Showing results 1 - 9 of 9
| F.M. Scherer
Managerial Control and Executive Compensation. F.M. Scherer, February 9, 2019, Paper, "This article analyzes the trajectory and causes of the explosion of American corporate CEOs’ compensation relative to that of average workers between 1958 and 2017. The historical data are presented and analyzed in more detail for 2016 and 2017. Important biases in alternative data sets are explored. Alternative hypotheses for the dramatic changes over time…
| F.M. Scherer
The Federal Trade Commission, Oligopoly, and Shared Monopoly. F.M. Scherer, February 2015, Paper. "This paper, written for a centennial commemoration of the Federal Trade Commission's creation, reviews the history of two major cases--the tetracycline case of the 1950s and 1960s and the suit against four (eventually three) ready-to-eat breakfast cereal manufacturers in the 1970s. Those actions addressed one of the most difficult problems in U.S.…
| F.M. Scherer
First Mover Advantages and Optimal Patent Protection. F.M. Scherer, November 2014, Paper. "This paper advances the analysis of incentives for technological innovation by examining the conditions under which first mover advantages – e.g., a head start, the necessity for imitators to incur their own research and development costs, production cost advantages derived inter alia through learning by doing, and the reputational “image” advantages of…
| F.M. Scherer
The Banking Industry. F. M. Scherer, September 2014, Paper. "Few industries are so significant that their conduct has a pronounced impact on the overall state of economic prosperity. Banking is the most prominent exception. When it works well, it lubricates the functioning of every other industry and thereby contributes to economic growth. But when it functions badly, the consequences can be grave. And grave they were in the first decade of the…
| F.M. Scherer
Competition Policy and Intellectual Property: Insights from Developed Country Experience. F.M. Scherer, February, 2014, Paper. "This paper, written for a World Trade Organization compendium, investigates the possibilities open to developing nations for controlling the abuse of intellectual property rights, and in particular patents, under Articles 31 and 40 of the Uruguay Round TRIPS (trade-related aspects of intellectual property) treaty.…
| F.M. Scherer
Patents, Monopoly Power, and the Pricing of Pharmaceuticals in Low-Income Nations. F. M. Scherer, September 2013, Paper. "This paper reviews the theory and historical developments that made it possible for the world's least affluent citizens to obtain the benefits of modern pharmaceutical therapy at affordable prices. Considered in turn are the theory of differential prices, the reasons why differential pricing was not widely practiced by…
| F.M. Scherer
The F.T.C., Oligopoly, and Shared Monopoly. F.M. Scherer, September, 2013, Paper. "This paper, written for a centennial commemoration of the founding of the U.S. Federal Trade Commision, reviews the history of two major cases tackling one of the most difficult problems in U.S. antitrust jurisprudence: the tetracycline case of the 1950s and 1960s and the suit against four (eventually three) breakfast cereal manufacturers in the 1970s..."…
| F.M. Scherer
Two Paradoxes in the Theory of Capital Investment and Competition. F.M. Scherer, September, 2013, Paper. "This paper considers two paradoxes concerning the relationship between capital investment decisions and competition. First, conventional capital budgeting methods imply that substantial infra-marginal surpluses are attained above the cost of capital, but this is inconsistent with the premise that returns on capital equal the cost of capital…
| F.M. Scherer
Financial Mergers and Their Consequences. F.M. Scherer, June 2013, Paper. "This paper analyzes the massive merger wave that has led to substantially increased concentration of banking activity in the United States. One consequence is the rise of banks “too big to fail”. The structural changes have also been associated with a striking change in financial institutions’ share of all U.S. corporate profits along with employee compensation out of…