{"product_id":"rethinking-merger-analysis-isbn-9780262049245","title":"Rethinking Merger Analysis","description":"\u003cb\u003eA fundamental economic reconstruction of merger analysis to strengthen our ability to determine mergers’ likely effects and improve merger regulation.\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003eWhy rethink merger analysis? Because methods employed throughout the world violate basic precepts of decision analysis and economics. Fundamental principles are underdeveloped, inhibiting research, policy formulation, and merger review. In \u003ci\u003eRethinking Merger Analysis, \u003c\/i\u003eLouis Kaplow undertakes a foundational analysis of the questions central to understanding and regulating horizontal mergers and shows why many conventional practices need to be altered or replaced. On the empirical front, Kaplow offers insights, identifies shortcomings, and proposes extensions of existing research. Altogether, merger review can be greatly improved to better identify harmful mergers and avoid thwarting beneficial ones.\u003cbr\u003e\u003cbr\u003eThe correct economic analysis of anticompetitive effects conflicts sharply with the reigning market definition paradigm. This protocol is more deeply flawed than appreciated, readily produces large errors, and can result in uncertainty bounds on challenge thresholds of two orders of magnitude. Merger efficiencies are underanalyzed because of the failure to draw on relevant disciplines and pertinent industry expertise. Postmerger entry’s role is mischaracterized in merger guidelines, and its direct welfare effects are ignored. Entry induced by the prospect of a subsequent buyout has until recently been disregarded. Proper assessment requires a dynamic framing that accounts for a merger regime’s influence on the creation and capabilities of new generations of startups that are central to economic dynamism.\u003cbr\u003e\u003cbr\u003eThis book eschews advocacy and instead focuses on clear thinking—indeed, rethinking—about how to improve merger policy and assessment.Table of Contents\u003cbr\u003e1.   Introduction\u003cbr\u003e2.   Framework\u003cbr\u003e3.   Price Effects and Market Definition\u003cbr\u003e4.   Efficiencies\u003cbr\u003e5.   Entry\u003cbr\u003e6.   Priors, Predictions, and Presumptions\u003cbr\u003e7.   Institutions\u003cbr\u003e8.   Objectives\u003cbr\u003eConclusion“In \u003ci\u003eRethinking Merger Analysis\u003c\/i\u003e, Louis Kaplow makes simple yet original and powerful points. He dismisses the siloed approach of current merger analysis, noting that anticompetitive effects, efficiency gains, and prospects for postmerger entry are deeply interrelated: Merging parties’ incentives make proposed mergers a selected sample. Kaplow calls for cross-fertilization and for incorporating lessons from the theory of the firm, the theory of incentives, and game theory. This important, topical, and readable book is an absolute must-read for anyone interested in the regulation of markets.”\u003cbr\u003e\u003cb\u003e—Jean Tirole, Honorary Chairman, Fondation Jean-Jacques Laffont, Toulouse School of Economics; Nobel Laureate\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e“Kaplow launches a withering attack on how mergers are analyzed by the courts, expertly wielding the sharp sword of his precise logic. But Kaplow does not stop there: He also tells us how we can use decision theory and economics to do better. Strap in and read this book.” \u003cbr\u003e\u003cb\u003e—Carl Shapiro, Professor, University of California, Berkeley\u003c\/b\u003e\u003cbr\u003e \u003cbr\u003e“Insightful and provocative—Professor Kaplow asks uncomfortable questions that others avoid. In doing so, he reveals that the standard approach to merger assessment is woefully flawed and identifies productive ways forward for both practice and research.”\u003cbr\u003e\u003cb\u003e—Michael L. Katz, Sarin Chair Emeritus in Strategy and Leadership, University of California, Berkeley\u003c\/b\u003e\u003cbr\u003e \u003cbr\u003e“In this important scholarly work, Professor Kaplow masterfully brings together his years of research and thought-provoking critique of merger and market definition analyses. An essential read for economists and antitrust practitioners alike.”\u003cbr\u003e\u003cb\u003e—Francine Lafontaine, William Davidson Professor of Business Economics, University of Michigan\u003c\/b\u003eLouis Kaplow is Professor of Law and Economics at Harvard University and a research associate at the National Bureau of Economic Research.","brand":"The MIT Press","offers":[{"title":"Default Title","offer_id":46303348195557,"sku":"NP9780262049245","price":70.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780262049245.jpg?v=1767735686","url":"https:\/\/k12savings.com\/products\/rethinking-merger-analysis-isbn-9780262049245","provider":"K12savings","version":"1.0","type":"link"}