Should merger policy be changed? An antitrust perspective

Consolidation and merger of corporations ; Antitrust law

Does Exposure to International Trade Justify Relaxed Antitrust Treatment of Mergers

When industries are exposed to foreign competition, relaxation of antitrust law in general, and of antimerger law in particular, may be justified in two ways. First, it may be argued that the ability to compete with foreigners requires possession of market power. One variant of this argument stresses the desirability of market power itself. Domestic enterprises must neutralize restrictive practices abroad -- whether they are inspired by foreign governments or merely tolerated by them -- if such enterprises are to enjoy their natural comparative advantages. A second variant of the argument emphasizes the growth of minimum efficient scale in manufacturing, due in no small measure to the rising importance of invention and innovation. In this variant, the market power acquired by domestic firms, through merger or restrictive practices, is thought to be an unfortunate, but necessary, by-product of achieving productive and dynamic efficiency. I shall focus on a second argument: that the existence of foreign competition eliminates both actual and potential reduction of competition that might otherwise result from market conduct, or from market positions, challenged by antitrust authorities. In this view, competition remains a desirable policy objective; yet it is achieved not through antitrust intervention but through the market mechanism of international trade

Does Exposure to International Trade Justify Relaxed Antitrust Treatment of Mergers

When industries are exposed to foreign competition, relaxation of antitrust law in general, and of antimerger law in particular, may be justified in two ways. First, it may be argued that the ability to compete with foreigners requires possession of market power. One variant of this argument stresses the desirability of market power itself. Domestic enterprises must neutralize restrictive practices abroad -- whether they are inspired by foreign governments or merely tolerated by them -- if such enterprises are to enjoy their natural comparative advantages. A second variant of the argument emphasizes the growth of minimum efficient scale in manufacturing, due in no small measure to the rising importance of invention and innovation. In this variant, the market power acquired by domestic firms, through merger or restrictive practices, is thought to be an unfortunate, but necessary, by-product of achieving productive and dynamic efficiency. I shall focus on a second argument: that the existence of foreign competition eliminates both actual and potential reduction of competition that might otherwise result from market conduct, or from market positions, challenged by antitrust authorities. In this view, competition remains a desirable policy objective; yet it is achieved not through antitrust intervention but through the market mechanism of international trade

Human Vascular Endothelium from Induced Pluripotent Stem Cells

The vascular endothelium is a dynamic cellular interface that displays a unique phenotypic plasticity. This plasticity is critical for vascular function and when dysregulated is pathogenic in several diseases. The development of new human endothelial genotype-phenotype studies, personalized vascular medicine efforts and cell based regenerative therapies are limited by the unavailability of patient-specific endothelial cells. Induced pluripotent stem cells (iPSC) offer great promise as a new personalized source of endothelium; however, the reproducibility, fidelity and functionality of iPSC-derived endothelial cells remains poorly understood.Engineering and Applied Science

Probabilistic Solar Energetic Particle Models

To plan and design safe and reliable space missions, it is necessary to take into account the effects of the space radiation environment. This is done by setting the goal of achieving safety and reliability with some desired level of confidence. To achieve this goal, a worst-case space radiation environment at the required confidence level must be obtained. Planning and designing then proceeds, taking into account the effects of this worst-case environment. The result will be a mission that is reliable against the effects of the space radiation environment at the desired confidence level. In this paper we will describe progress toward developing a model that provides worst-case space radiation environments at user-specified confidence levels. We will present a model for worst-case event-integrated solar proton environments that provide the worst-case differential proton spectrum. This model is based on data from IMP-8 and GOES spacecraft that provide a data base extending from 1974 to the present. We will discuss extending this work to create worst-case models for peak flux and mission-integrated fluence for protons. We will also describe plans for similar models for helium and heavier ions

Coprescription of Isotretinoin and Systemic Corticosteroids for Acne: An Analysis of the National Ambulatory Medical Care Survey

Introduction: Isotretinoin treatment has been linked to flares of severe acne, which can be managed by the coadministration of systemic corticosteroids or prevented by beginning with a low dose of isotretinoin. To our knowledge, there are no estimates in the literature on the frequency of coprescription of isotretinoin and systemic corticosteroids. Objectives: We sought to quantify the estimated frequency of coprescription of isotretinoin and systemic corticosteroids and assess trends of the use of isotretinoin with systemic corticosteroids for acne as they relate to age, sex, race, insurance, and provider specialty. Methods: Data from the National Ambulatory Medical Care Survey (NAMCS) from 2003 to 2015, National Hospital Ambulatory Medical Care Survey Hospital Outpatient Departments (NHAMCS-OPD) from 2003 to 2011, and National Hospital Ambulatory Medical Care Survey Hospital Emergency Departments (NHAMCS-ED) from 2003 to 2014 were aggregated for this analysis. The number of prescriptions for isotretinoin and/or systemic corticosteroids was estimated by specialty (for NAMCS) and by survey type (for NHAMCS-OPD and NHAMCS-ED). Results: Among all first visits to a physician for acne (n=18,914,096), approximately 3.9 percent prescribed isotretinoin, 0.24 percent prescribed corticosteroids, and the remaining 96 percent prescribed neither drug. This was comparable to estimates for first visits to a dermatologist for acne (n=13,920,913), where approximately 4.2 percent prescribed isotretinoin, 0.32 percent prescribed corticosteroids, and the remaining 95 percent prescribed neither medication. Conclusion: Currently, isotretinoin and systemic corticosteroids are rarely prescribed together

