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 with other evidence. Complex economic theories are simply not comprehensible to many specialists like myself, let alone to a generalist.

Moreover, framing a trial strategy around a story (as opposed to a formula) enables the introduction of more non-price evidence (i.e., evidence respecting effects on quality and safety), which gives courts more latitude. The FTC’s recent loss in the Ovation litigation proves this point: there, the court viewed price elasticity as the trump card. This meant the court could neither account for the transaction’s non-price effects on things like quality, safety, and innovation, or hold (as other courts have done) that functional interchangeability trumped price elasticity.

Additionally, as James Langenfeld has observed, simulation studies inevitably include assumptions that may or may not be accurate. If they are inaccurate, the result of the study will be inaccurate.

What are the ingredients of a good story? I discussed many of those elements more generally in my remarks before the ABA’s Masters Course in September and won’t