While the Merger Guidelines structure represents the standard approach to merger analysis in the US, economists have proposed methods to dispense with market definition and estimate the competitive effect directly. In this note, we argue that market definition is necessary to evaluate the...

The hypothetical monopolist test has been used to define antitrust markets for over 20 years. However, many of these applications occur within the enforcement agencies and thus the implementation process is not fully transparent to antitrust practitioners. This paper provides a study of 116...

The hypothetical monopolist test has been used to define antitrust markets for over 20 years. However, many of these applications occur within the enforcement agencies and thus the implementation process is not fully transparent to antitrust practitioners. This paper provides a study of 116...

To be admissible in federal court under the Daubert standard, expert economic testimony must be (1) based on scientific analysis and (2) aid the dispute resolution process. Expert evidence should be considered scientific when (1) it meets Karl Popper’s falsification standard and (2) some...

In the Microsoft case, the Department of Justice (DOJ) applied Post-Chicago theories of strategic behavior to anecdotal evidence of Microsoft's behavior and obtained a judgment against specific conduct. This paper takes a critical look at the theories of the case and the industry facts to...

Economists have two basic methodologies: structuralism, in which formal economic models control the analysis, and experimentalism, in which economic theory guides the analysis, but data from experiments determines the policy recommendation. The choice between the two approaches is often quite...

The 2010 Merger Guidelines appear to elevate game theoretic models of competitive concerns to the primary concern of merger policy, while reducing the importance of market definition. Although situations in which this change makes some sense exist, we observe that, as a practical matter, market...