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Lots of fun working on this with Sylvia Hristakeva and Julie Holland Mortimer ! When governments set price caps that vary across drugs, incentives for multi-product pharmaceutical firms to exert effort decrease on average, but firms also re-allocate effort towards more profitable products.

The unexpected, interesting result of this work with Eric Yde and Sylvia Hristakeva: capping drug prices leads mfgs to shift promotional effort. Overall, promotion decreases; but for some drugs, it goes up! Why? Price caps vary; promotion shifts to drugs with higher caps.

The Full IIOC 2024 schedule is posted! editorialexpress.com/conference/IIO…

Thrilled to have this out in print🎉 Original paper thread: x.com/EmilyNix100/st… The paper is much improved since then with exciting new analysis added, so please check out the published version:) In the meantime, busy working on related follow-up work. More coming soon!

Time for some shameless self-promotion! I have a new WP called "Partial Identification Under Iterated Strict Dominance (ISD)" In it I propose an approach to set identification in games that is robust to multiple equilibria and non-equilibrium play. Short thread. Please share! 1/5

Must-read by Nathan Miller: "Industrial Organization and The Rise of #MarketPower" #markups #technology #dynamics #antitrust nathanhmiller.org/iomktpower.pdf

What do we know about markups in the United States? Are they high? Are they rising? This week's newsletter covers the (part of a huge) literature and what we know at this point. It's not as simple as you might have heard. Otherwise, I wouldn't have needed 4k words 🧵

You've probably heard market power is rising in the US. Everything is going to hell! If you've wondering about some of the empirical evidence, this newsletter is for you 👇 economicforces.xyz/p/what-we-know…

Recently accepted to REStud, ``Efficient and Convergent Sequential Pseudo-Likelihood Estimation of Dynamic Discrete Games,'' from Dearing and Blevins: restud.com/efficient-and-…

1/8 Teaching grad empirical IO leads to musings on current state of the art models of firm conduct. Still starting from a brief review of SCP and Conduct Parameter Estimation with homogeneous goods (Bresnahan 1989), leading to a discussion of the limitations of static models.

Forthcoming in AEJ: Microeconomics: "Estimating Models of Supply and Demand: Instruments and Covariance Restrictions" by Alexander MacKay and Nathan H. Miller. aeaweb.org/articles?id=10…

If you want to try out this approach in your own BLP estimation, PyBLP has pretty good support! Thanks to Alex MacKay for helping with getting it added. Adding covariance restrictions was fairly straightforward, with one sort of obscure technical challenge. 1/6

Big thanks to Jeff Gortmaker and Chris Conlon for including the implementation of the covariance restrictions identification strategy in PyBLP. Nathan Miller and I would be happy to hear of any use cases and ways that we can add functionality.

When estimating demand, the price coefficient may be biased because firms adjust prices in response to demand shocks. In this (forthcoming) paper, Nathan Miller and I show how to resolve this source of endogeneity by invoking the supply side in standard empirical models.

The Zurich Market Power Workshop is one you do not want to miss. I was there last year and it was fantastic. A big shout out for Nelson and Theodor Friederiszick for putting it together.

How has competition changed across the UK economy over the past two decades? The Competition & Markets Authority has just released our report on the state of UK competition. Let me pick out a few key narratives. x.com/CMAgovUK/statu… 1/

Using data from public records requests and an auction model of procurement to understand the prices incarcerated individuals pay to make phone calls, from Marleen R. Marra, Nathan Miller, and @Gretchen Sileo nber.org/papers/w33292

Forthcoming IJIO article by Nathan Miller "Industrial organization and The Rise of Market Power" doi.org/10.1016/j.ijin… Elsevier | ScienceDirect