R. Preston McAfee is J. Stanley Johnson Professor of Business, Economics, and Management at the California Institute of Technology. One of North America's leading experts in industrial organization, he is the author of dozens of papers on antitrust, pricing, auctions, and business strategy and coeditor of the "American Economic Review". McAfee codesigned the Federal Communication Commission's PCS auctions, which raised $20 billion, and served as an expert for the Federal Trade Commission on a variety of matters, including the Exxon-Mobil and BP-Arco mergers.