CE Director Michael A. Williams, with co-authors Kevin Kreitzman, Melanie Williams, and William Havens, have prepared a paper entitled "Estimating Monopoly Power with Economic Profits." The paper is forthcoming in the UC Davis Business Law Journal. The paper shows that the degree of a firm’s market power in a given market is embodied in its cash flows and can be measured by its economic profits and economic rate of return. The information required to estimate a firm's economic profits related to its operations in a given market is contained in its transaction records. When a firm’s transaction records are publicly unavailable, they can be estimated by adjusting and re-categorizing the publicly available information contained in its financial accounting records.