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Shelley, My colleague, Clayton Vernon, who has a background in economics, wrote a short summary of arguments against the ROFR. We are working on the second approach to the problem: we try to come up with a numerical estimate of the value of this option. The fact that an incumbent shipper has this option has distributional consequences: he has something of value he never paid for. Having a numerical estimate of the value of this option could help to argue against it. The value of such an option is case specific; so we shall rather produce a template you can use for valuation case by case. Vince Kaminski

What is the subject of this email?
auctions with an incumbent's right of first refusal