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Numerous merger retrospective studies conducted in the Bureau of Economics have been released as working papers and have been published in academic journals. Below is a list of these studies including the title, author(s), journal, year of publication of the merger retrospective. We have also classified the primary industry(s) studied, the type of merger (horizontal/vertical), and the primary outcome(s) studied (e.g., price, output, or quality), and have provided a link to a downloadable version of each study.

Note: The Federal Trade Commission does not endorse the views expressed in the studies. The FTC takes no responsibility for, and exercises no control over, the accuracy, copyright or trademark compliance, or legality of the material contained in these studies.

TitleAuthor(s)JournalYearMerger type(s)IndustryOutcome
The Price Effects of a Large Merger of Manufacturers: A Case Study of Maytag-WhirlpoolAshenfelter, Orley C.; Hosken, Daniel S.; Weinberg, Matthew C.American Economic Journal: Economic Policy2013HorizontalConsumer ProductsPrices
Efficiencies Brewed: Pricing and Consolidation in the US Beer IndustryAshenfelter, Orley C.; Hosken, Daniel S.; Weinberg, Matthew C.RAND Journal of Economics2015HorizontalConsumer ProductsPrices
The Effect of Mergers on Consumer Prices: Evidence from Five Mergers on the Enforcement MarginAshenfelter, Orley; Hosken, DanielJournal of Law and Economics2010HorizontalConsumer ProductsPrices
The Price and Profit Effects of Horizontal Merger: A Case StudyBarton, David M.; Sherman, RogerJournal of Industrial Economics1984HorizontalOtherPrices
In the Shadow of Antitrust Enforcement: Price Effects of Hospital Mergers from 2009 to 2016Brand, Keith, Chris Garmon, and Ted RosenbaumJournal of Law and Economics2023HorizontalHealthcarePrice
The Union Pacific/Southern Pacific Rail Merger: A Retrospective on Merger BenefitsBreen, Denis A.Review of Network Economics2004HorizontalGround TransportEfficiencies
The Evolution of the Baby Food Industry, 2000-2008Chen, ViolaJournal of Competition Law & Economics2010HorizontalConsumer ProductsOutput, Prices
How Acquisitions Affect Firm Behavior and Performance: Evidence from the Dialysis IndustryEliason, Paul J., Benjamin Heebsh, Ryan C. McDevitt, and James W. RobertsQuarterly Journal of Economics2020HorizontalHealthcareQuality
Robustness of the Results in GAO’s 2004 Report Concerning Price Effects of Mergers and Concentration Changes in the Petroleum IndustryFTC Staff Technical ReportFederal Trade Commission2004HorizontalPetroleumPrices
The Accuracy of Hospital Merger Screening MethodsGarmon, ChristopherRAND Journal of Economics2017HorizontalHealthcarePrices
Hospital Mergers and Antitrust Immunity: The Acquisition of Palmyra Medical Center by Phoebe Putney HealthGarmon, Christopher; Kmitch, LauraJournal of Competition Law & Economics2018HorizontalHealthcarePrices, Quality
Simulating a Homogeneous Product Merger: A Case Study on Model Fit and PerformanceGreenfield, Daniel; Kreisle, Nicholas M.; Williams, MarkFTC Bureau of Economics Working Paper2015HorizontalPetroleumPrices
Hospital Mergers and Competitive Effects: Two Retrospective AnalysesHaas-Wilson, Deborah; Garmon, ChristopherInternational Journal of the Economics of Business2011HorizontalHealthcarePrices
Do Retail Mergers Affect Competition? Evidence from Grocery RetailingHosken, Daniel S.; Olson, Luke M.; Smith, Loren K.Journal of Economics & Management Strategy2018HorizontalRetailingPrices
Does Concentration Matter? Measurement of Petroleum Merger Price EffectsHosken, Daniel; Silvia, Louis; Taylor, ChristopherAmerican Economic Review2011Horizontal, VerticalPetroleumPrices
