Margin of Error: The Flawed Paradigm in the New Merger Guidelines

Michael Baumann, Paul Godek, Mar 14, 2011

The U.S. Department of Justice (“DOJ”) and the Federal Trade Commission (“FTC”), the two federal agencies that review mergers, recently issued new Horizontal Merger Guidelines, (“Guidelines”). The Guidelines, first issued in 1984 and revised in 1992 and 1997, comprise a formal statement of the agencies’ approach to merger analysis, an approach that has generally reflected the economic concepts of markets and market power. The effort to explain merger policy, and to have that policy reflect economic principles, is laudable regardless of what one thinks of

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