Leslie M. Marx | Scholars@Duke

Leslie M. Marx
Robert A. Bandeen Professor of Business Administration

Leslie M. Marx, PhD, Robert A. Bandeen Professor of Economics; BS (Duke University), MA (Northwestern University), PhD (Northwestern University) Professor Marx has research interests in game theory and industrial organization. Professor Marx’s research focuses on the problem of anti-competitive behavior by individuals and firms, including collusion, bid rigging, and anti-competitive contract provisions. This research improves our ability to detect collusion, teaches us how auctions and other markets can be made less susceptible to collusion, and guides antitrust authorities in understanding what behavior should be viewed as anti-competitive. Professor Marx’s research has appeared in such publications as American Economic Review, Review of Economic Studies, Journal of Political Economy, and Quarterly Journal of Economics. She authored the 2012 book The Economics of Collusion: Cartels and Bidding Rings, published by MIT Press. She is currently on the editorial boards for International Journal of Game Theory and American Economic Journal: Microeconomics. She is the recipient of two National Science Foundation research grants, a National Science Foundation Graduate Fellowship, and a Sloan Doctoral Dissertation Fellowship. Professor Marx was a member of the 1996 U.S. Olympic Fencing Team.

Current Appointments & Affiliations

Robert A. Bandeen Professor of Business Administration, Fuqua School of Business, Duke University 2013
Professor of Business Administration, Fuqua School of Business, Duke University 2008
Professor of Economics, Economics, Trinity College of Arts & Sciences 2008
Faculty Network Member of The Energy Initiative, Duke University Energy Initiative, Initiatives 2012

Contact Information

A411 Fuqua Sch Of Bus, Durham, NC 27708
Box 90120, Fuqua School Of Business, Durham, NC 27708-0120
marx@duke.edu (919) 660-7762
Fuqua Faculty Profile

Background
Education, Training, & Certifications
- Ph.D., Northwestern University 1994
- M.A., Northwestern University 1991
- B.S., Duke University 1989
Duke Appointment History
- Associate Professor of Business Administration, Fuqua School of Business, Duke University 2002 - 2008
Recognition
In the News
- NOV 12, 2013 Washington Post
  
  Confused about the spectrum debate? These two commercials will help
- OCT 9, 2013 All Things D
  
  Leslie Marx: An open spectrum auction is best for consumers and public safety
- SEP 20, 2013
  
