[1] https://www.google.com/search?q=site%3Amattstoller.substack....
In the netscape-msft case, prices didn't even exist. They don't exist or aren't central in a whole lot of modern businesses. How do you analyze FB in terms of the CWS model? It's like trying to examine the health of a rose bush by taking its temperature.
It's a pretty good example of intellectual failure in economics, compounded by legislative/industry agendas. Defining reality using a model rather than the other way around. The model is good at measuring market power of something like a centralized buyer of agricultural commodities. The more unlike an agricultural cartel the industry, the lower the "evidence" for monopoly.
https://youtube.com/playlist?list=PLATIVW2S3zKMbVlnAHAPR0sHZ...
Bork's tedious tome on antitrust was birthed directly from Aaron Director's Antitrust Project at the University of Chicago. (Bork credits Director fatuously in his introductin.)