Horizontal Merger Guidelines Review Project #545095-00044

Submission Number:
M. Howard Morse
Drinker Biddle & Reath LLP
Initiative Name:
Horizontal Merger Guidelines Review Project
In response to question 15 in the "Questions for Public Comment," "Should the Guidelines be updated to address more explicitly the non-price effects of mergers, especially the effects of mergers on innovation?" I attach an article on "Antitrust and the New Economy," published in Competition, the Journal of the California State Bar Antitrust & Unfair Competition Section (vol 14, no. 2, 2005). In the article, I suggested that "[t]he time is ripe for the DOJ and FTC to articulate theories of competitive harm to innovation and address effects on innovation in the Merger Guidelines," and discuss a number of issues that may be relevant to such analysis. The article was based largely upon my testimony to the Antitrust Modernization Commission at its hearing on November 8, 2005 on "Antitrust and the New Economy." So that the record is complete, I therefore also attach a copy of that testimony. The transcript of the AMC hearing, at which some of these issues were discussed, is available at http://govinfo.library.unt.edu/amc/commission_hearings/pdf/051108%20New_.... I hope that these materials may be helpful to the agencies as they consider revising the Merger Guidelines. These materials are not being submitted on behalf of, and should not be considered the views of, any client of Drinker Biddle & Reath LLP. M. Howard Morse