Place: National Press Club, Washington, DCDate: June 21, 2004. Limited seating. You may request an invitation by sending an e-mail to email@example.com.
Under the influence of the Chicago School of neoclassical antitrust economics, for the past generation, U.S. antitrust policy has paid only slight attention to anticompetitive behavior within vertical inter-firm relationships. During this time, scholarship in economics, law, and business has developed new understandings of interactions between horizontal competition and vertical inter-firm relationships, with important implications for policy. Some of the most provocative writing integrating these insights into antitrust has been by Robert L. Steiner, whose unique experience as a prolific author in marketing and economics, president of a national consumer goods company and as an economist at the Federal Trade Commission, provides new perspectives on what Steiner calls “vertical competition” – the interdependent rivalry that takes place between vertically aligned firms. This Roundtable, limited to 65 participants (no charge), will use Steiner’s large but under-recognized body of work as a jumping off point for re-examining antitrust policy. The event is being held in collaboration with the American Marketing Association’s Journal of Public Policy & Marketing and sponsored by Cornerstone Research, Bates White, the David F. Miller Center for Retailing Education and Research, University of Florida and the Coggin College of Business, University of North Florida. Papers will be published in a special symposium issue of the Antitrust Bulletin (4th quarter, 2004)
IntroductionGregory T. Gundlach, Visiting Eminent Scholar in Wholesaling, University of North Florida and Senior Research Fellow, American Antitrust Institute Albert A. Foer, President, American Antitrust Institute 9:00- 9:30
The Intellectual History of Vertical Relations in Antitrust Economics F.M. Scherer, Aetna Professor Emeritus, John F. Kennedy School of Government, Harvard University 9:30-10:00
The Intellectual History of Vertical Relations in Marketing Barton A. Weitz, Executive Director, David F. Miller Center for Retailing Education and Research; JC Penney Eminent Scholar, University of Florida 10:00- 10:30
The Development and Application of Dual-Stage Thinking Robert L. Steiner, Economic consultant, former Economist, Federal Trade Commission and former President of Kenner Products Co. 10:45-12:00
Why Do Economists Neglect Retailing and the Competition Between Retailers and Manufacturers? Michael Lynch, former Chief, Bureau of Economics, FTC Commentators: Paul Farris, Landmark Communications Professor of Business Administration, University of Virginia Pamela Jones Harbour, Commissioner, Federal Trade Commission Howard P. Marvel, Professor of Economics, Ohio State University Mary Sullivan, Economist, U.S. Department of Justice 12:00- 1:30
Lunch Introduction: Jonathan Cuneo, Attorney, Cuneo, Waldman & Gilbert, Director, American Antitrust Institute Monroe Milstein, Chairman, Burlington Coat Factory 1:30- 2:30
Implications for Antitrust Analysis William S. Comanor, Professor of Health Services and Professor of Economics, University of California, Santa Barbara; Director of the Research Program on Pharmaceutical Economics and Policy, University of California, Los Angeles; former Chief, Bureau of Economics, FTC Philip Nelson, Economists, Inc., formerly economist, Federal Trade Commissioner 2:30- 4:30
Moderated Roundtable Discussion
[Co-sponsors to include Bates White; Cornerstone Research, University of North Florida, and Journal of Public Policy and Marketing. Papers will appear in Antitrust Bulletin.]
Click here for information on location and nearby hotels.
Robert L. Steiner, an economics consultant, served as an economist with the Federal Trade Commission after a career as an executive in the manufacturing sector, including president of the Kenner Toy Company. He has written extensively on the nature of vertical relationships, emphasizing the competitive aspect of such relationships in the consumer goods arena.
Veblen Revised in the Light of Counter- Snobbery, co-author with Dr. Joseph Weiss, The Journal of Aesthetics and Art Criticism, vol. 9 #3(1951).
Urban and Inter-Urban Equilibrium, Land Economics, vol.32, #2 (1956).
Does Advertising Lower Consumer Prices? Journal of Marketing, vol. 37 #4 (1973). Also Reprint # 37, American Enterprise Institute (1976).
