US

Breaking Up Large Tech Companies

Question A:

Forcing Amazon to divest Whole Foods now would be in the public interest.

Responses

© 2025. Kent A. Clark Center for Global Markets.
20%
7%
7%
32%
27%
7%
0%

Responses weighted by each expert's confidence

© 2025. Kent A. Clark Center for Global Markets.
14%
46%
28%
12%
0%

Question B:

Acquisitions by large tech platforms where there are risks of anti-competitive effects like those posed by Amazon’s acquisition of Whole Foods should not be permitted.

Responses

© 2025. Kent A. Clark Center for Global Markets.
20%
7%
2%
20%
32%
20%
0%

Responses weighted by each expert's confidence

© 2025. Kent A. Clark Center for Global Markets.
6%
30%
38%
26%
0%

Question C:

Large tech platforms, such as Amazon Marketplace and Google Search, should be designated as ‘platform utilities' and broken apart from any participant on that platform.

Responses

© 2025. Kent A. Clark Center for Global Markets.
20%
10%
2%
20%
24%
22%
2%

Responses weighted by each expert's confidence

© 2025. Kent A. Clark Center for Global Markets.
6%
31%
25%
33%
5%

Question A Participant Responses

Participant
University
Vote
Confidence
Bio/Vote History
Acemoglu
Daron Acemoglu
MIT
Uncertain
4
Bio/Vote History
Alesina
Alberto Alesina
Harvard Did Not Answer Bio/Vote History
Altonji
Joseph Altonji
Yale
Uncertain
2
Bio/Vote History
Auerbach
Alan Auerbach
Berkeley
Uncertain
5
Bio/Vote History
Autor
David Autor
MIT
Disagree
5
Bio/Vote History
Where is the market power issue or consumer harm here? Amazon's entry into the grocery business appears pro-competitive to me
Baicker
Katherine Baicker
University of Chicago Did Not Answer Bio/Vote History
Banerjee
Abhijit Banerjee
MIT
Uncertain
5
Bio/Vote History
Bertrand
Marianne Bertrand
Chicago
Uncertain
3
Bio/Vote History
Brunnermeier
Markus Brunnermeier
Princeton
Disagree
3
Bio/Vote History
Chetty
Raj Chetty
Harvard
No Opinion
Bio/Vote History
Chevalier
Judith Chevalier
Yale
Disagree
7
Bio/Vote History
It's hard to see what anticompetitive effect outweighs the cost of unscrambling the merger & couldn't be addressed w/ a nonstructural remedy
Cutler
David Cutler
Harvard
Uncertain
4
Bio/Vote History
Deaton
Angus Deaton
Princeton
Agree
6
Bio/Vote History
Duffie
Darrell Duffie
Stanford
Uncertain
1
Bio/Vote History
Edlin
Aaron Edlin
Berkeley Did Not Answer Bio/Vote History
Eichengreen
Barry Eichengreen
Berkeley
Uncertain
1
Bio/Vote History
Einav
Liran Einav
Stanford
Disagree
4
Bio/Vote History
Fair
Ray Fair
Yale
Disagree
5
Bio/Vote History
Finkelstein
Amy Finkelstein
MIT Did Not Answer Bio/Vote History
Goolsbee
Austan Goolsbee
Chicago
Uncertain
1
Bio/Vote History
Greenstone
Michael Greenstone
University of Chicago
Disagree
5
Bio/Vote History
Hall
Robert Hall
Stanford
Disagree
5
Bio/Vote History
Deciding would involve a serious analysis. There's a presumption against intervention, especially given WF's small share of the market.
Holmström
Bengt Holmström
MIT
Uncertain
7
Bio/Vote History
I suspect there is a need to regulate the scope of platforms, but the issue appears poorly understood. Don't know enough to take a stand.
Hoxby
Caroline Hoxby
Stanford Did Not Answer Bio/Vote History
Hoynes
Hilary Hoynes
Berkeley
No Opinion
Bio/Vote History
Judd
Kenneth Judd
Stanford
Disagree
8
Bio/Vote History
On what grounds? What illegal actions have Amazon taken?
Kaplan
Steven Kaplan
Chicago Booth
Strongly Disagree
5
Bio/Vote History
Kashyap
Anil Kashyap
Chicago Booth
Disagree
3
Bio/Vote History
Klenow
Pete Klenow
Stanford
Disagree
3
Bio/Vote History
Levin
Jonathan Levin
Stanford Did Not Answer Bio/Vote History
Maskin
Eric Maskin
Harvard
Agree
5
Bio/Vote History
Nordhaus
William Nordhaus
Yale
Disagree
5
Bio/Vote History
Saez
Emmanuel Saez
Berkeley
Uncertain
6
Bio/Vote History
Samuelson
Larry Samuelson
Yale
Agree
6
Bio/Vote History
Scheinkman
José Scheinkman
Columbia University Did Not Answer Bio/Vote History
Schmalensee
Richard Schmalensee
MIT
Strongly Disagree
6
Bio/Vote History
Hard to see the case for unscrambling that omelet without evidence of harm.
Shapiro
Carl Shapiro
Berkeley
Strongly Disagree
8
Bio/Vote History
On what basis?
Shimer
Robert Shimer
University of Chicago
Disagree
6
Bio/Vote History
Stock
James Stock
Harvard Did Not Answer Bio/Vote History
Thaler
Richard Thaler
Chicago Booth
Disagree
5
Bio/Vote History
Udry
Christopher Udry
Northwestern
No Opinion
Bio/Vote History
I'm quite confident that I don't have the information needed to judge this.

