Two recent enforcement actions highlight important aspects of the economic analyses that have been performed at the Antitrust Division of the U.S. Department of Justice over this past year: The Novelis-Aleris merger illustrates how the decision-making tools that are used by market participants can reveal market characteristics that are key to merger analysis. The acquisition of Aetna by CVS raised several novel issues. A complex regulatory framework affected optimal bidding behavior among insurers and injected unique considerations into the analysis of a horizontal consolidation. Analysis of vertical aspects of the merger required accounting for variation in the mode of competition across a supply chain.

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年度回顾：2019–2020年反托拉斯部经济学

最近的两项执法行动突显了过去一年在美国司法部反托拉斯司进行的经济分析的重要方面：Novelis-Aleris合并说明了市场参与者使用的决策工具如何揭示市场特征是合并分析的关键。CVS对Aetna的收购提出了一些新颖的问题。复杂的监管框架影响了保险公司之间的最佳竞标行为，并将独特的考虑因素注入了水平合并的分析中。分析合并的垂直方面需要考虑整个供应链中竞争模式的变化。