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March 10, 2021
Defining and Distinguishing Bundle Markets from Cluster Markets: Loren Smith Discusses in Antitrust Source Article

Brattle Principal Loren Smith has coauthored an article published in the American Bar Association’s (ABA’s) Antitrust Source discussing recent guidance on defining and distinguishing bundle markets from cluster markets in merger and antitrust cases.

The article, “Clarifying Bundle Markets and Distinguishing Them from Cluster Markets,” explores the differences between bundle markets and cluster markets and how to properly analyze them in antitrust cases. Cluster markets involve aggregating multiple relevant product markets that share similar competitive conditions, which could include barriers to entry or the number and significance of competitors in the market. Bundle markets are the collection of products or services in a relevant market where customers value and benefit from a “one-stop shopping” experience. Regardless of whether a relevant market is bundled or clustered, though, it must satisfy the Merger Guidelines hypothetical monopolist test.

The full article, “Clarifying Bundle Markets and Distinguishing Them from Cluster Markets,” can be found below.