Roundtable Interview with Joseph Farrell and Carl Shapiro
The chief economists of the FTC and the DOJ Antitrust Division discuss why they returned to government service, possible revisions to the horizontal merger guidelines, how to address pay for delay settlements, and the significance of behavioral economics for future regulation and enforcement.
Merger Screens: Market Share-Based Approaches Versus "Upward Pricing Pressure"
Elizabeth M. Bailey, Gregory K. Leonard, G. Steven Olley, and Lawrence Wu analyze Upward Pricing Pressure (UPP), an alternative approach for assessing the competitive effects of proposed mergers in differentiated product markets. The authors examine to what extent the antitrust agencies should rely upon UPP to determine whether a Second Request should be issued.
The Use of Upward Price Pressure Indices in Merger Analysis
Serge Moresi further develops the Upward Pricing Pressure (UPP) approach for the analysis of mergers in differentiated goods industries and demonstrates that UPP applies to different industry structures and is directly related to the methodology of market definition.
United States v. Malone — Lessons for HSR Practitioners on FTC Premerger Notification Office Informal Interpretations
In the Malone case, the government pursued enforcement proceedings against an executive who claimed to rely on an earlier, informal interpretation of the Hart-Scott-Rodino Act issued by a staff member in the FTC's Premerger Notification Office. What are the limits of reasonable reliance? Gregory L. Kinzelman addresses the issue.
Agency Merger Enforcement in Non-Reportable Transactions
Mary K. Marks and Beverly J. Ang consider what may account for an apparent increase in agency challenges to mergers and acquisitions that fall below the reporting thresholds of the Hart-Scott-Rodino Act.
Should the FTC's Current Criteria for Determining "Unfair Acts or Practices" Be Applied to State "Little FTC Acts"?
State law views of what constitutes "unfair acts or practices" do not match up well to current application of the same statutory standard under Section 5 of the FTC Act. David L. Belt explores whether state legislatures should address the discrepancy.
Book Review — An Innovation-Based Road Map for Legal Reform
Sean Gates reviews Michael Carrier’s new book, Innovation for the 21st Century, which argues that trends in copyright, patent, and antitrust law all threaten to curb innovation.