This article reviews every litigated federal merger case since 1992, when the federal enforcement agencies revised the entry section of their merger guidelines. This review, unprecedented in the literature, shows that courts continue to neglect the entry phase of merger analysis, the phase that...

This article addresses the question of what economic efficiency is and why a proper understanding of it affects the economic efficiency claim that is made for common law. This understanding shows that a good deal of the criticism of the efficiency claim in fact are consistent with it. Justice...

In mainstream antitrust law the nature of economic efficiency has not been investigated in great depth. Such an investigation has important implications for antitrust law and economics. Among these are the following: (1) Behavioral economics shows that consumer surplus measures of losses...

Section 2 of the Sherman Act was designed to impose sanctions on all monopolies and attempts to monopolize regardless whether the firm had engaged in anticompetitive conduct. This conclusion emerges from the first ever textualist analysis, a form of statutory interpretation vigorously championed...

This paper proposes to provide a fully realized legal foundation for cost-benefit analysis (CBA). I refer to an approach based on such a foundation as benefit-cost analysis (BCA), a subcategory of mainstream CBA. This approach rests on legal rights and also amends the failure of CBA to include...