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October 19, 2025

Efficiencies in the 2023 Merger Guidelines

Key Points

Efficiencies in mergers can lead to improved consumer welfare and social welfare through cost reductions.
The analysis highlights mergers that lower production or transaction costs, thus benefiting consumers and society.
This study examines various merger types, including those altering market structures to enhance product quality.
The findings suggest that classifying efficiencies is essential for antitrust assessments and regulatory actions.

Abstract

Abstract This paper casts a critical eye on the role of efficiencies in the 2023 Merger Guidelines. This analysis addresses mergers that reduce production costs, those that reduce transaction costs, and those that improve product quality. In addition, this paper examines the antitrust treatment of mergers that change the market structure and thereby improve both consumer and social welfare. These include mergers of successive monopolists, mergers of complementary good producers, and mergers that create bilateral monopoly.

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