We assess how the 2010 Merger Guidelines have been applied by agencies and courts. We conclude that:

• Increased reliance on direct evidence of market power has improved the analysis of mergers, but courts still sometimes overemphasize market definition.

• Market concentration thresholds remain a reflection of agency practice rather than economic research.

• The Upward Price Pressure concept yields useful intuition, but UPP can be overused.

• The benefits that could arise from the renewed focus on coordinated effects are squandered by the lack of a rigorous economic framework recognizing the connection to unilateral effects.

• The lack of merger retrospectives remains a problem.

我们评估了机构和法院如何应用2010年《合并指南》。我们得出以下结论：

• 对市场力量直接证据的日益依赖改善了对合并的分析，但法院有时仍过分强调市场定义。

• 市场集中度阈值仍然是代理机构实践而不是经济研究的反映。

• 向上价格压力的概念产生了有用的直觉，但是UPP可能会被过度使用。

• 由于缺乏严格的经济框架，无法认识到与单方面影响的联系，因此浪费了对协调作用的重新关注可能产生的好处。

• 缺乏合并回顾仍然是一个问题。