NERA Experts Honored with 2017 Antitrust Writing Award

31 March 2017

NERA Associate Directors Jennifer Cascone Fauver and Dr. Subbu Ramanarayanan received an award for the Best Antitrust Business Article in the Economics category at the Concurrences 2017 Antitrust Writing Awards. The experts were recognized for the article, “Challenges for Economic Analysis of Mergers Between Potential Competitors: Steris and Synergy.”

The Concurrences Antitrust Writing Awards recognize the best articles published in the antitrust, law, and economics fields during the previous year, with the goal of promoting scholarship in the field of competition.

NERA’s winning article examines the Federal Trade Commission’s failed challenge of the merger between Steris Corporation and Synergy Health in 2015, which was based on the potential competition doctrine. The article uses the setting of the Steris-Synergy merger, and the arguments employed by the FTC and the merging parties as part of the preliminary injunction proceedings, to illustrate the challenges that economists face in analyzing mergers between potential competitors. 

About the Authors

An antitrust economist, Ms. Cascone Fauver consults with law firms and corporations in the areas of merger analysis and antitrust litigation, including matters involving claims of price fixing, bid rigging, monopolization, exclusive dealing, and tying.  She has analyzed issues related to relevant market definition, market power, and competitive effects, in a variety of industries, including automotive parts, pharmaceuticals, health care, cable and satellite services, newspapers, oilfield services, and television and radio.  Her work has been presented to regulatory agencies in the U.S. as well as foreign jurisdictions, as well as in U.S. state and federal courts.

Dr. Ramanarayanan is a member of NERA's Antitrust and Health Care practices, specializing in the analysis of the competitive effects of mergers and acquisitions, evaluation of anticompetitive behavior, and analysis of litigation-related issues in health care markets. Dr. Ramanarayanan has examined issues relating to market definition and market power, alleged monopolization, exclusive contracting, price-fixing, alleged foreclosure and for-profit ownership across a variety of settings in health care including hospital services, health insurance, physician services, group purchasing organizations, dialysis services, pharmaceuticals and benefits management.

About NERA

NERA Economic Consulting ( is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For more than six decades, we have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. We bring academic rigor, objectivity, and real-world industry experience to issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA’s clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world’s largest economic consultancies. Continuing our legacy as the first international economic consultancy, NERA serves clients from major cities across North America, Europe, and Asia Pacific.