The purpose of this report is to contribute to the analysis of two questions. Should a merger control system take into account efficiency gains from horizontal mergers, and balance these gains against the anti-competitive effects of mergers? If so, how should a system be designed to account for...

This paper presents empirical evidence regarding the effect of endogenous deregulation on productivity. We find that treating deregulation across OECD countries as an exogenous event overestimates the competitive impact of deregulation on productivity by as much as 40%