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Comment on the Proposed Update on the Horizontal Merger Guidelines: Accounting for Out-of-Market Efficiencies
2010
Social Science Research Network
There is not much debate that the methodological approach adopted by the 2010 Proposed Horizontal Merger Guidelines ("new HMGs") will result in narrower relevant markets. The Agencies believe that narrower markets are more accurate because "the competitive significance of distant substitutes is unlikely to be commensurate with their shares in a broad market." 1 The market definition analysis endorsed by the new HMGs correspondingly favors narrower markets. For example, the hypothetical
doi:10.2139/ssrn.1656538
fatcat:ean7gweyivezvjbwexx77jzyay