Michael D. Noel, Ph.D.
Faculty Office: 237 Holden Hall
Texas Tech University
Lubbock, Texas 79409-1014
- Ph.D., Economics, MIT, 2002
- M.A., Economics, University of Toronto, 1997
- Hon. B. Sc., Economics, Statistics & Computer Science, University of Toronto, 1996,
(Gold Medal Recipient)
- Industrial Organization
- Energy Economics
- Oil & Gas
Courses OfferedECO 3326 Industrial Organization and Competitive Strategy
This course makes extensive use of game theory to analyze competition and the strategic behavior of firms in imperfectly competitive markets. Topics include pricing strategies, collusive behavior, entry decisions, entry deterrence, advertising, research and development, firm structure and merger activity. Special attention will be given to teaching the skills of economic modeling.
ECO 3327 Antitrust Law and Economic Regulation
This course examines the economics of antitrust and economic regulation. The first part explores antitrust laws in the United States and the landmark court decisions that have interpreted them, and discusses them in the context of current economic theory and understanding. Topics include monopoly and oligopoly pricing, price discrimination, price fixing, monopolization, tying and bundling, raising rivals' costs, predatory pricing, mergers, resale price maintenance, exclusive dealing, exclusive territories, and refusals to deal. The second part explores the motivations, costs, benefits, methods, and outcomes of economic regulation, and examines the regulatory experience in a large number of industry case studies.
ECO 5347 Industrial Organization Theory
This course provides a graduate level introduction to theoretical work in Industrial Organization. It deals with theoretical models of pricing, price discrimination, monopoly power, oligopoly, entry, information, mergers, vertical restraints, and regulation. It assumes familiarity with microeconomic theory and competitive game theory.
ECO 5348 Seminar in Empirical Industrial Organization
This course provides a graduate level introduction to econometric work in Industrial Organization. It deals with estimating econometric models of pricing, price discrimination, monopoly power, oligopoly, entry, information, mergers, vertical restraints, and regulation, including reduced form and structural approaches, discrete choice modeling, almost-ideal-demand-systems, and merger simulations. It assumes a familiarity with microeconomic theory, game theory and econometrics.
ECO 3325 Special Topics in Applied Economics
This course covers special topics of current and particular interest in competition economics and is offered time to time.
Noel, Michael D. and Qiang, Hongjie (forthcoming). “Open Price Contracts, Locked-in Buyers, and Opportunism”, International Journal of Industrial Organization.
Noel, Michael D. and Qiang, Hongjie (forthcoming). “The Impact of Missing Price Information on Price Dispersion: Lessons from Gasoline Signboards”, Journal of Industrial Economics.
Noel, Michael D. (2022). “Competitive Responses in a Devastated Industry: Evidence from Hotels during COVID-19”, Journal of Economics and Management Strategy 31:1, pp. 3-24.
Noel, Michael D. and Roach, Travis (2022). “Accounting for Aversion: Costs of the
Renewable Fuel Standard After Reaching the Blend Wall”, Review of Regional Studies
51, pp. 282-300.
Ahundjanov, Behzod and Noel, Michael D. (2021). “What's in a Name? The Incidence of Gasoline Excise Taxes versus Gasoline Carbon Levies”, International Journal of Industrial Organization 76, 102733.
Noel, Michael D. (2021). “Banking Mergers: The Case to Replace the 1995 Banking Merger Guidelines Part II - Market Definition Issues”. Banking Law Journal 138:4, pp. 196-213.
Noel, Michael D. (2021). “Banking Mergers: The Case to Replace the 1995 Banking Merger Guidelines Part I - A Changed Industry”. Banking Law Journal 138:3, pp. 150-164.
Noel, Michael D. and Qiang, Hongjie (2019). “The Role of Information in Retail Gasoline Price Dispersion”, Energy Economics 80, pp. 173-187.
Noel, Michael D. (2018). “Gasoline Price Dispersion and Consumer Search: Evidence from a Natural Experiment”, Journal of Industrial Economics 66:3, pp. 701-738.
Noel, Michael D. (2018). “Calendar Synchronization of Gasoline Price Increases”, Journal of Economics and Management Strategy 28:2, pp. 355-370.
Noel, Michael D. and Roach, Travis (2017). “Marginal Reductions in Vehicle Emissions Following an Ethanol Mandate: Evidence from a Natural Experiment”, Energy Economics 64, pp. 45-54.
