Rev Ind Organ (2011) 39:159–168
The 2010 Revised Merger Guidelines and Modern
Michael A. Salinger
Published online: 6 July 2011
© Springer Science+Business Media, LLC. 2011
Abstract The new Horizontal Merger Guidelines provide greater transparency into
how the Department of Justice and the Federal Trade Commission staffs review hori-
zontal mergers than did the guidelines they replaced. While they reﬂect some advances
in economic techniques for predicting the competitive consequences of mergers (most
notabley the Upward Pricing Pressure test), greater attention to costs and efﬁciencies
could further improve merger review.
Keywords Antitrust · Efﬁciencies · Horizontal mergers · Upward pricing pressure
The 2010 Horizontal Merger Guidelines
(the “New Guidelines”) that have been issued
jointly by the Department of Justice (DOJ) and the Federal Trade Commission (FTC)
(jointly, the “Agencies”) are the most significant antitrust guideline revisions since the
1982 Department of Justice Merger Guidelines.
There is much to praise in them. As
a description of how the agencies conduct merger review, the New Guidelines provide
far more transparency than the ones that they replaced. The economics is sound and
fairly reﬂects the current state of industrial economics.
The issuance of new merger guidelines provides an opportunity to take stock of
the state of economics for predicting merger effects. If the New Guidelines accurately
capture the state of knowledge in industrial economics, what should be the research
US Department of Justice and Federal Trade Commission (2010).
Previous US merger guidelines are available at http://www.justice.gov/atr/public/merger-enforcement.
M. A. Salinger (
School of Management, Boston University, 595 Commonwealth Ave., Boston, MA 02215, USA