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The Misguided Assault on the Consumer Welfare Standard in the Age of Platform Markets

Authors
  • Melamed, A. Douglas1
  • Petit, Nicolas2, 3, 4
  • 1 Stanford Law School, Stanford, USA , Stanford (United States)
  • 2 University of Liege, Liège, Belgium , Liège (Belgium)
  • 3 University of South Australia, Adelaide, Australia , Adelaide (Australia)
  • 4 Stanford University, Hoover Institution, Stanford, USA , Stanford (United States)
Type
Published Article
Journal
Review of Industrial Organization
Publisher
Springer US
Publication Date
Feb 11, 2019
Volume
54
Issue
4
Pages
741–774
Identifiers
DOI: 10.1007/s11151-019-09688-4
Source
Springer Nature
Keywords
License
Green

Abstract

In this paper, we discuss whether the consumer welfare (CW) standard needs to be replaced or revised in order for antitrust law to deal effectively with the economic challenges of the platform economy. We argue that both the general and platform-specific assaults on the CW standard are misguided, that the CW standard is capable of addressing the economic concerns that critics have raised, and that the proposed alternatives would make things worse—not better.

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