How Vertical Integration Affects the Quantity and Cost of Care for Medicare BeneficiariesKoch, Thomas G.; Wendling, Brett W.; Wilson, Nathan E.Journal of Health Economics2017VerticalHealthcareSpending, Costs
The Effects of Physician and Hospital Integration on Medicare Beneficiaries’ Health OutcomesKoch, Thomas G.; Wendling, Brett W.; Wilson, Nathan E.Review of Economics & Statistics2021VerticalHealthcareQuality
Price Effects of a Merger: Evidence from a Physicians’ MarketKoch, Thomas; Ulrick, Shawn W.Economic Inquiry2021HorizontalHealthcarePrices
Merger Policy at the Margin: Western Refining's Acquisition of Giant IndustriesKreisle, NicholasReview of Industrial Organization2015HorizontalPetroleumPrices
Price Effects from the Merger of Agricultural Fertilizer Manufacturers Agrium and PotashCorpKreisle, NicholasFTC Bureau of Economics Working Paper2020HorizontalOtherPrices
Price Effects from the Merger of Agricultural Fertilizer Manufacturers Agrium and PotashCorpKreisle, NicholasFTC Bureau of Economics Working Paper2020HorizontalOtherPrice
Evaluating Mergers and Divestitures: A Casino Case StudyOsinski, David F.; Sandford, Jeremy A.Journal of Law, Economics & Organization2021HorizontalOtherOutput, Prices
A Retrospective Analysis of the Clinical Quality Effects of the Acquisition of Highland Park Hospital by Evanston Northwestern HealthcareRomano, Patrick S.; Balan, David J.International Journal of the Economics of Business2011HorizontalHealthcareQuality
Case Studies Of The Price Effects Of Horizontal MergersSchumann, Laurence; D. Reitzes, James; Rogers, Robert P.FTC Bureau of Economics Staff Report1992HorizontalOtherPrices
Petroleum Mergers and Competition in the Northeast United StatesSilvia, Louis; Taylor, Christopher T.International Journal of the Economics of Business2013HorizontalPetroleumPrices
Geographic Markets in Hospital Mergers: A Case StudySimpson, JohnInternational Journal of the Economics of Business2003HorizontalHealthcareOther
Do Gasoline Mergers Affect Consumer Prices? The Marathon Ashland Petroleum and Ultramar Diamond Shamrock TransactionSimpson, John; Taylor, ChristopherJournal of Law and Economics2008HorizontalPetroleumPrices
The Economic Effects of the Marathon-Ashland Joint Venture: The Importance of Industry Supply Shocks and Vertical Market StructureTaylor, Christopher T.; Hosken, Daniel S.Journal of Industrial Economics2007HorizontalPetroleumPrices
Vertical Relationships and Competition in Retail Gasoline Markets: Empirical Evidence from Contract Changes in Southern California: CommentTaylor, Christopher T.; Kreisle, Nicholas M.; Zimmerman, Paul R.American Economic Review2010Horizontal, VerticalPetroleumPrices
The Price Effects of Hospital Mergers: A Case Study of the Sutter-Summit TransactionTenn, StevenInternational Journal of the Economics of Business2011HorizontalHealthcarePrices
The Success of Divestitures in Merger Enforcement: Evidence from the J&J-Pfizer TransactionTenn, Steven; Yun, John M.International Journal of Industrial Organization2011HorizontalConsumer ProductsDistribution, Prices, Quality
The Effect of Hospital Mergers on Inpatient Prices: A Case Study of the New Hanover-Cape Fear TransactionThompson, AileenInternational Journal of the Economics of Business2011HorizontalHealthcarePrices
The Competitive Effects of Not-for-Profit Hospital Mergers: A Case StudyVita, Michael G.; Sacher, SethJournal of Industrial Economics2001HorizontalHealthcarePrices
Evidence on the Accuracy of Merger SimulationsWeinberg, Matthew C.; Hosken, DanielReview of Economics & Statistics2013HorizontalConsumer ProductsPrices