University Professor, Penn Law & Wharton. Comments occasionally on antitrust issues and follows news, public law, economics, and legal history. See my substack "The Monopoly Problem" https://substack.com/@herbhovenkamphttps://bsky.app/profile/sherman1890.bsky.socialhttps://bsky.app/profile/sherman1890.bsky.social/post/3mruiagazmk26This morning my “The Monopoly Problem” substack posted about a promising new appellate decision on anticompetitive algorithmic pricing. The decision creates a conflict in the federal circuit courts, which may motivate the Supreme Court to review it. https://substack.com/home/post/p-20908568330 Jul 2026 12:52 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mruiagazmk26https://bsky.app/profile/sherman1890.bsky.social/post/3mrshrraso22aAfter my July 29 post on algorithmic price fixing in "The Monopoly Problem" the 3d Circuit issued a very promising decision on pricing software used by Caesar's, Harrah's, Tropicana and other Atlantic City hotel-casinos. I'll post more about it tomorrow. https://assets.alm.com/01/1b/9c698b594e9ca455a3da444dacc2/003015365160.pdf29 Jul 2026 17:39 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mrshrraso22ahttps://bsky.app/profile/sherman1890.bsky.social/post/3mrs3cxb5d22wMy morning article in “The Monopoly Problem” examines the messy, unproductive way that the courts have been handling cases that involve algorithmic price fixing. It does not have to be as hard as they make it. https://substack.com/home/post/p-20669347929 Jul 2026 13:56 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mrs3cxb5d22whttps://bsky.app/profile/sherman1890.bsky.social/post/3mrcuy5kumc2cMy substack, “the monopoly problem,” just posted a piece on antitrust and vertical integration by ownership or contract – its promises, competitive threats, and how to assess them. https://substack.com/home/post/p-20672770423 Jul 2026 12:52 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mrcuy5kumc2chttps://bsky.app/profile/sherman1890.bsky.social/post/3mr7zhwtwlc2vMy new piece in Promarket examines the relationship among the proposed American Innovation Choice Online Act (AICOA), revised, antitrust law, and industrial policy. https://www.promarket.org/2026/07/21/aicoa-ii-is-americas-reverse-industrial-policy-initiative/22 Jul 2026 09:35 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mr7zhwtwlc2vhttps://bsky.app/profile/sherman1890.bsky.social/post/3mr6zgi55wk2cThis is why university faculty have been moving away from GOP. The movement has been by GOP [contains quote post or other embedded content]22 Jul 2026 00:01 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mr6zgi55wk2chttps://bsky.app/profile/sherman1890.bsky.social/post/3mr5r5ikcok2cThis morning “The Monopoly Problem” includes a post on yesterday’s Paramount merger decision. Hardly the end of this case, but the state Attorneys General have some reason to be hopeful. https://substack.com/home/post/p-20790181121 Jul 2026 12:01 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mr5r5ikcok2chttps://bsky.app/profile/sherman1890.bsky.social/post/3mr2xijztlk2aProminent post-Chicago antitrust economist Steve Salop (G-Town) has performed a great service -- a guide to antitrust and modern economics -- free in .pdf or an inexpensive Amazon Paperback. You dont need much economics in order to read it. econantitrustguide.com https://econantitrustguide.com/20 Jul 2026 09:16 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mr2xijztlk2ahttps://bsky.app/profile/sherman1890.bsky.social/post/3mqrb4owczs2wThe third of my 3-part discussion of the Robinson-Patman Act in "The Monopoly Problem" considers possibilities for reform. Subscription is free. https://substack.com/home/post/p-20646848316 Jul 2026 12:42 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mqrb4owczs2whttps://bsky.app/profile/sherman1890.bsky.social/post/3mqeqmrncqc2fThis morning my substack “The Monopoly Problem” posted the second in a series – “How Does the Robinson-Patman Act Work? A third post, in a few days, discusses reform