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S. Salop, Serge Moresi (2009)
Updating the Merger Guidelines: CommentsAntitrust: Antitrust Law & Policy eJournal
T. Muris, Bílal Sayyed (2010)
Three Key Principles for Revising the Horizontal Merger GuidelinesPolitical Economy: Comparative Political Economy eJournal
William Kovacic, E. Fox, D. Hyman, P. Pautler, Robby Robertson, R. Bork (2003)
THE MODERN EVOLUTION OF U.S. COMPETITION POLICY ENFORCEMENT NORMS
C. Shapiro (2010)
The 2010 Horizontal Merger Guidelines: From Hedgehog to Fox in Forty YearsIO: Regulation
S. Salop, Serge Moresi, John Woodbury (2010)
The US Department of Justice and Federal Trade Commission release new Horizontal Merger Guidelines which include what amounts to a "gross upward pricing pressure index" (GUPPI)
Joshua Wright (2010)
Comment on the Proposed Update on the Horizontal Merger Guidelines: Accounting for Out-of-Market EfficienciesAntitrust: Antitrust Law & Policy eJournal
M. Coate, Andrew Heimert (2009)
Merger Efficiencies at the Federal Trade Commission 1997-2007Antitrust: Antitrust Law & Policy
William Kolasky, A. Dick (2003)
The Merger of Guidelines and the Integration of Efficiencies into Antitrust Review of Horizontal Mergers
Joseph Farrell, C. Shapiro (2008)
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D. Carlton (2010)
Revising the Horizontal Merger GuidelinesJournal of Competition Law and Economics, 6
M. Baye, A. Edlin, R. Gilbert, J. Hausman, D. Rubinfeld, S. Salop, R. Schmalensee, Joshua Wright (2010)
Proposed Horizontal Merger Guidelines: Economists’ Comment
M. Baye, Joshua Wright (2009)
Is Antitrust Too Complicated for Generalist Judges? The Impact of Economic Complexity and Judicial Training on AppealsThe Journal of Law and Economics, 54
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There is ample justification for the consensus view that the Horizontal Merger Guidelines have proven one of antitrust law’s great successes in the grounding of antitrust doctrine within economic learning. The foundation of the Guidelines’ success has been its widespread adoption by federal courts, which have embraced its rigorous underlying economic logic and analytical approach to merger analysis under the Clayton Act. While some have suggested that the Guidelines’ most recent iteration might jeopardize this record of judicial adoption by downplaying the role of market definition and updating its unilateral effects analysis, we believe that these updates are generally beneficial and include long-overdue shifts away from antiquated structural presumptions in favor of analyzing competitive effects directly where possible. However, this article explores a different reason to be concerned that the 2010 Guidelines may not enjoy widespread judicial adoption: the 2010 Guidelines asymmetrically update economic insights underlying merger analysis. While the 2010 Guidelines’ updated economic thinking on market definition and unilateral effects will likely render the prima facie burden facing plaintiffs easier to satisfy in merger analysis moving forward, and thus have significant practical impact, the Guidelines do not correspondingly update efficiencies analysis, leaving it largely as it first appeared 13 years earlier. We discuss two well-qualified candidates for “economic updates” of efficiencies analysis under the Guidelines: (1) out-of-market efficiencies and (2) fixed-cost savings. We conclude with some thoughts about the implications of the asymmetric updates for judicial adoption of the 2010 Guidelines.
Review of Industrial Organization – Springer Journals
Published: Jul 8, 2011
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