Greece’s Tsipras Calls July 5 Referendum on Bailout Demands, June 26, 2015
• Bloomberg Radio, Restructuring the Greek Debt, June 25, 2015
• Il Messaggero, Greek crisis, June 25, 2015 (in Italian)
• Bloomberg News TV, Can Greece’s Government Survive a Debt Deal?, June 23, 2015
• Bloomberg Radio, Greece: deal likely?, June 22, 2015
• SBC TV, Greece: deal likely?, June 22, 2015 (in Greek)
• Barrons, Greek Debt Proposal Cheers Market, But Capital Controls Still Possible, June 22, 2015
• Wirtschafts Woche, Griechenland: : Misswirtschaft und Kapitalflucht beschleunigen Absturz, June 22, 2015 (in German)
• BBC World TV, Agreement with Europeans or bankruptcy, Grexit and chaos, June 21, 2015
• Bloomberg News, Greece Stumbling Toward Euro Exit as Meeting Ends in Rancor, June 18, 2015
• CCTV, Interest rates in the US and Greek crisis, June 17, 2015
• SBC TV, Is it time for capital controls?, June 17, 2015
• Bloomberg News, Tsipras Vows to Reject Unfair Deal as EU Braces for Collapse, June 17, 2015
• Bloomberg TV, Is It Game Over for Greece?, June 16, 2015
• Skai TV, Greek economic crisis, June 16, 2015 (in Greek)
• Skai radio, Greek economic crisis, June 16, 2015 (in Greek)
• Kathimerini, The solution for the Greek debt problem, Kathimerini, June 14, 2015 (in Greek)
• Kathimerini, Need for immediate agreement, June 14, 2015 (in Greek)
• Kathimerini, Sign the agreement now!, June 14, 2015 (in English)
• Associated Press, Network neutrality, June 12, 2015
• ERT radio, Greek economic crisis, June 7, 2015 (in Greek)
• Bloomberg, Greece Defers IMF Payment as Merkel Says Resolution Far Away, June 4, 2015
• CNBC.com, Greece has two options: A deal or chaos, June 3, 2015
• E! TV, Economic crisis in Greece, May 29, 2015 (in Greek)
• Kathimerini, Deal or Chaos, May 29, 2015 (in Greek)
• Marketwatch, From Europe, Lew finds little leverage to push for Greek deal, May 27, 2015
• Imerisia, Options for Greece, May 23, 2015 (in Greek)
• Skai TV, Greek crisis, May 23, 2015 (in Greek)
• SBC TV, Greek economic crisis, May 21, 2015 (in Greek)
• NERIT TV, Greek economic crisis, May 20, 2015 (in Greek)
• CNBC.com, Here’s what Greece needs to fix now, May 20, 2015
• Skai TV, Greek economic crisis, May 19, 2015 (in Greek)
• GreekReporter: Deal with Creditors or Face Disaster, Bankruptcy and the New Drachma, April 27, 2015
• Kathimerini, Greece: Deal or Bankruptcy, April 26, 2015 (in Greek)
• Fortune Magazine, Only a miracle can save Greece, April 23, 2015
• SBC TV, Greece running out of options, April 20, 2014 (in Greek)
• Huffington Post Live, Comcast-TimeWarner merger, April 20, 2015
• Ireland House, NYU, Greece’s problems and Irish recovery, April 16, 2015
• BBC World TV, Greek economic crisis, April 6, 2015
• Parapolitika radio, Greece close to bankruptcy, March 25, 2015 (in Greek)
• SBC TV, Greek crisis after EU summit, March 20, 2015 (in Greek)
• Cosmos FM, New York, Greece running out of money, March 18, 2015 (in Greek)
• Bloomberg TV, Greece assessment, March 13, 2015
• Athens Radio 98.4, Greek economic crisis, March 13, 2015 (in Greek, from 8^th min)
• SBC TV, Greek economic crisis, March 10, 2015
• Kathimerini, Immediate need for a National Salvation Government, March 8, 2015 (in English)
• Kathimerini, Immediate need for a National Salvation Government, March 8, 2015 (in Greek)
• National Herald, New York, Greece at the brink of disaster, once more, March 7, 2015 (in Greek
• SBC TV, Greece running out of money, February 25, 2015
• Singapore radio 93.8, Greek economic reforms, February, 24, 2015
• BBC World TV, Prospects for Greece after the Eurogroup meeting, February 20, 2015
• Bloomberg News TV, 25% Chance Greece Will Leave Euro Zone, February 19, 2015
• International Business Times, Germany Rejects Greek Request For Loan Extension As Friday Debt Deadline Draws Near, February 19, 2015
• CCTV, Assessment of Greece-Eurogroup debt talks, February 16, 2015
• CNBC, Can Greece’s rebel leader rescue the nation from default?, February 16, 2015
• Bloomberg, Greek Talks With Euro-Area Finance Ministers Break Up, February 16, 2015
• NERIT Radio (Athens), Greek economic assessment, February 12, 2015
• Bloomberg News/Washington Post, Greece’s Tsipras Outlines Plans to Break Free From Bailout, February 8, 2015
• Bloomberg News TV, Greek exit from EU would have limited effects, February 7, 2015
