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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.

Title Author(s) Journal Year Merger type(s) Industry Outcome
The Price Effects of a Large Merger of Manufacturers: A Case Study of Maytag-Whirlpool Ashenfelter, Orley C.; Hosken, Daniel S.; Weinberg, Matthew C. American Economic Journal: Economic Policy 2013 Horizontal Consumer Products Prices
Efficiencies Brewed: Pricing and Consolidation in the US Beer Industry Ashenfelter, Orley C.; Hosken, Daniel S.; Weinberg, Matthew C. RAND Journal of Economics 2015 Horizontal Consumer Products Prices
The Effect of Mergers on Consumer Prices: Evidence from Five Mergers on the Enforcement Margin Ashenfelter, Orley; Hosken, Daniel Journal of Law and Economics 2010 Horizontal Consumer Products Prices
The Price and Profit Effects of Horizontal Merger: A Case Study Barton, David M.; Sherman, Roger Journal of Industrial Economics 1984 Horizontal Other Prices
The Union Pacific/Southern Pacific Rail Merger: A Retrospective on Merger Benefits Breen, Denis A. Review of Network Economics 2004 Horizontal Ground Transport Efficiencies
The Evolution of the Baby Food Industry, 2000-2008 Chen, Viola Journal of Competition Law & Economics 2010 Horizontal Consumer Products Output, Prices
Robustness of the Results in GAO’s 2004 Report Concerning Price Effects of Mergers and Concentration Changes in the Petroleum Industry FTC Staff Technical Report Federal Trade Commission 2004 Horizontal Petroleum Prices
The Accuracy of Hospital Merger Screening Methods Garmon, Christopher RAND Journal of Economics 2017 Horizontal Healthcare Prices
Hospital Mergers and Antitrust Immunity: The Acquisition of Palmyra Medical Center by Phoebe Putney Health Garmon, Christopher; Kmitch, Laura Journal of Competition Law & Economics 2018 Horizontal Healthcare Prices, Quality
Simulating a Homogeneous Product Merger: A Case Study on Model Fit and Performance Greenfield, Daniel; Kreisle, Nicholas M.; Williams, Mark FTC Bureau of Economics Working Paper 2015 Horizontal Petroleum Prices
Hospital Mergers and Competitive Effects: Two Retrospective Analyses Haas-Wilson, Deborah; Garmon, Christopher International Journal of the Economics of Business 2011 Horizontal Healthcare Prices
Do Retail Mergers Affect Competition? Evidence from Grocery Retailing Hosken, Daniel S.; Olson, Luke M.; Smith, Loren K. Journal of Economics & Management Strategy 2018 Horizontal Retailing Prices
Does Concentration Matter? Measurement of Petroleum Merger Price Effects Hosken, Daniel; Silvia, Louis; Taylor, Christopher American Economic Review 2011 Horizontal, Vertical Petroleum Prices
How Vertical Integration Affects the Quantity and Cost of Care for Medicare Beneficiaries Koch, Thomas G.; Wendling, Brett W.; Wilson, Nathan E. Journal of Health Economics 2017 Vertical Healthcare Costs, Spending
The Effects of Physician and Hospital Integration on Medicare Beneficiaries’ Health Outcomes Koch, Thomas G.; Wendling, Brett W.; Wilson, Nathan E. Review of Economics & Statistics Forthcoming Vertical Healthcare Quality
Price Effects of a Merger: Evidence from a Physicians’ Market Koch, Thomas; Ulrick, Shawn W. Economic Inquiry Forthcoming Horizontal Healthcare Prices
Merger Policy at the Margin: Western Refining's Acquisition of Giant Industries Kreisle, Nicholas Review of Industrial Organization 2015 Horizontal Petroleum Prices
Price Effects from the Merger of Agricultural Fertilizer Manufacturers Agrium and PotashCorp Kreisle, Nicholas FTC Bureau of Economics Working Paper 2020 Horizontal Other Prices
Evaluating Mergers and Divestitures: A Casino Case Study Osinski, David F.; Sandford, Jeremy A. Journal of Law, Economics & Organization Forthcoming Horizontal Other Output, Prices
A Retrospective Analysis of the Clinical Quality Effects of the Acquisition of Highland Park Hospital by Evanston Northwestern Healthcare Romano, Patrick S.; Balan, David J. International Journal of the Economics of Business 2011 Horizontal Healthcare Quality
Case Studies Of The Price Effects Of Horizontal Mergers Schumann, Laurence; D. Reitzes, James; Rogers, Robert P. FTC Bureau of Economics Staff Report 1992 Horizontal Other Prices
Petroleum Mergers and Competition in the Northeast United States Silvia, Louis; Taylor, Christopher T. International Journal of the Economics of Business 2013 Horizontal Petroleum Prices
Geographic Markets in Hospital Mergers: A Case Study Simpson, John International Journal of the Economics of Business 2003 Horizontal Healthcare Other
Do Gasoline Mergers Affect Consumer Prices? The Marathon Ashland Petroleum and Ultramar Diamond Shamrock Transaction Simpson, John; Taylor, Christopher Journal of Law and Economics 2008 Horizontal Petroleum Prices
The Economic Effects of the Marathon-Ashland Joint Venture: The Importance of Industry Supply Shocks and Vertical Market Structure Taylor, Christopher T.; Hosken, Daniel S. Journal of Industrial Economics 2007 Horizontal Petroleum Prices
Vertical Relationships and Competition in Retail Gasoline Markets: Empirical Evidence from Contract Changes in Southern California: Comment Taylor, Christopher T.; Kreisle, Nicholas M.; Zimmerman, Paul R. American Economic Review 2010 Horizontal, Vertical Petroleum Prices
The Price Effects of Hospital Mergers: A Case Study of the Sutter-Summit Transaction Tenn, Steven International Journal of the Economics of Business 2011 Horizontal Healthcare Prices
The Success of Divestitures in Merger Enforcement: Evidence from the J&J-Pfizer Transaction Tenn, Steven; Yun, John M. International Journal of Industrial Organization 2011 Horizontal Consumer Products Distribution, Prices, Quality
The Effect of Hospital Mergers on Inpatient Prices: A Case Study of the New Hanover-Cape Fear Transaction Thompson, Aileen International Journal of the Economics of Business 2011 Horizontal Healthcare Prices
The Competitive Effects of Not-for-Profit Hospital Mergers: A Case Study Vita, Michael G.; Sacher, Seth Journal of Industrial Economics 2001 Horizontal Healthcare Prices
Evidence on the Accuracy of Merger Simulations Weinberg, Matthew C.; Hosken, Daniel Review of Economics & Statistics 2013 Horizontal Consumer Products Prices