Question B Participant Responses

Participant
University
Vote
Confidence
Bio/Vote History
Acemoglu
Daron Acemoglu
MIT
Agree
5
Bio/Vote History
I agree with the general statement, but I’m not sure whether it applies to whole foods
Alesina
Alberto Alesina
Harvard Did Not Answer Bio/Vote History
Altonji
Joseph Altonji
Yale
Uncertain
2
Bio/Vote History
Auerbach
Alan Auerbach
Berkeley
Disagree
3
Bio/Vote History
Autor
David Autor
MIT
Agree
3
Bio/Vote History
Yes, anticompetitive mergers should be curtailed. But I don't see how this applies to an online retailer buying a brick and mortar grocer
Baicker
Katherine Baicker
University of Chicago Did Not Answer Bio/Vote History
Banerjee
Abhijit Banerjee
MIT
Uncertain
6
Bio/Vote History
Bertrand
Marianne Bertrand
Chicago
Agree
3
Bio/Vote History
Brunnermeier
Markus Brunnermeier
Princeton
Uncertain
4
Bio/Vote History
Ensuring competitiveness is essential, but disruption of existing inefficiencies are also desirable.
Chetty
Raj Chetty
Harvard
No Opinion
Bio/Vote History
Chevalier
Judith Chevalier
Yale
Uncertain
7
Bio/Vote History
Non-horizontal mergers can be anticompetitive. Requires very case by case scrutiny.
Cutler
David Cutler
Harvard
Uncertain
4
Bio/Vote History
Deaton
Angus Deaton
Princeton
Agree
7
Bio/Vote History
Duffie
Darrell Duffie
Stanford
Uncertain
1
Bio/Vote History
Edlin
Aaron Edlin
Berkeley Did Not Answer Bio/Vote History
Eichengreen
Barry Eichengreen
Berkeley
Uncertain
1
Bio/Vote History
Einav
Liran Einav
Stanford
Uncertain
4
Bio/Vote History
Fair
Ray Fair
Yale
Disagree
5
Bio/Vote History
Finkelstein
Amy Finkelstein
MIT Did Not Answer Bio/Vote History
Goolsbee
Austan Goolsbee
Chicago
Uncertain
1
Bio/Vote History
There would be more agreement here if you used a tech example not groceries. Platforms buying off potential competitors is a big worry
Greenstone
Michael Greenstone
University of Chicago
Uncertain
4
Bio/Vote History
Hall
Robert Hall
Stanford
Disagree
8
Bio/Vote History
"Anti-competitive" is a meaningless term. Policy on big platforms needs to be guided by serious consideration of social welfare.
Holmström
Bengt Holmström
MIT
Agree
4
Bio/Vote History
Looking forward, the scope of dominant platforms should be reviewed carefully.
Hoxby
Caroline Hoxby
Stanford Did Not Answer Bio/Vote History
Hoynes
Hilary Hoynes
Berkeley
No Opinion
Bio/Vote History
Judd
Kenneth Judd
Stanford
Strongly Disagree
9
Bio/Vote History
A guy leaves a bar and drives away, he may be drunk and kill someone. "Risk" does not justify stopping him. A stronger argument is needed.
Kaplan
Steven Kaplan
Chicago Booth
Uncertain
9
Bio/Vote History
Risks are not enough. Comes down to costs and benefits, like any other antitrust decision.
Kashyap
Anil Kashyap
Chicago Booth
Disagree
2
Bio/Vote History
Klenow
Pete Klenow
Stanford
Uncertain
3
Bio/Vote History
Levin
Jonathan Levin
Stanford Did Not Answer Bio/Vote History
Maskin
Eric Maskin
Harvard
Agree
5
Bio/Vote History
Nordhaus
William Nordhaus
Yale
No Opinion
Bio/Vote History
Saez
Emmanuel Saez
Berkeley
Agree
5
Bio/Vote History
Samuelson
Larry Samuelson
Yale
Agree
6
Bio/Vote History
Scheinkman
José Scheinkman
Columbia University Did Not Answer Bio/Vote History
Schmalensee
Richard Schmalensee
MIT
Disagree
7
Bio/Vote History
There is a good argument for a tougher standard, but that threshold seems too tough.
Shapiro
Carl Shapiro
Berkeley
Disagree
7
Bio/Vote History
Any risks at all? Merger analysis is a predictive exercise involving tradeoffs. What risks regarding Amazon and Whole Foods?
Shimer
Robert Shimer
University of Chicago
Disagree
6
Bio/Vote History
Stock
James Stock
Harvard Did Not Answer Bio/Vote History
Thaler
Richard Thaler
Chicago Booth
Disagree
5
Bio/Vote History
Udry
Christopher Udry
Northwestern
Uncertain
8
Bio/Vote History
Likely to vary by case.

