The 2010 Department of Justice and Federal Trade Commission Horizontal Merger Guidelines lay out a new standard for assessing proposed mergers in markets with differentiated products. This new standard is based on a measure of ``upward pricing pressure,'' (UPP) and the calculation of a ``gross...

The 2010 Department of Justice and Federal Trade Commission Horizontal Merger Guidelines lay out a new standard for assessing proposed mergers in markets with differentiated products. This new standard is based on a measure of ``upward pricing pressure,'' (UPP) and the calculation of a ``gross...

We examine 558 hospital mergers during a period of increased antitrust enforcement. Using US data on commercially insured patients from 2009-2016, we estimate an average price effect of roughly 5% with a smaller effect for mergers later in the sample. Mergers between hospitals that were...