Sometimes what appears to be a little, almost imperceptible change can have a huge impact on a policy regime. The recently revised DOJ/FTC Horizontal Merger Guidelines contain such a change, as the document recognizes the importance of Critical Loss Analysis in defining a market, but introduces...

This article offers the following recommendations, focusing on #3 and 6:1. Specifics on how the Agencies will implement the principles set forth in the Guidelines. The Guidelines state throughout that the Agencies “may consider” certain factors; this language should be revised to say...

This book is Volume II of a two-volume set on antitrust policy, analyzing the economic efficiency and moral desirability of various kinds of antitrust-policy-coverable conduct and various possible government responses to such conduct, including US and EU antitrust law. The overall study consists...

We document the effects of a comprehensive set of US retail mergers. On average, prices increase by 1.5% and quantities decrease by 2.3%, with significant heterogeneity in outcomes across mergers. Price changes correlate with the screens codified in the Horizontal Merger Guidelines. Through a...