First Science Results From SOFIA/FORCAST: Super-Resolution Imaging of the S140 Cluster at 37\micron

We present 37\micron\ imaging of the S140 complex of infrared sources centered on IRS1 made with the FORCAST camera on SOFIA. These observations are the longest wavelength imaging to resolve clearly the three main sources seen at shorter wavelengths, IRS 1, 2 and 3, and are nearly at the diffraction limit of the 2.5-m telescope. We also obtained a small number of images at 11 and 31\micron\ that are useful for flux measurement. Our images cover the area of several strong sub-mm sources seen in the area -- SMM 1, 2, and 3 -- that are not coincident with any mid-infrared sources and are not visible in our longer wavelength imaging either. Our new observations confirm previous estimates of the relative dust optical depth and source luminosity for the components in this likely cluster of early B stars. We also investigate the use of super-resolution to go beyond the basic diffraction limit in imaging on SOFIA and find that the van Cittert algorithm, together with the "multi-resolution" technique, provides excellent results

Macrobenthos Population Changes in Crystal Lake, Arkansas, Subsequent to Cage Culture Fish

A three-year study was conducted to determine the possible effects of cage culture of fish on the environment of Crystal Lake, Arkansas. The investigation consisted of three periods: pre- (November 1971-October 1972), during- (November 1972-October 1973), and post- (November 1973-October 1974) cage culture. Numbers and biomass of benthos per square meter for pre-, during-, and post-culture periods were 1353 (10.0g), 730 (8.8g), and 1028 (4.1g), respectively. Numerically, Chaoborus sp., Chironomidae, and Oligochaeta comprised more than 97%. Chaoborus was the most numerous organism before fish culture (\u3e68%), but dominance shifted to the Oligochaeta (\u3e58%) after culture

A Novel Microgrid Demand-Side Management System for Manufacturing Facilities

Thirty-one percent of annual energy consumption in the United States occurs within the industrial sector, where manufacturing processes account for the largest amount of energy consumption and carbon emissions. For this reason, energy efficiency in manufacturing facilities is increasingly important for reducing operating costs and improving profits. Using microgrids to generate local sustainable power should reduce energy consumption from the main utility grid along with energy costs and carbon emissions. Also, microgrids have the potential to serve as reliable energy generators in international locations where the utility grid is often unstable. For this research, a manufacturing process that had approximately 20 kW of peak demand was matched with a solar photovoltaic array that had a peak output of approximately 3 KW. An innovative Demand-Side Management (DSM) strategy was developed to manage the process loads as part of this smart microgrid system. The DSM algorithm managed the intermittent nature of the microgrid and the instantaneous demand of the manufacturing process. The control algorithm required three input signals; one from the microgrid indicating the availability of renewable energy, another from the manufacturing process indicating energy use as a percent of peak production, and historical data for renewable sources and facility demand. Based on these inputs the algorithm had three modes of operation: normal (business as usual), curtailment (shutting off non-critical loads), and energy storage. The results show that a real-time management of a manufacturing process with a microgrid will reduce electrical consumption and peak demand. The renewable energy system for this research was rated to provide up to 13% of the total manufacturing capacity. With actively managing the process loads with the DSM program alone, electrical consumption from the utility grid was reduced by 17% on average. An additional 24% reduction was accomplished when the microgrid and DSM program was enabled together, resulting in a total reduction of 37%. On average, peak demand was reduced by 6%, but due to the intermittency of the renewable source and the billing structure for peak demand, only a 1% reduction was obtained. During a billing period, it only takes one day when solar irradiance is poor to affect the demand reduction capabilities. To achieve further demand reduction, energy storage should be introduced and integrated

Profiting from 'countervailing' power: An effect of government control

We demonstrate that a firm subject to government regulation might expect an increase in profit upon creation of an independent monopoly upstream. Such a monopoly serves to increase the expected cost of the regulated firm. As a result, even regulators who behave socially optimally will decrease the frequency with which they audit reports of high production-cost. The reduction in governmental investigation permits the firm to increase the rents it derives from its superior information about cost. The possible implications of our model for a theory of 'political limit pricing' are also briefly mentioned.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/27536/1/0000580.pd