possibilities. https://herbhovenkamp.substack.com/p/how-does-the-robinson-patman-act11 Jul 2026 13:15 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mqeqmrncqc2fhttps://bsky.app/profile/sherman1890.bsky.social/post/3mptmfqellk2xThis post in The Monopoly Problem, "The Salesman, the Housewife, and the Campaign Against Low Prices," is part of a 3-part series on the Robinson-Patman Act. Coming next: how the RPA works, and then, whether it can be reformed. https://substack.com/home/post/p-20283154604 Jul 2026 17:44 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mptmfqellk2xhttps://bsky.app/profile/sherman1890.bsky.social/post/3mpm2hrc6fs2xMy new post in “The Monopoly Problem” frets about Trump v. Slaughter as a threat to FTC independence, and wonders what the Agency will look like now and how it can be fixed. https://substack.com/home/post/p-20425459301 Jul 2026 17:34 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mpm2hrc6fs2xhttps://bsky.app/profile/sherman1890.bsky.social/post/3mpiuyea74k2iI argue in “The Monopoly Problem” that antitrust’s rule of reason is not so open ended that it violates the rule of law, but only if the courts keep it within its intended boundaries. https://substack.com/home/post/p-20408703230 Jun 2026 11:18 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mpiuyea74k2ihttps://bsky.app/profile/sherman1890.bsky.social/post/3mpiiwghi4s22Posting from Scotland, so sorry about the hour. Here I argue in “The Monopoly Problem” that antitrust’s rule of reason is not so open ended that it violates the rule of law, provided that the courts keep it within its intended boundaries. substack.com/@herbhovenkamp https://substack.com/@herbhovenkamp30 Jun 2026 07:42 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mpiiwghi4s22https://bsky.app/profile/sherman1890.bsky.social/post/3mpg7q4mkq22etomorrow (June 30) I will be posting on whether antitrust law's rule of reason violates the rule of law. Subscriptions to my substack, "The Monopoly Problem," are free: substack.com/@herbhovenkamp. https://substack.com/@herbhovenkamp29 Jun 2026 09:52 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mpg7q4mkq22ehttps://bsky.app/profile/sherman1890.bsky.social/post/3mpbc27hnnc2mThis new post in “The Monopoly Problem” shows that market concentration remains important to antitrust policy, but not as important as hard core structuralists once imagined. Subscribe for free: https://substack.com/home/post/p-20275601627 Jun 2026 10:51 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mpbc27hnnc2mhttps://bsky.app/profile/sherman1890.bsky.social/post/3mozxxe7nz22zMy first of two posts on market concentration and its link to bad results examines how U.S. antitrust policy came to be concerned about it. Subscription is free: https://substack.com/home/post/p-20270967524 Jun 2026 13:01 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mozxxe7nz22zhttps://bsky.app/profile/sherman1890.bsky.social/post/3mousxckcws2yHere is my new paper commemorating the 50th anniversary of Hart-Scott-Rodino (HSR) pre-merger notification, which was intended to be enforcement neutral, and assessing its effectiveness. Comments welcome. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=697705822 Jun 2026 11:49 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mousxckcws2yhttps://bsky.app/profile/sherman1890.bsky.social/post/3mounnayvdk2ealthough "market failure" is defined so broadly as to be practically useless. Nearly NO markets provide as much of things as someone might want.. [contains quote post or other embedded content]22 Jun 2026 10:13 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mounnayvdk2ehttps://bsky.app/profile/sherman1890.bsky.social/post/3mos4jhyowk2vA post in Jacobin Mag. ask if big tech is facing it's "big tobacco" moment. One impt dif is that Tobacco settled into a rigid lockstep, low innovation oligopoly, while tech remains the fastest growing, competitive, and most innovative part of the economy. https://jacobin.com/2026/06/big-tech-tobacco-lawsuits-profitability21 Jun 2026 10:02 