Noel, Michael D. (2016). “Pricing Strategies and Litigation Risks: An Economic Analysis of the Downstream Petroleum Industry", Journal of Competition Law and Economics 12:2, pp. 287- 311.
Noel, Michael D. and Roach, Travis (2016). “Regulated and Unregulated Substitutes: Aversion Effects from an Ethanol Mandate”, Economic Inquiry 54:2, pp. 1150-1166.
Noel, Michael D. (2016). “Retail Gasoline Markets” in the Handbook on the Economics of Retail and Distribution, E. Basker (ed.), Northampton, MA: Edward Elgar Publishing.
Noel, Michael D. (2015). “Do Edgeworth Price Cycles Lead to Higher or Lower Prices?”, International Journal of Industrial Organization 42:3, pp. 81-93.
Noel, Michael D. and Chu, Lanlan (2015). “Forecasting Gasoline Prices in the Presence of Edgeworth Price Cycles", Energy Economics 51, pp. 204-214.
Noel, Michael D. et al. (2014). “Consumer Market Study on the Functioning of the Market for Vehicle Fuels from a Consumer Perspective”. Report for the Executive Agency for Health and Consumers (EAHC) on behalf of the European Commission.
Noel, Michael D. and Schankerman, Mark (2013). “Strategic Patenting and Software Innovation”, Journal of Industrial Economics 61:3, pp. 481-520.
Noel, Michael D. (2013). “The 2012 Abuse of Dominance Guidelines: An Economic Review”, Canadian Competition Law Review 26:1, pp. 59-77.
Basker, Emek and Noel, Michael D. (2013) “Competition Challenges in the Supermarket Sector with an Application to Latin American Markets”, Report for the World Bank and the Regional Competition Center for Latin America.
Noel, Michael D. (2012). “Edgeworth Price Cycles and Intertemporal Price Discrimination”, Energy Economics, 34:4, pp. 942-954.
Noel, Michael D. and Normann, Parker. (2012). “Market Definition Does Not Yield Evidence of Class-Wide Impact”, The Antitrust Practitioner, Vol. 9, June 2012, pp. 14-18.
Lewis, Matthew S. and Noel, Michael D. (2011). “The Speed of Gasoline Price Response in Markets with and without Edgeworth Cycles”, Review of Economics and Statistics, 93:2, pp. 672-682.
Noel, Michael D. (2011). “Upward Price Pressure, Merger Simulation and Merger Simulation Light”, CPI Antitrust Chronicle, Spring 2011 3:1.
Noel, Michael D (2011). “Edgeworth Price Cycles”, The New Palgrave Dictionary of Economics, Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan.
Evans, David S. and Noel, Michael D. (2011). “Defining Markets that Involve Two-Sided Platforms” in Platform Economics: Essays on Multi-Sided Businesses, D. Evans (ed.), CPI Policy International.
Noel, Michael D. (2009). “Do Gasoline Prices Respond Asymmetrically to Cost Shocks? The Effect of Edgeworth Cycles”, RAND Journal of Economics, 40:3, pp.582-595.
Basker, Emek and Noel, Michael D. (2009). “The Evolving Food Chain: Competitive Effects of WalMart's Entry into the Supermarket Industry”, Journal of Economics and Management Strategy, 18:4, pp. 977-1009.
Noel, Michael D. (2008). “Edgeworth Cycles and Focal Prices: Computational Dynamic Markov Equilibria”, Journal of Economics and Management Strategy, 17:2, pp. 345-377.
Evans, David S. and Noel, Michael D. (2008). “The Analysis of Mergers that Involve Multi-Sided Platforms”, Journal of Competition Law and Economics 2008:4, pp. 663-695.
Noel, Michael D. (2007). “Edgeworth Price Cycles: Evidence from the Toronto Retail Gasoline Market”, Journal of Industrial Economics, 55:1, pp. 69-92.
Noel, Michael D. (2007). “Edgeworth Price Cycles, Cost-based Pricing, and Sticky Pricing in Retail Gasoline Markets”, Review of Economics and Statistics, 89:2, pp. 324-334.
Evans, David S. and Noel, Michael D. (2005). “Defining Antitrust Markets when Firms Operate Two-Sided Platforms”, Columbia Business Law Review, 2005:3, pp. 667-702.