Spencer Graf


Spencer Graf specializes in the analysis of antitrust issues arising in litigation, merger review, and other regulatory settings.

Dr. Graf has extensive experience in the analysis of competition in a wide range of industries including prescription pharmaceuticals, travel services distribution, natural gas transport, wholesale electric generation, computer software, industrial chemicals, and payment systems. His research in these industries has included analysis of collusion, attempted monopolization, foreclosure, two-sided markets and network effects, and bidding competition. He has developed and led economic analysis of numerous mergers, and authored and supported presentations and submissions to the Department of Justice, Federal Trade Commission, and Department of Transportation.

Prior to joining CRA, Dr. Graf taught at the University of Virginia, where he was a doctoral candidate with research focused on research and development competition, and the development and maintenance of market power. While at the University of Virginia, Dr. Graf provided consultation and economic analysis for an Andrew W. Mellon Foundation project on electronic publication of literature.

Selected engagements

  • 01
    Dr. Elizabeth M. Bailey testifies on behalf of Microsoft and Activision Blizzard in preliminary injunction win
    Charles River Associates expert, Dr. Elizabeth M. Bailey, provided expert testimony and economic analysis on behalf of Microsoft and Activision Blizzard in an...
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  • 02
    FTC reverses Administrative Law Judge on Illumina/Grail
    On April 3, the Federal Trade Commission (FTC) reversed the decision of an Administrative Law Judge by finding that Illumina’s $7.1 billion acquisition of...
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  • 03
    Church & Dwight antitrust lawsuit defense
    When a rival accused Church & Dwight, manufacturer of Trojan condoms, of using shelf space agreements to maintain a monopoly, CRA was retained to address the...
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