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Very interesting and ambitious new paper by young scholar @bpellegr_econ on industry concentration. 1/ 
Employs a new dataset to measure product similarity (based on computational linguistics of 10-k forms) for every pair of publicly-traded firms in US. 2/
Applies it to a model that yields a metric of concentration based on network centrality, and computes deadweight loss from oligopoly: it increases over time. 3/
Investigates possible cause of rising concentration and market power: less IPOs and more mergers. 4/
Welfare costs of oligopoly increase everywhere, in digital in particular, and dramatically so with GAFAM. 5/