The Prejudice Against Marketing, Journal of Marketing, vol.40 #3 (1976).
A Dual-Stage Approach to the Effects of Brand Advertising on Competition and Price, in John Cady, Editor, Marketing and the Public Interest, Proceedings of 1977 Symposium Conducted by Marketing Science Institute in Honor of E.T. Grether. MSI Report No. 78-105.
Marketing Productivity in Consumer Goods Industries – a Vertical Perspective, Journal of Marketing, vol. 42 #1 (1978).
Understanding the Consumer Goods Economy, paper presented at Bureau of Economics, FTC (March 16, 1978).
Learning from the Past – Brand Advertising and the Great Bicycle Craze of the 1890s, in Steven Permut, Ed. Advances in Advertising Research and Management, Annual Conference of the American Academy of Advertising (1979).
Judging the Welfare Performance of Manufacturers’ Advertising, Journal of Advertising,, vol. 10 #3 (1981).
Comparative Performance Information, Member of FTC Staff Task Force that produced Staff Task Force Report (Sept., 1981).
Vertical Restraints and Economic Efficiency, FTC Bureau of Economics Working Paper No. 66 (May, 1982).
Basic Relationships in Consumer Goods Industries, Research in Marketing, vol. 7, pp.165-208 (1984).
Generic Substitution and Prescription Drug Prices, co-author with Alison Masson, Bureau of Economics Staff Report (Oct. 1985.
The Nature of Vertical Restraints, Antitrust Bulletin, vol.30, #1 (1985).
The Paradox of Increasing Returns to Advertising, Journal of Advertising Research, vol.27 #1 (1987).
Intrabrand Competition – Stepchild of Antitrust, Antitrust Bulletin, vol.36 1, No. 1, (1991)
Manufacturers’ Promotional Allowances, Free Riders and Vertical Restraints, Antitrust Bulletin, vol.36 #2 (1991).
Sylvania Economics – a Critique, Antitrust Law Journal, vol. #1 (1991).
Jeans: Vertical Restraints and Efficiency in Larry Duetsch, Editor, Industry Studies, Prentice Hall (1993).
The Inverse Association between the Margins of Manufacturers and Retailers, Review of Industrial Organization, vol.8 #6, 1993.
Caveat! Some Unrecognized Pitfalls in Census Economic Data and the Input-Output Accounts, ,Review of Industrial Organization vol. 10 #6 (1995).
How Manufacturers Deal with the Price-Cutting Retailer: When are Vertical Restraints Efficient? Antitrust Law Journal, vol.65 No. 2 (1997).
The “Own-Brand Marketer” Debuts in the 1997 Census. Review of Industrial Organization, vol.12 Nos.5-6 (1997).
The Margin and Price Effects of Manufacturers’Brand Advertising, in John Jones, Editor How Advertising Works, Sage Publications, vol.1 (1998).
The Third Relevant Market, Antitrust Bulletin, vol. 65 #3 (2000).
A Dual-Stage View of the Consumer Goods Economy, Journal of Economic Issues, vol.35 #1 (2001).
Category Management – A Pervasive New Vertical/Horizontal Format, Antitrust, vol. 15 #2 (20001).
Cooperation, Competition and Collusion among Firms at Successive Stages in Post Chicago Developments in Antitrust Law, Antonio Cucinotta, Roberto Pardolesi, Roger Van den Bergh, Editors, Edward Elgar (2002). Paper presented at European Association of Law and Economics conference, Taormina, Sicily in 2000.
The Efficiency and Market Power of “E-Tailers” – A New Look, FTC:Watch No. 543 (4/24/00). Available at www.antitrustinstitute.org.
The Nature and Benefits of National Brand/Private Label Competition. Forthcoming, Review of Industrial Organization, 2004.
Exclusive Dealing + Resale Price Maintenance: a Powerful Anticompetitive Combination. Forthcoming, Southwestern University Law Review, Spring 2004.
Also see Michael P. Lynch, The “Steiner Effect,” a Prediction from a Monopolistically Competitive Model Inconsistent with any Combination of Pure Monopoly or Competition, Bureau of Economics FTC Working Paper No. 141 (1986).