• Fortune Magazine, Why Greece’s leftist Syriza will bow down to market pressures, February 5, 2015
• Bloomberg News, Greece May Run Out of Cash as Early as March, February 4, 2015
• Fortune Magazine, The odd couple that will determine Greece’s fate, February 4, 2015
• Voice of America, Greek Financial Crisis Tests EU Stability, February 4, 2015
• Bloomberg News, Greece’s Damage Control Fails to Budge Euro Officials, February 2, 2015
• Fortune Magazine, Greece’s do-or-die moment, January 28, 2015
• Skai TV, Greek economic policies, January 26, 2015 (in Greek)
• Bloomberg News TV, What’s Next for Greece After the Elections?, January 26, 2015
• CNN International, How the Greek election impacts markets, January 26, 2015
• Kathimerini, Myths and truths on the Greek economy, January 24, 2015 (in Greek)
• Kathimerini, Myths and truths on the Greek economy, January 24, 2015 (in English)
• CNBC.com, Syriza win in Greece won’t be a disaster for EU, January 23, 2015
• Parapolitika Radio, Credit event if Greece does not pay ECB-held debt, January 9, 2015 (in Greek)
• Cosmos-FM, Grexit and economic crisis, January 7, 2015 (in English)
• SBC TV, Greek economic crisis, January 2, 2015 (in Greek)
• Cosmos-FM, Grexit and economic crisis, January 7, 2015 (in English)

• SBC TV, Greek economic crisis, January 2, 2015 (in Greek)
• Bloomberg News, Snap Greek election, December 29, 2014
• Il Messaggero, Gli Stati Uniti premiati la politiche di sviluppo, December 24,2014 (in Italian)
• Bloomberg News, On the Greek economy, December 18, 2014
• Central Chinese TV (CCTV), Greek and European crises, December 16, 2014
• SBC TV, Greek economic crisis, December 16, 2014 (in Greek)
• Kathimerini, Decision on the President; creation of a council of distinguished economists, December 14, 2014 (in Greek)
• Cosmos-FM, Greek economic issues, December 14, 2014 (in Greek)
• Bloomberg News TV, Is it 2009 all over again in Greece?, December 11, 2014
• Central Chinese TV (CCTV), European economy prospects, November 6, 2014
• Parapolitika Radio, The end of the Troika, November 6, 2014 (in Greek)
• SBC TV, Prospects for EU and Greek economies, October 14, 2014 (in Greek)
• Elliniki Gnomi, Investment and growth in the Greek economy, October 7, 2014 (in Greek)
• Kathimerini, Strategy for the Greek Economy, September 14, 2014 (in Greek
• GreekReporter, 5th year of Greek crisis, an economic strategy for Greece, September 30, 2014
• Ozy.com, Southern Europe’s Climb Out of Depression, July 30, 2014Hellas FM (New York City), Greek economic policy, July 17, 2014 (mp3 in Greek)
• GreekReporter, How to solve the Greek public debt problem, July 5, 2014 (in English)
• Skai TV (Athens), Greek recovery and solution to the public debt problem, July 12, 2014 (in Greek
• ESTIA, How to solve the Greek public debt problem, July 5, 2014 (in Greek)
• Skai radio (Athens), How to fix the Greek debt problem, June 11, 2014
• GreekReporter, NYU Professor Economides Mulled For Greek Finance Minister, June 10, 2014
• Kathimerini, Requirements for Greek economic policy, June 7, 2014 (in Greek)
• SBC TV (Athens), Greek economy, June 6, 201
• SBC TV (Athens), Prospects for Greek economy, June 2, 2014
• ERT radio (Athens), Prospects for Greek economy, May 30, 2014
• Athina 98.4 radio, Restructuring the Greek debt, May 29, 2014
• Kathimerini, Elongation of the maturity of Greek debt, May 29, 2014 (in Greek)
• Skai TV (Athens), Economic consequences of Greek vote on European Parliament, May 24, 201
• SBC TV (Athens), Economic issues of Greek elections, May 23, 2014
• Ant1 News TV (Athens), Economic consequences of Greek vote, May 22, 2014
• De Telegraaf (Amsterdam), Options for Greece, April 23, 2014
• Kathimerini, Greece should issue bonds before the Euro-elections, February 9, 2014 (in Greek)
• Kathimerini, Greece should issue bonds before the Euro-elections, February 9, 2014 (in English)
• Voice of America, Structural changes in Greek economy, April 30, 2013
• Voice of America, Reforms in Greece, January 17, 2013
• Athens Press Agency, The EU deal was necessary for Greece, November 27, 2012
• National Herald, New York, Greek Crisis, September 15, 2012
• Ethnikos Kirix, Prof. Economides on Greece, June 4, 2012
• Kathimerini, SOS by 11 prominent economists, June 3, 2012