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mos4jhyowk2vhttps://bsky.app/profile/sherman1890.bsky.social/post/3mopvjem3tk2fThis contribution to “The Monopoly Problem” considers Justice Brandeis’ two important decisions that made him the inventor of Antitrust’s Rule of Reason. Subscribing is free. https://substack.com/home/post/p-20283631520 Jun 2026 12:51 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mopvjem3tk2fhttps://bsky.app/profile/sherman1890.bsky.social/post/3moigaav23s2cMy new post in “The Monopoly Problem” focuses on most-favored-nation agreements and the relationship among Amazon, its coveted Buy Box, and third-party merchants. Subscribe for free. https://substack.com/home/post/p-20242877817 Jun 2026 13:29 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3moigaav23s2chttps://bsky.app/profile/sherman1890.bsky.social/post/3moaxglmbtc2xSome people do not like a “consumer welfare” standard in antitrust because they associate it with a meaning Robert Bork gave to it in the 1970s that is inconsistent with what the Supreme Court has said. See my post in “The Monopoly Problem.” https://substack.com/home/post/p-20198701514 Jun 2026 14:15 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3moaxglmbtc2xhttps://bsky.app/profile/sherman1890.bsky.social/post/3mo72tqi6qk2fThis paper explores antitrust treatment of disruptions: 1) Gilded Age rise of large firms; 2) the revolution in consumer distribution; and 3) the IBM litigation. It asks whether antitrust policy on big tech risks repeating earlier errors. Comments welcome. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=693421813 Jun 2026 20:11 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mo72tqi6qk2fhttps://bsky.app/profile/sherman1890.bsky.social/post/3mo34adwhck25It recalls per se tying laws “not insubstantial” amount of commerce , widely assailed as an incompetent way of measuring either market power or exclusion [contains quote post or other embedded content]12 Jun 2026 06:25 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mo34adwhck25https://bsky.app/profile/sherman1890.bsky.social/post/3mnzs7zdvw22nThe American Innovation and Choice Online Act, which failed to be enacted during the Biden Administration, was proposed anew today. My thoughts in "The Monopoly Problem" are here: https://herbhovenkamp.substack.com/p/competition-growth-and-the-american11 Jun 2026 17:54 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mnzs7zdvw22nhttps://bsky.app/profile/sherman1890.bsky.social/post/3mnwjnxl3zc2lMy latest post in “The Monopoly Problem:” Is aggressive pursuit of antitrust claims and remedies in high tech markets the best use of enforcement resources? https://substack.com/home/post/p-20143136910 Jun 2026 10:42 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mnwjnxl3zc2lhttps://bsky.app/profile/sherman1890.bsky.social/post/3mnmie4jn3k2mAntitrust law's unique form of economic analysis often forbids courts to compare competitive harms, or losses, in one portion of a firm’s business with benefits that result from the same conduct in other parts -- see my post in “The Monopoly Problem.” https://herbhovenkamp.substack.com/p/should-antitrust-compare-costs-and06 Jun 2026 10:52 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mnmie4jn3k2mhttps://bsky.app/profile/sherman1890.bsky.social/post/3mnesgwreys2vMy latest post in The Monopoly Problem discusses one of the most consequential decisions that Congress made concerning antitrust policy: whether to adopt an approach that limited the size and scope of firms, or one that favored competitive prices. https://herbhovenkamp.substack.com/p/the-traitor-state-antitrust-new-jersey03 Jun 2026 09:32 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mnesgwreys2vhttps://bsky.app/profile/sherman1890.bsky.social/post/3mnenotoses2cThe Boston Univ. Law Review has published my piece on the Google Search case and Antitrust's goals for remedies, 106 Boston Univ. L. Rev. 305 (2026). https://www.bu.edu/bulawreview/files/2026/06/HOVENKAMP.pdf03 Jun 2026 08:07 +0000at://did:plc:5omrydccecgnknch6zmbmasc/app.bsky.feed.post/3mnenotoses2c