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Keystone’s Michael Cragg Wins Reader’s Choice Award from Concurrences

Best business article in "General Economics" category was co-authored by economists Patrick Holder and Bin Zhou, The Brattle Group; David Hutchings, Analysis Group
By Keystone Communications
April 16, 2024   /   2 Minute Read
Mike Cragg

Concurrences, the leading antitrust publisher, awarded “The Proper Measure of Profits for Assessing Market Power” as the Reader’s Choice Award winner in the “Best Business Article: General Economics” category at the 2024 Concurrences Antitrust Writing Awards. The paper was co-authored by Keystone Senior Partner Michael Cragg, alongside economists Patrick Holder and Bin Zhou, The Brattle Group; David Hutchings, Analysis Group.

The article, initially published in the April 2023 edition of Antitrust Magazine, describes how to calculate economic profit and the economic rate of return using firm financial data and sets forth some of the key economic issues when considering whether a given level of economic profit may be reflective of the presence and exercise of market power. The authors make a number of recommendations for how to properly use accounting data to assess a firm’s market power, in particular when the firm in question has significant intangible assets. Read the full article here.

The 2024 results were announced at a gala dinner awards ceremony in Washington, D.C. on April 9, 2024. The Concurrences awards, a joint initiative between the magazine and the Competition Law Center at George Washington University, seek to promote and recognize scholarship on the topic of competition and contribute to competition advocacy in fields of law and economics by selecting the “best antitrust writings published in the past year.” The winning pieces are chosen from a pool of more than 1,200 articles by 60 international antitrust experts over a three-month evaluation process. For more information, visit the Concurrences Antitrust Writing Awards website.


About Keystone

Keystone Strategy, LLC (“Keystone”) is a leading innovative strategy, economic, and technology consulting firm dedicated to delivering transformative ideas and cutting-edge solutions to Fortune Global 500 companies, top law firms, and government agencies. Keystone combines experience in digital transformation, data platform design, analytics, AI and information risk to deliver bold strategies with far-reaching implications for business, consumers, and public policy. It also possesses unique expertise in competition, IP, litigation, and tax and transfer pricing matters. Keystone was founded by Mr. Greg Richards and Professor Marco Iansiti, Keystone’s Chairman of the Board and the David Sarnoff Professor of Business Administration at Harvard Business School. Keystone now boasts a roster of hundreds of top academic experts in the digital economy and innovation sectors, supported by more than 150 professionals. The firm has offices in New York, San Francisco, Boston, Seattle, and London. Learn more about Keystone at


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