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...

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...

Government policy is more effective when the enforcement regime is transparent, because the economy benefits from the resulting reduction in transactions costs. The Federal Trade Commission has promoted transparency through a number of formal and informal programs. Examples include detailed...