In this paper, the authors explain the “hypothetical monopolist test” that has become the standard methodology for identifying relevant antitrust markets in merger cases, and discuss two approaches to implementing the test. They focus on the implementation of the test when firms offer multiple products or services, either inside or outside the candidate market, and discuss the “hypothetical cartel test” introduced in the 2010 US Merger Guidelines. This paper is forthcoming, as edited, in Antitrust Economics for Lawyers (LexisNexis), Chapter 1.
Trends in competition in the United States: what does the evidence show?
Has the United States economy become less competitive in recent decades? One might think so based on a body of research that has rapidly become influential for...