  Fuqua's Leslie Marks to Meet With FCC on Spectrum Auctions
Research
Selected Grants
- Applied Mechanism Design awarded by National Science Foundation 2009 - 2011
Publications & Artistic Works
Selected Publications
- Books
  - Marshall, RC, and Marx, LM. The Economics of Collusion: Cartels and Bidding Rings. May 2012.
- Academic Articles
  - Delacrétaz, D, Loertscher, S, Marx, LM, and Wilkening, T. "Two-sided allocation problems, decomposability, and the impossibility of efficient trade." Journal of Economic Theory 179 (January 2019): 416-454. Full Text
  - Loertscher, S, and Marx, LM. "Auctions with bid credits and resale." International Journal of Industrial Organization 55 (November 2017): 58-90. Full Text
  - Marx, LM. "Defending against potential collusion by your suppliers—26th Colin Clark Memorial Lecture." Economic Analysis and Policy 53 (March 2017): 123-128. Full Text
  - Loertscher, S, and Marx, LM. "Club good intermediaries." International Journal of Industrial Organization 50 (January 2017): 430-459. Full Text
  - Loertscher, S, Marx, LM, and Wilkening, T. "A Long Way Coming: Designing Centralized Markets with Privately Informed Buyers and Sellers." Journal of Economic Literature 53, no. 4 (December 2015): 857-897. Full Text
  - Marx, LM, Mezzetti, C, and Marshall, RC. "Antitrust Leniency with Multiproduct Colluders." American Economic Journal: Microeconomics 7, no. 3 (August 2015): 205-240. Full Text
  - Kumar, V, Marshall, RC, Marx, LM, and Samkharadze, L. "Buyer resistance for cartel versus merger." International Journal of Industrial Organization 39 (March 2015): 71-80. Full Text
  - Loertscher, S, and Marx, LM. "An Oligopoly Model for Analyzing and Evaluating (Re)-Assignments of Spectrum Licenses." Review of Industrial Organization 45, no. 3 (November 2014): 245-273. Full Text
  - Marx, LM, and Mezzetti, C. "Effects of antitrust leniency on concealment effort by colluding firms." Journal of Antitrust Enforcement 2, no. 2 (October 1, 2014): 305-332. Full Text
  - "An Oligopoly Model for Analyzing and Evaluating (Re)-Assignments of Spectrum Licenses." Review of Industrial Organization 45, no. 3 (January 1, 2014): 245-273. Full Text
  - "Plus factors and agreement in antitrust law." Michigan Law Review 110, no. 3 (December 1, 2011): 393-436.
  - Lopomo, G, Marx, LM, McAdams, D, and Murray, B. "Carbon Allowance Auction Design: An Assessment of Options for the United States." Review of Environmental Economics and Policy 5, no. 1 (December 1, 2011): 25-43. Full Text
  - Heeb, R, Kovacic, WE, Marshall, RC, and Marx, LM. "Cartels as Two-Stage Mechanisms: Implications for the Analysis of Dominant-Firm Conduct." Chicago Journal of International Law 10 (November 9, 2011): 213-213.
  - Lopomo, G, Marx, LM, and Sun, P. "Bidder collusion at first-price auctions." Review of Economic Design 15, no. 3 (September 2011): 177-211. Full Text
  - Gayle, W-R, Marshall, RC, Marx, LM, and Richard, J-F. "Coordinated Effects in the 2010 Horizontal Merger Guidelines." Review of Industrial Organization 39, no. 1-2 (August 2011): 39-56. Full Text
  - Brusco, S, Lopomo, G, and Marx, LM. "The Economics of Contingent Re-Auctions." American Economic Journal: Microeconomics 3, no. 2 (May 2011): 165-193. Full Text
  - Marx, LM, and Shaffer, G. "Break-up fees and bargaining power in sequential contracting." International Journal of Industrial Organization 28, no. 5 (September 2010): 451-463. Full Text
  - "Quantitative analysis of coordinated effects." Antitrust Law Journal 76, no. 2 (December 1, 2009): 397-430.
  - Marx, LM, and Squintani, F. "Individual accountability in teams." Journal of Economic Behavior & Organization 72, no. 1 (October 2009): 260-273. Full Text
  - Brusco, S, Lopomo, G, and Marx, LM. "The ‘Google effect’ in the FCC’s 700MHz auction." Information Economics and Policy 21, no. 2 (June 2009): 101-114. Full Text
  - Marshall, RC, and Marx, LM. "The Vulnerability of Auctions to Bidder Collusion*." Quarterly Journal of Economics 124, no. 2 (May 2009): 883-910. Full Text
  - Marshall, RC, Marx, LM, and Raiff, ME. "Cartel price announcements: The vitamins industry." International Journal of Industrial Organization 26, no. 3 (May 2008): 762-802. Full Text
  - Marx, LM, and Shaffer, G. "Rent shifting and the order of negotiations." International Journal of Industrial Organization 25, no. 5 (October 2007): 1109-1125. Full Text
  - "Bidder collusion." Journal of Economic Theory 133, no. 1 (March 1, 2007): 374-402. Full Text
  - van Binsbergen, JH, and Marx, LM. "Exploring Relations Between Decision Analysis and Game Theory." (January 16, 2007).
  - Connolly, M, and Kwerel, E. "Economics at the federal communications commission: 2006-2007." Review of Industrial Organization 31, no. 2 (2007): 107-120. Full Text
  - Kovacic, WE, Marshall, RC, Marx, LM, and Raiff, ME. "Chapter 6 Lessons for Competition Policy from the Vitamins Cartel." (2007): 149-176. Full Text
  - Marx, LM. "Economics at the Federal Communications Commission." Review of Industrial Organization 29, no. 4 (December 5, 2006): 349-368. Full Text
  - Lopomo, G, Marshall, RC, and Marx, LM. "Inefficiency of Collusion at English Auctions." The B.E. Journal of Theoretical Economics 5, no. 1 (June 2005): 1-28.
  - Lopomo, G, Marshall, RC, and Marx, LM. "Inefficiency of Collusion at English Auctions." Contributions in Theoretical Economics 5, no. 1 (January 29, 2005). Full Text
