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The Shortcomings of Merger Policy Based on the Herfindahl-Hirschman Index

Eric Dunaway, Ana Espinola-Arredondo and Felix Munoz-Garcia

In new research, Eric Dunaway, Ana Espinola-Arredondo, and Felix Munoz-Garcia examine the Herfindahl-Hirschman Index (HHI) as a tool for merger review and show where it diverges from the consumer-surplus and total-welfare standards. In particular, the HHI fails to account for potential efficiency gains.

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The Shortcomings of Merger Policy Based on the Herfindahl-Hirschman Index

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