Contrary to the suggestion of Williamson (1968), a merger enhancing total social welfare through the creation of substantial efficiencies nevertheless may violate current antitrust law in the United States, which considers only the effects of mergers on consumers. To avoid violating antitrust...

Scholarship on competition policy has begun to explore the implications of learning from behavioral research and to challenge the assumption of profit maximization at the heart of neoclassical economic theory of the firm. This scholarship is briefly reviewed, focusing on merger control....