Background
Salop, Steven Charles was born on December 23, 1946 in Reading, Pennsylvania, United States. Son of Saul Harold and Byrd (Kalish) Salop.
Salop, Steven Charles was born on December 23, 1946 in Reading, Pennsylvania, United States. Son of Saul Harold and Byrd (Kalish) Salop.
Bachelor summa cum laude, University Pennsylvania, 1968. Master Phil, Yale University, 1971. Doctor of Philosophy, Yale University, 1972.
Economics, Federal Reserve Board, Washington, District of Columbia, 1972-1977. Economics, United States Civil Aeronautics Board,
8. Economics, Deputy Assistant, Director, United States Consumer Protection, Assistant Director, Industry Analysis, Association Director, Special Projects, United States Federal Trade Commission,
9, 1979-1980, 1980-1981.
Adjunct Professor, George Washington University,
8, University Pennsylvania, 1978-1979. Professor of Economics, Georgetown University Law Center, Washington, District of Columbia, United States of America, since 1981. Association Editor, International J. Industrial Organization’, Economics Editor Adviser, J. Consumer Research, 1982.
My thesis showed how imperfect information in the labour market leads to monopsony and an inefficiently large ‘natural rate’ of unemployment. Turning to the product market, ‘Noisy monopolist’ and ‘Bargains and ripoffs’ explored the interaction of market power, imperfect information and self-selection in consistent equilibrium models. The resulting need to better understand
imperfectly competitive equilibria led into monopolistic competition theory and then to industrial organisation, deregulation and antitrust.
Work on a number of Federal Trade Commission rule-makings, interdisciplinary task forces and staff reports resulted in a number of summary articles on consumer information policy.
That work represents a merger of the economic theory of imperfect information and legal conceptions of deception and unfairness. My managerial functions at FTC then turned from consumer protection and towards antitrust and strategic competition. My recent research attempts to formulate rigorous economic theories of antitrust liability.
This work concerns both pricing co-ordination and exclusionary practices. It applies recently developed ideas from economic theory to traditional issues of competition policy.
I have tried throughout my work to create rigorous yet simple economic models, presented in an aesthetically appealing manner. In this regard, I have combined the lessons of my primary teachers: Edmund Phelps, David Cass and Joseph Stiglitz.
The art form of economic theory has always interested me. I prefer to capture my ideas by constructing self-contained examples rather than by formulating fully generalised, highly abstract models. And I enjoy the connections between economic theory and everyday experience — whether by interpreting the signal inherent in a red sports car or in choosing judo economics as a way of life.
Board directors Lowell School, 1989-1995. Member American Economic Association, Phi Beta Kappa.
Married Judith Rebecca Gelman, March 14, 1982. Children: Aviva, Ezra, Joshua.