Question C Participant Responses

Participant
University
Vote
Confidence
Bio/Vote History
Acemoglu
Daron Acemoglu
MIT
Agree
4
Bio/Vote History
Generally yes. But the principle formulated here may be too broad
Alesina
Alberto Alesina
Harvard Did Not Answer Bio/Vote History
Altonji
Joseph Altonji
Yale
Uncertain
2
Bio/Vote History
Auerbach
Alan Auerbach
Berkeley
Disagree
5
Bio/Vote History
Autor
David Autor
MIT
Disagree
5
Bio/Vote History
I think this is worth debating. But I'm far from certain it should occur
Baicker
Katherine Baicker
University of Chicago Did Not Answer Bio/Vote History
Banerjee
Abhijit Banerjee
MIT
Agree
6
Bio/Vote History
Bertrand
Marianne Bertrand
Chicago
Uncertain
3
Bio/Vote History
Brunnermeier
Markus Brunnermeier
Princeton
Agree
7
Bio/Vote History
Chetty
Raj Chetty
Harvard
No Opinion
Bio/Vote History
Chevalier
Judith Chevalier
Yale
Uncertain
7
Bio/Vote History
However, the contractual practices of platforms (such as MFNs) warrant more scrutiny.
Cutler
David Cutler
Harvard
Agree
4
Bio/Vote History
Deaton
Angus Deaton
Princeton
Agree
6
Bio/Vote History
Duffie
Darrell Duffie
Stanford
Uncertain
1
Bio/Vote History
Edlin
Aaron Edlin
Berkeley Did Not Answer Bio/Vote History
Eichengreen
Barry Eichengreen
Berkeley
Uncertain
1
Bio/Vote History
Einav
Liran Einav
Stanford
Agree
4
Bio/Vote History
Fair
Ray Fair
Yale
Disagree
5
Bio/Vote History
Finkelstein
Amy Finkelstein
MIT Did Not Answer Bio/Vote History
Goolsbee
Austan Goolsbee
Chicago
Uncertain
1
Bio/Vote History
Greenstone
Michael Greenstone
University of Chicago
Uncertain
5
Bio/Vote History
is it enough to regulate the contractual practices of platforms?
Hall
Robert Hall
Stanford
Disagree
7
Bio/Vote History
An analysis would require consideration of the incentives to create new dominant platforms, which would obviously be impaired by regulation.
Holmström
Bengt Holmström
MIT
Disagree
4
Bio/Vote History
I'm not prepared to be so categorical.
Hoxby
Caroline Hoxby
Stanford Did Not Answer Bio/Vote History
Hoynes
Hilary Hoynes
Berkeley
No Opinion
Bio/Vote History
Judd
Kenneth Judd
Stanford
Strongly Disagree
8
Bio/Vote History
I have seen no reason why such s strong measure is needed instead of rational, fact-based regulation.
Kaplan
Steven Kaplan
Chicago Booth
Disagree
5
Bio/Vote History
History suggests such businesses succumb to competitors eventually -- like IBM and Microsoft. And any remedy may be worse than status quo.
Kashyap
Anil Kashyap
Chicago Booth
No Opinion
Bio/Vote History
Klenow
Pete Klenow
Stanford
Agree
3
Bio/Vote History
Levin
Jonathan Levin
Stanford Did Not Answer Bio/Vote History
Maskin
Eric Maskin
Harvard
Agree
5
Bio/Vote History
Nordhaus
William Nordhaus
Yale
Disagree
4
Bio/Vote History
Saez
Emmanuel Saez
Berkeley
Strongly Agree
7
Bio/Vote History
Samuelson
Larry Samuelson
Yale
Agree
6
Bio/Vote History
Technology has created a new type of "natural monopoly" that calls for a new understanding and a new competition policy.
Scheinkman
José Scheinkman
Columbia University Did Not Answer Bio/Vote History
Schmalensee
Richard Schmalensee
MIT
Uncertain
7
Bio/Vote History
The basic idea has merit, but there would be efficiency costs, and more analysis is clearly necessary.
Shapiro
Carl Shapiro
Berkeley
Uncertain
1
Bio/Vote History
This statement is far too incomplete and ambiguous for me to answer with any confidence, one way or the other.
Shimer
Robert Shimer
University of Chicago
Disagree
8
Bio/Vote History
Stock
James Stock
Harvard Did Not Answer Bio/Vote History
Thaler
Richard Thaler
Chicago Booth
No Opinion
Bio/Vote History
Udry
Christopher Udry
Northwestern
Uncertain
6
Bio/Vote History
Increasing returns makes a plausible case for it, but the dangers if inhibiting tech change are also real.