The modern Merger Guidelines have controlled merger policy for over three decades. Economic theory has evolved (and continues to evolve) and revisions of the Merger Guidelines have integrated some of these considerations into the merger review methodology. This paper tabulates and evaluates...

Merger analysis is a field in which economic theory is systematically applied, day-in, day-out. Economics structures the definition of the relevant market, and then economics drives the evaluation of the likely competitive effect of the merger. Exactly which models appear to be used by Federal...

The Hart Scott Rodino program, coupled with the modern Merger Guidelines has structured merger enforcement for the last twenty years. This paper reviews all of the filings on which the Commission issued a second request. While horizontal mergers predominate, vertical, potential competition and...

Sometimes what appears to be a little, almost imperceptible change can have a huge impact on a policy regime. The recently revised DOJ/FTC Horizontal Merger Guidelines contain such a change, as the document recognizes the importance of Critical Loss Analysis in defining a market, but introduces...

Most mergers involve multiple markets. The potential for settlement can vary by the fraction of the overall deal attributable to the markets of concern. (i.e., by the “overlap”). If an antitrust agency challenges a merger having only a small overlap, negotiating a settlement is very likely;...

The 2010 Merger Guidelines define an improved road-map for merger analysis. Evidence is elevated to a position of prominence in Section II of the revised draft, although we note that the presentation lacks the necessary context. Economic theory now plays a larger role in the analysis, a change...

This paper explores the use of collusion theories in merger analysis at the Federal Trade Commission. The 1992 Merger Guidelines focuses on unilateral effect, relegating collusion analysis to a second tier theory. Both structural and behavioral conditions conducive to establishing or maintaining...

Most mergers filed at the enforcement agencies are conglomerate in nature with only minor horizontal overlaps. An enforcement agency may challenge the merger, if any overlap is believed to be adversely affected by the transaction. While the merging firm is entitled to a hearing in federal court,...

The 2010 revision of the Merger Guidelines highlighted the importance of both economic modeling of the post-merger competitive process and effects evidence, defined as information able to predict the transaction’s likely competitive effect. With sufficient data, it is possible to see how...

The 1997 Merger Guidelines appeared to significantly expand the role of efficiency considerations in merger analysis. However, it is possible that the revision simply memorialized existing policy and thus served more to improve transparency than reform policy. By combining an existing review of...