Joanna Tsai

Joanna Tsai

Vice President

Joanna Tsai is a Vice President in the Antitrust & Competition Economics Practice of Charles River Associates in Washington, DC.  She has over 15 years of experience in antitrust and intellectual property matters, and has held positions in private practice, academia, and government.  

Who’s Who Legal ranked Dr. Tsai as the #1 “most highly regarded” competition economist in North America 45 years old and under in 2017, 2018, 2019, and 2020.  One of the sources Who’s Who Legal interviewed expressed that “Joanna offers a great balance of being insightful in her analysis, practical in her dealings with clients and clear in her advocacy.”  In 2020, the publication states that “Joanna Tsai is a ‘standout economist’ who consistently exceeds client expectations in a broad range of competition issues.”

Dr. Tsai is Co-Chair of the Mergers and Acquisitions Committee of the American Bar Association's Section of Antitrust Law, and Member of the ABA’s 2020-2021 Transition Task Force.  She was economic advisor to Commissioner Joshua Wright at the Federal Trade Commission from 2013-2015, advising on a broad range of competition, intellectual property, and consumer protection issues.  She is a frequent speaker at academic and industry conferences and has published articles in the Antitrust Source, Antitrust Bulletin, Antitrust Magazine, and the Antitrust Law Journal.  Dr. Tsai has also served as faculty at Stanford University’s Hoover IP Squared Summer Institute and visiting professor at the University of Puerto Rico School of Law. 

Dr. Tsai’s consulting practice includes advising clients on the competitive and economic implications of mergers and acquisitions and analyzing the economic aspects of antitrust claims in a variety of industries: 

  • Chemicals
  • Retail – Supermarkets; Pharmacies
  • Medical Devices
  • Digital Promotions
  • Industrial Gas
  • Pharmaceuticals
  • Industrial/Construction Product Manufacturing
  • Gaming/Hospitality
  • Financial Services
  • Consumer Products

Dr. Tsai represents clients in front of the competition agencies in the U.S., as well as in China and Brazil.  Her selected recent engagements include:

  • Economic expert for a large multinational corporation’s acquisition of a medical device business from another multinational company 
  • Consulting economic expert for Evonik’s acquisition of PeroxyChem’s hydrogen peroxide and peracetic acid business.  Dr. Tsai provided analyses related to coordinated effects, horizontal unilateral effects, and vertical foreclosure and raising rivals’ costs effects, among others, in the context of the FTC’s merger review.  She also advised Evonik and its Counsel Freshfields through litigation, which concluded successfully for the parties.  District Court Judge denied the FTC’s motion for a preliminary injunction and Evonik successfully closed on the acquisition.
  • Economic expert for merger between two digital promotion network and data analytics businesses.  The transaction was cleared without a second request.
  • Economic expert for a multinational with a presence in Brazil, to evaluate the competitive implications of a joint venture in Brazil.  Dr. Tsai submitted an expert report to CADE’s Tribunal on the competitive effects of the JV and met with CADE’s commissioners to discuss the key conclusions from the economic analysis.
  • Economic expert for the Linde Group in the U.S. and China, for the Linde/Praxair merger.  Dr. Tsai advised Counsel on remedies in the U.S., and submitted two expert reports to MOFCOM in China.  Linde/Praxair closed in October 2018.


PhD, Economics, Cornell University
MA, Economics, Cornell University
BA, Economics, University of California, Irvine