  - Marx, LM, and Shaffer, G. "Opportunism and menus of two-part tariffs." International Journal of Industrial Organization 22, no. 10 (December 2004): 1399-1414. Full Text
  - Marx, LM, and Shaffer, G. "Opportunism in Multilateral Vertical Contracting: Nondiscrimination, Exclusivity, and Uniformity: Comment." American Economic Review 94, no. 3 (May 2004): 796-801. Full Text
  - Barclay, MJ, Marx, LM, and Smith, CW. "The joint determination of leverage and maturity." Journal of Corporate Finance 9, no. 2 (March 2003): 149-167. Full Text
  - MacDonald, G, and Marx, LM. "Adverse Specialization." Journal of Political Economy 109, no. 4 (August 2001): 864-899. Full Text
  - Marx, LM, Mayers, D, and Jr, CWS. "Insurer Ownership Structure and Executive Compensation as Complements." Journal of Risk and Insurance 68, no. 3 (2001): 449-464.
  - Marx, LM, and Matthews, SA. "Dynamic Voluntary Contribution to a Public Project." The Review of Economic Studies 67, no. 2 (April 2000).
  - Frei, FX, Kalakota, R, Leone, AJ, and Marx, LM. "Process Variation as a Determinant of Bank Performance: Evidence from the Retail Banking Study." Management Science 45, no. 9 (September 1999): 1210-1220. Full Text
  - Kandel, E, and Marx, LM. "Payments for Order Flow on Nasdaq." The Journal of Finance 54, no. 1 (February 1999): 35-66. Full Text
  - Kandel, E. "Odd-eighth avoidance as a defense against SOES bandits." Journal of Financial Economics 51, no. 1 (January 1, 1999): 85-102. Full Text
  - Marx, LM, and Shaffer, G. "Predatory Accommodation: Below-Cost Pricing without Exclusion in Intermediate Goods Markets." The Rand Journal of Economics 30, no. 1 (1999): 22-22. Full Text
  - Marx, LM. "Adaptive Learning and Iterated Weak Dominance." Games and Economic Behavior 26, no. 2 (January 1999): 253-278. Full Text
  - Marx, LM. "Efficient venture capital financing combining debt and equity." Review of Economic Design 3, no. 4 (September 1, 1998): 371-387. Full Text
  - Barclay, MJ, Kandel, E, and Marx, LM. "The Effects of Transaction Costs on Stock Prices and Trading Volume." Journal of Financial Intermediation 7, no. 2 (April 1998): 130-150. Full Text
  - Kandel, E, and Marx, LM. "Nasdaq market structure and spread patterns." Journal of Financial Economics 45, no. 1 (July 1997): 61-89. Full Text
  - Marx, LM, and Swinkels, JM. "Order Independence for Iterated Weak Dominance." Games and Economic Behavior 18, no. 2 (February 1997): 219-245. Full Text
  - Marx, LM, Rubenstein, JS, Colin, W, Jackson, D, Lockwood, C, and Molloy, J. "Cost Effective Use of Muscle Relaxants: A Decision Analysis." Pediatrics 100 (1997): 451-452.
  - Marx, LM, and Shaffer, G. "Slotting Allowances and Scarce Shelf Space(Published online)." Journal of Economics & Management Strategy 19, no. 3: 575-603. Full Text
  - Marx, LM, and Shaffer, G. "Upfront payments and exclusion in downstream markets(Published online)." The Rand Journal of Economics 38, no. 3: 823-843. Full Text
- Book Sections
  - Marx, LM, Green, R, and Marshall, R. "Tacit Collusion in Oligopoly (Accepted)." In Oxford Handbook on International Antitrust Economics, edited by R Blair and D Sokol. Oxford University Press (OUP), 2015.
  - Marx, LM, Marshall, R, and Mezzetti, C. "What Next? Cartel Strategy After Getting Caught (Accepted)." In Competition Law and Economics: Beyond Monopoly Regulation. East-West Center and Korea Development Institute Monograph Series, 2015.
  - Marx, LM, and Mazzetti, C. "Leniency, Profiling and Reverse Profiling: Strategic Challenges for Competition Authorities (Accepted)." In Anti-Cartel Enforcement in a Contemporary Age: The Leniency Religion. Hart Publishing, 2015.
  - Marx, LM, Green, E, and Marshall, RC. "Tacit Collusion in Oligopoly." In The Oxford Handbook of International Antitrust Economics, edited by RD Blair and DD Sokol, 464-497. Oxford University Press, USA, November 19, 2014. (Chapter)
  - Marx, LM, and Marshall, RC. "Section 1 Compliance from an Economic Perspective." In William E. Kovacic Liber Amicorum An Antitrust Tribute, edited by N Charbit and E Ramundo. Exhibit A, September 9, 2014. (Chapter)
  - Marshall, RC, Marx, LM, and Meurer, MJ. "The Economics of Bidder Collusion." In International Series in Operations Research & Management Science, 367-397.: Springer US, 2014. Full Text
  - Marx, LM, Marshall, R, and Meurer, M. "The Economics of Auctions and Bidder Collusion." In Game Theory and Business Applications, 2nd Edition, edited by K Chatterjee and W Samuelson. Springer, 2014.
  - Marx, LM, Kovacic, W, Marshall, R, and Raiff, M. "Bidding Rings and the Design of Anti-Collusion Measures for Auctions and Procurements." In Handbook of Procurement, edited by N Dimitri, G Piga, and G Spagnolo. Cambridge University Press, 2006.
  - Loertscher, S, and Marx, LM. "Economics and the efficient allocation of spectrum licenses*." In Mechanisms and Games for Dynamic Spectrum Allocation, 552-578.: Cambridge University Press,. Full Text
  - Marx, LM, Kovacic, E, Marshall, RC, and Schulenberg, SP. "Coordinated Effects in Merger Review: Quantifying the Payoffs from Collusion." In Annual Proceedings of the Fordham Competition Law Institute: International Antitrust Law & Policy, 2007, edited by BE Hawk.. (Chapter)
Teaching & Mentoring
Recent Courses

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Education, Training, & Certifications

Duke Appointment History

In the News

Selected Grants

Selected Publications

Books

Academic Articles

Book Sections

Recent Courses