With the adoption of the 2020 Vertical Merger Guidelines, the U.S. antitrust agencies have updated their guidance on vertical mergers for the Twenty-First Century. Although economists have long recognized the procompetitive benefits most vertical mergers generate, the law has not always followed...

It is with two parts gumption and one part trepidation that we seek to turn the tables on Bill Kovacic in a way that his students might find amusing. In this chapter, we propose to use Bill’s own metrics, laid out in How Does Your Competition Agency Measure Up?, to grade Bill’s contributions...